The biosensors market is valued at USD 25.5 billion in 2021 and is projected to reach USD 36.7 billion by 2026; it is expected to grow at a CAGR of 7.5% from 2021 to 2026.The emergence of nanotechnology-based biosensors, significant technological advancements in the last few years, increasing use of biosensors to monitor glucose levels in individuals with diabetes, surging demand for home-based point of care devices due to the COVID-19 pandemic, and rising government initiatives toward diagnostics are driving the growth of the biosensors market.
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Extensive R&D activities are being carried out in the biosensors technology space. This involves a high cost for developing application-specific advanced biosensors. Due to the slow rate of commercialization and low sales volume, companies in this market find it difficult to deliver products at a low price. This affects the overall revenue of companies. Instances such as product recall also create pressure to develop strong R&D facilities to deliver high-quality products—ensuring reliability among end users. Apart from this, stringent government regulations have led to the rise in R&D expenses as companies need to adhere to the norms and accordingly develop products to enter a region.
Wearable biosensors are usually a combination of wearable electronics and biosensors. The wearable biosensor is among the recent technologies in the field of health that provides the monitoring of vital signs in patients; athletes; the elderly; children, premature infants; as well as people requiring long-term care. Advantages provided by wearable biosensors help reduce healthcare costs in aging communities, as well as aid in the improvement of wearable biosensor systems that potentially transform the healthcare future. The wearable biosensor ecosystem comprises companies from different verticals, including IT, such as Google (US); consumer electronics, such as Apple (US), Samsung Electronics (South Korea), LG Electronics (South Korea), Sony Corporation (Japan), and others; and fitness and sport, such as Nike (US), Adidas (Germany), Reebok (US), and others.
Optical biosensors are widely adopted because of their high specifications, sensitivity, compact size, and cost-effectiveness. The R&D of optical biosensors has increased significantly during the last decade because it has huge potential for direct, real-time, and label-free detection of many chemical and biological substances. The selectivity of biological sensing elements offers an opportunity for the development of devices for real-time analysis in complex mixtures, without the need for extensive sample pretreatment or large sample volumes. Optical biosensors are highly sensitive, rapid, and simple-to-operate analytical tools.
POC systems include different types of biosensors that can measure various parameters, such as heart rate and oxygen saturation, as well as changes in plasma protein profile and patterns of multiple biomarkers, along with their concentration. Electrochemical biosensors have played an important role in the evolution of POC diagnostics devices. These biosensors are widely used for cancer diagnosis and also in therapy mapping as they offer a considerably fast, simple, and low-cost solution to indicate problems during analysis. Electrochemical sensors are expected to speed up the diagnosis process for individuals suffering from cancer. Point-of-care biosensor systems can potentially improve patient care through real-time and remote health monitoring. Over the past few decades, research has been conducted in the field of biosensors to detect patterns of biomarkers and provide information on their concentration in biological samples for robust diagnosis.
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North America is projected to account for the largest size of the global biosensors market from 2021 to 2026. PoC diagnostics is the fastest-growing application for biosensors in North America. The growth is attributed to the increase in the addressable patient population. According to the American Medical Association, the number of Americans suffering from chronic diseases was about 125 billion in 2000, which is expected to reach 157 billion by 2022. The increase in the waiver of Clinical Laboratory Improvement Amendments (CLIA) for certain PoC diagnostic devices, such as coagulation, glucose monitoring, and hematology devices, is further driving the growth of the biosensors market in North America.
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