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Biosensors Market - Global Industry Size, Growth and Analysis, 2018-2026
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A biosensor is a device that measures biological or chemical reactions by generating signals proportional to the concentration of an analyte in the reaction. Biosensors are largely employed in applications such as disease monitoring, drug discovery, disease-causing micro-organisms, and markers that are indicators of a disease in body fluids such as blood, urine, saliva, and sweat. Pregnancy tests and glucose monitoring sensors are the two main examples of very successful biosensor devices. Advancement of biotechnology in genetics, bioinformatics, and medicine has fueled growth of biosensors market, thus allowing early diagnosis and better treatment outcomes of diseases such as cancer and diabetes. Moreover, point-of-care biosensors aid in sensitive and rapid detection of target analytes, which is important in the diagnosis of diseases such as diabetes, cardiovascular and infectious diseases, and cancer and it provides a cost-effective option to the patient.
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Increasing prevalence of diabetes and cardiovascular diseases, and increasing demand for cost-effective, disposable, and user-friendly devices are the factors driving growth of the biosensor market. Biosensors are used on a routine basis by diabetic patients to check the blood sugar level, as these devices allow easy monitoring and self-testing, thus aiding in diabetes management. According to the Global Diabetes Community, 2017, around 422 million adults are living with diabetes globally, where the number is expected to escalate to around 642 million by 2040. Also, according to the American Heart Association, 2016, cardiovascular diseases account for 17.3 million deaths every year globally, where an estimated 23.3 million people are expected to die from CVD by 2030, thus illustrating the rising need to adopt devices offering timely diagnosis of craniological disorders.
Moreover, manufacturers and researchers are developing advanced systems such as real-time biosensors to provide instant insights about health status thereby, providing significant opportunities in improving personalized care. For instance, in 2016, VitalConnect, Inc. launched FDA approved Vital Connect platform to achieve better health and economic outcomes. The platform includes HealthPatch MD biosensor and the single-use VitalPatch biosensor. Also, in February 2018, Nanomedical Diagnostics launched Graphene Biosensor- FLEX, which can be easily integrated with company’s Agile R100 protein assay system to increase the efficiency of the drug discovery process. Moreover, wearable biosensors have provided cost-effective, affordable, and personalized healthcare monitoring devices in various commercial applications. Furthermore, advancement in technology, increasing popularity in care diagnostics, and the application of biosensors in medical science are key factors driving the global biosensors market growth. Moreover, the proliferation of nanotechnology, chemistry, and medical science, and increase in geriatric population have fueled growth of global biosensors market.
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Key players in the global biosensors market are adopting novel strategies for launching innovative biosensors with enhanced product quality to cater to the demand of consumers for various types of biosensor products. For instance, in 2016, Profusa, Inc. received a US$ 7.5 Mn grant from Defense Advanced Research Projects Agency (DARPA) and the U.S. Army Research Office (ARO) to develop implantable biosensors for continuous monitoring of chemical constituents.
Some of the key players operating in the global biosensors market include Abbott Point of Care Inc., F. Hoffman-La Roche Ltd., Medtronic, Inc., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, and Sysmex Corporation.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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