Medical Biosensors Market Growth Analysis

Market Insights

The Medical Biosensors Market is likely to rebound at a significant CAGR of 3.2%.

What is a medical biosensor?

Medical biosensors are medical devices that are primarily wont to detect or sense the presence or concentration of biological substances, like a microorganism or a biomolecule. they're analytical devices which will convert a biological response into an electrical signal. Biosensors mainly carries with it three parts, which include a sign transducer, a component that identifies an analyte, and a reader device.

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Key Players

Key players operating in the medical biosensors market are-

• Biosensors International Group, Ltd. (Singapore)
• Pinnacle Technology, Inc. (US)
• Polestar Technologies Inc. (US)
• Eastprint Incorporated (US)
• DuPont Biosensor Materials (US)
• Surfix BV (Netherlands)
• World Precision Instruments, Inc. (US)
• Ercon, Inc. (India)
• ACON Laboratories, Inc. (US)
• Siemens Healthcare Diagnostics Inc. (US).

Market Dynamics

Growing developments in point-of-care testing, nanotechnology, and environmental monitoring significantly propel market growth. The increasing prevalence of chronic diseases along with cardiovascular, diabetes, and cancer offers major opportunities to the market players in the coming years. In addition, the rising diabetic population in developed countries with a sedentary lifestyle is further boosting the demand for medical biosensors during the review period.

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Segment Analysis

Technology Trends

The medical biosensors market is categorized into thermal, electrochemical, piezoelectric, and optical. The electrochemical segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to its widespread applications for quantification and analysis in biochemical and biological processes. Also, its compatibility with new microfabrication technologies, robustness, disability, wide linear response range, and low cost, ease of operation, thereby bolstering the segment growth.

Regional Analysis

The North American market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to the growing prevalence rate of targeted diseases and the presence of key players in the region. Also, technological developments such as the introduction of miniaturized diagnostic equipment rendering quick and accurate results and growing market penetration of Electronic Medical Records (EMR), further proliferates the regional market growth.

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COVID-19 Impact

The COVID-19 outbreak has positively influenced the medical biosensors industry. The adverse impact of Coronavirus has encouraged the development of novel biosensors in order to detect the presence of proteins in the causative agent in real time. Chip-based and paper-based biosensors are primarily low-cost, user-friendly, and offer a rapid diagnosis for COVID-19. Thus, several industry players are focusing on the development of reliable, rapid, and sensitive biosensors for COVID-19 diagnosis.

Critical Questions Answered in the Report

• What are the key trends in the market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Target Audience

Here is the list of the group of customers that the medical biosensors market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with companies across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.