The global biosensors market is anticipated to grow at a considerable CAGR of 8.2% during the forecast period (2021-2027). The increasing demand for the treatment of infectious diseases is driving the market growth. As a result, the market players are focusing on expanding their revenue generation from the biosensor’s products. A large number of the market players are focusing on the new product launches, mergers and acquisitions, partnerships, and technological advancements to gain a significant market share during the forecast period. For instance, in December 2020, ACON Laboratories, Inc., a leading point of care, and medical device across the globe have announced that it received the FDA approval of OTC clearance for the Distinct Early detection pregnancy test. This pregnancy test kit detects the human chorionic gonadotropin (hCG) in urine and assists individuals by determining a pregnancy.
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Furthermore, In June 2020, LifeSensors has launched an FDA-approved COVID-19 IgG Elisa Detection kit. This presence of the IgM antibodies in the Elisa kit detects that the patient has an active or recent infection of the COVID-19 virus. Apart from it, in November 2019, ACON Laboratories, Inc. has launched the On-Call Extra Mobile Bluetooth-enable Blood glucose monitoring system, which offers user-friendly features for the management of diabetes and available at a competitive price. Thus, the major players’ focus on the development of innovative products for individuals is showing the lucrative growth of the global biosensors market during the forecast period.
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Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered-
o By Technology
o By Application
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Abbott Laboratories (Abbott Point of Care, Inc.,), Bayer AG, Medtronic Inc., F. Hoffman-La Roche Ltd., LifeScan IP Holdings Inc., Universal Biosensors Group, and others.
Recent Strategic Initiatives in the Global Biosensors Market
- In November 2020, LifeScan, a leader in blood glucose monitoring, has announced the partnership with Shoppers Drug mart Inc., a provider of pharmacy products and services. This partnership is done to pilot the retailer’s first digital diabetes management program. Launching the program at the drug mart to engage diabetes patients in Canada through the AI technology of the OneTouch Reveal Plus app.
- In October 2020, Johnson &v Johnson, has announced the acquisition of Momenta Pharmaceuticals, Inc. for around $6.5 billion. Momenta discovers and develops novel therapies for immune-related mediated diseases.
- In September 2020, Bio-Rad Laboratories, Inc., a leader in diagnostics products and life science research globally, has announced the acquisition of Celsee Inc., the company that offers consumables for isolation, detection, and analysis of a single cell. The innovative products and technologies of Celsee Inc., assist the company to extend the reach globally in the precision of medicine and single cells analysis and that enhanced the insight into the disease, diagnosis, and treatment.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Biosensors Market Report Segment
By Technology
- Optical Sensors
- Thermal Sensors
- Piezoelectric Sensors
- Electrochemical Sensors
By Application
- Medical Application
- Food Toxicity Detection
- Agriculture
- Bioreactor
- Others (Environment)
By End-User
- Home Healthcare Diagnostic
- Point Of Care Testing
- Research Laboratory
- Food Industry
- Others (Security & Bio-defense)
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