Biosensors Market Forecast to Grow at 8.0% CAGR from 2024 to 2031 | SkyQuest Technology
Westford, USA, Aug. 08, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Biosensors market will attain a value of USD 53.59 billion by 2031, with a CAGR of 8.0% over the forecast period (2024-2031). A high emphasis on sustainability has resulted in the integration of biology in technology. Growing demand for advanced medical devices and advancements in biomaterials are expected to primarily drive Biosensors market growth over the coming years.
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Browse in-depth TOC on “Biosensors Market”
- Pages – 157
- Tables – 67
- Figures – 80
Biosensors Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 28.9 billion |
| Estimated Value by 2031 | $ 53.59 billion |
| Growth Rate | Poised to grow at a CAGR of 8.0% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Product, Technology, Component, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | High use of wearable devices needing different types of sensors |
| Key Market Drivers | Growing emphasis on sustainability and high demand for biosensors |
High Reliability of Electrochemical Biosensors Makes them an Industry Favorite
Electrochemical Biosensors are highly sensitive to even minimal changes, which makes them a popular choice for almost all applications. Moreover, the results produced by using electrochemical Biosensors are stable, reliable, and repeatable making them a perfect fit for multiple uses. Rising digitization of the healthcare space will boost sales of electrochemical Biosensors going forward.
Medical Sector Spearheads Revenue Generation as Use of Advanced Medical Devices Increases
The healthcare industry is utilizing medical devices on a massive scale and these devices are equipped with advanced sensors such as biosensors. Growing use of biomaterials to develop more effective medical devices will also help this segment boost sales of biosensors going forward. Emphasis on elimination of toxic chemicals and materials from medical devices and products will also boost biosensors demand.
High Investments in Development of Advanced Healthcare Products Allows North America to Lead Global Market Growth
The developed healthcare infrastructure of the North American region provides an opportune setting for suppliers of biosensors. Growing demand for advanced diagnostics and medical devices in this region will also promote the use of biosensors. Canada and the United States are projected to remain the most lucrative markets for biosensor companies operating in this region.
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Biosensors Market Insights:
Drivers
- Growing integration of biosensors with advanced medical devices and technologies
- Rising awareness regarding the benefits of biosensors
Restraints
- Regulatory hurdles in commercialization
- Higher costs compared to traditional sensors
The following are the Top Biosensors Companies
- Abbott Laboratories
- Medtronic plc
- Roche Diagnostics
- Siemens Healthineers AG
- Johnson & Johnson
- Bio-Rad Laboratories Inc.
- General Electric Company
- Nova Biomedical
- Danaher Corporation
- Thermo Fisher Scientific Inc.
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Key Questions Answered in Biosensors Market Report
- What drives the global Biosensors market growth?
- Who are the leading Biosensors providers in the world?
- Which region leads the demand for Biosensors in the world?
This report provides the following insights:
- Analysis of key drivers (high investments in R&D of biomaterials, advancements in biotechnology, integration of biosensors with modern medical devices), restraints (high costs of biosensors compared to traditional sensors, challenges in commercialization of biosensors), and opportunities (growing use of wearable medical devices), influencing the growth of Biosensors market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Biosensors market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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