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Biosensors Market Analysis Report By Technology, Application, End-User, Product Type, Latest Developments, COVID-19 Impacts, Region, And Growth Forecasts, 2030

The global biosensors market size is anticipated to reach USD 49.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.0% from 2022 to 2030. The primary driving reasons for market growth are many applications in the medical/healthcare sector, increased demand in the bioprocessing industry, and the rapid technological advancements in the drug screens area due to the COVID-19 pandemic. Furthermore, due to the COVID-19 outbreak, the biosensor industry has experienced rapid expansion in recent years due to the expanding number of hospitals around the world which will result in high adoption of biosensors because they are cost-effective and time-saving, which are driving the biosensor market.

Biosensors Market Report Highlights

·         By technology, the electrochemical biosensors segment accounted for the largest revenue share in 2021 and is anticipated to witness significant growth over the forecast period owing to the widespread applications for quantification and analysis in biochemical and biological processes

·         Based on the application, the medical segment dominated the market in 2021. This device is considered an essential tool in the detection and monitoring of a wide range of medical conditions, such as diabetes and cancer

·         In the Middle East and Africa, the market is expected to witness the fastest growth over the forecast period owing to an increase in biosensors research and development and constantly improving healthcare facilities in the region

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According to the FDA, surging demand for home-based point of care devices due to the COVID-19 pandemic will provide lucrative opportunities for market growth in the near future. Over the forecast period, technological advancements are expected to be a crucial driver in the growth of the market. For example, the U.K. established the Defense and Security Accelerator (DASA) competition, a wide-area biosensor competition, in April 2020. This competition aims to provide cutting-edge technology for Phase 2 of the Wide-area Biosensor Program, which will locate and detect harmful biological pathogens in the field. In April 2020, for example, Australian researchers developed the world's first biosensor capable of monitoring changes in pH levels in cancer and stroke patients. Furthermore, growing demand for biosensors in drug development and bioreactors is likely to drive market expansion in the near future, owing to biosensors' increasing technological capabilities. 

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Biosensors Market Segmentation 

Grand View Research has segmented the global biosensors market on the basis of type, product, technology, application, end user, and region: 

·         Biosensors Type Outlook (Revenue USD Million; 2017 - 2030)

·         Biosensors Product Outlook (Revenue USD Million; 2017 - 2030)

·         Biosensors Technology Outlook (Revenue USD Million; 2017 - 2030)

·         Biosensors Application Outlook (Revenue USD Million; 2017 - 2030)

·         Biosensors End User Outlook (Revenue USD Million; 2017 - 2030)

·         Biosensors Regional Outlook (Revenue, USD Million, 2017 - 2030)

·         List of Key Players in the Biosensors Market

Research Methodology

Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. We employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Our market estimates and forecasts are derived through simulation models. A unique model is created customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs).

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

Grand View Research employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecast possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation that looks market from three different perspectives.

on September 30 at 10:44

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