Worldwide Uptake of Biosensors for Point-of-Care Diagnostics Will Account for US$22.12 Bn in 2030, Reports Fairfield Market Research
Glucose Testing Remains the Largest Application Segment in Biosensors for Point-of-Care Diagnostics Space
London, Aug. 01, 2023 (GLOBE NEWSWIRE) — The global biosensors for point-of-care diagnostics market is travelling a remarkable growth trajectory, predominantly driven by the rising prevalence of chronic diseases, expanding adoption of wearable biosensors, and rapid developments in the field of non-invasive glucose testing technology.
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Global biosensors for point-of-care diagnostics market to reach the valuation of US$$22.12 Bn by 2030-end, with notable growth prospects projected in Asia Pacific, and North America. The market is projected to experience robust growth, expanding at a significant CAGR of 8.5% between 2023 and 2030. These findings of the latest published report of Fairfield Market Research have been highlighted in a comprehensive study that provides a detailed growth analysis and forecast of the market during the years of projection.
“The highly sophisticated healthcare infrastructure will keep the attractiveness of the North American market intact. Asia Pacific is however expected to retain its dominant positioning in the market throughout the period of assessment. On the other hand, a host of untapped opportunities exist in underserved areas,” marks the analyst.
Key Research Insights
- The market will continue to witness mounting demand for molecular diagnostic biosensors through the end of 2030.
- In 2022, the glucose testing segment registered the largest market value share.
- Asia Pacific maintains the leading position while North America develops the most profitable market for biosensors for point-of-care diagnostics.
Insights into Segmentation Analysis
Molecular Diagnostic Biosensors Lead
The report indicates that the molecular diagnostic biosensors segment will dominate the global market during the forecast period. These biosensors are capable of identifying and measuring nucleic acids, proteins, or other substances at the molecular level, enabling precise and rapid results.
The widespread use of molecular diagnostic biosensors has proven instrumental in the early identification of infectious diseases caused by viruses, bacteria, and other pathogens. Diseases such as COVID-19, influenza, HIV, hepatitis, and tuberculosis have benefited significantly from these biosensors, allowing for early diagnosis and timely treatment.
Additionally, molecular diagnostic biosensors have played a critical role in cancer diagnostics. They help identify specific biomarkers associated with various cancer types, enabling early detection, evaluation of treatment effectiveness, and disease progression monitoring based on genetic alterations or specific proteins linked to the disease.
Glucose Testing Segment Exhibits Strong Growth
The glucose testing segment is expected to be the fastest-growing category in the biosensors for point-of-care diagnostics market. Given the rising prevalence of diabetes as a chronic disorder characterised by high blood sugar levels, biosensors for glucose testing have revolutionised diabetes management.
Glucose biosensors are widely used in blood glucose meters and continuous glucose monitoring (CGM) systems, making it convenient for diabetic patients to monitor their blood sugar levels regularly. This data is essential for making informed decisions about dietary choices, medications, and physical activity.
Moreover, ongoing research on non-invasive glucose biosensors aims to offer blood sugar level testing without the need for fingersticks. Transdermal sensing, optical sensors, and saliva-based testing are some of the methods being explored for delivering glucose readings without blood extraction.
Personalised diabetes management becomes achievable with the real-time information provided by glucose biosensors, empowering patients, and healthcare professionals to adjust lifestyle choices and medication dosages accordingly.
Insights into Regional Analysis
Asia Pacific Key Growth Driver
The report highlights that Asia Pacific is set to dominate the biosensors for point-of-care diagnostics market during the forecast period. Many countries in the region have actively promoted the adoption of cutting-edge medical technologies, including biosensors, with the support of government initiatives, funding, and favourable legislation.
Wearable biosensors such as smartwatches and fitness bands have especially gained popularity in the Asia Pacific region, continuously monitoring vital signs and health factors, providing consumers with valuable health insights.
Demand Remains High in North America
In North America, the market for biosensors for point-of-care diagnostics is expected to exhibit the fastest growth rate. The region’s extensive adoption of telemedicine and virtual care creates opportunities for integrating biosensors into telemedicine platforms, facilitating transparent data exchange between providers and biosensors for improved virtual consultations and quicker decision-making.
The demand for rapid and accurate point-of-care testing is increasing in non-traditional healthcare settings like pharmacies, schools, workplaces, and community clinics, offering valuable solutions for immediate diagnoses.
Key Report Highlights
- Despite the promising growth projections, the report also highlights the potential for biosensors in under-resourced, and underserved areas that often lack access to advanced medical technologies due to cost constraints. However, biosensors designed for mobility, ease of use, and affordability offer a potential solution.
- Point-of-care diagnostics using biosensors can bring critical medical services to remote or under-resourced locations where access to lab infrastructure is limited, providing much-needed healthcare solutions for vulnerable populations.
Key Players Driving Innovation in Biosensors for Point-of-Care Diagnostics Space
Danaher Corporation, Bio-Rad Laboratories Inc., Zimmer & Peacock AS, Medtronic plc, Koninklijke Philips N.V., Abbott Laboratories, Biosensors International Group, Ltd., DuPont, Johnson & Johnson, LifeScan, Inc., QTL Biodetection LLC, Nova Biomedical, Roche, Siemens Healthineers AG.
Browse Global Biosensors for Point-of-Care Diagnostics Market Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Product, By Transducer, By Application, By End User, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/biosensors-for-point-of-care-diagnostics-market
|Forecast Year||2023 – 2030|
|Estimated Market Size in 2030||US$22.12 Bn|
|Key Players||Danaher Corporation, Bio-Rad Laboratories Inc., Zimmer & Peacock AS, Medtronic plc, Koninklijke Philips N.V., Abbott Laboratories, Biosensors International Group, Ltd., DuPont, Johnson & Johnson, LifeScan, Inc., QTL Biodetection LLC, Nova Biomedical, Roche, Siemens Healthineers AG|
Global Biosensors for Point-of-Care Diagnostics Market is Segmented as Below:
- Molecular Diagnostic Biosensors
- Glucose Testing
- Hb1Ac Testing
- Infectious Disease
- Cardiac Markers
- Cancer Markers
- Drugs of Abuse Testing
- Coagulation Testing
- Hormone Analysis
By End User
- Home Care Service Providers
- Assisted Living Healthcare Centres
- Research Laboratory
By Geographic Coverage
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Danaher Corporation
- Bio-Rad Laboratories Inc.
- Zimmer & Peacock AS
- Medtronic plc
- Koninklijke Philips N.V.
- Abbott Laboratories
- Universal Biosensors, Inc.
- Biosensors International Group, Ltd.
- Johnson & Johnson
- Masimo Corporation
- QTL Biodetection LLC
- Nova Biomedical
- Innovative Sensor Technology IST AG
- Siemens Healthineers AG
- Hoffmann-La Roche Ltd.
For More Information, Read: https://www.fairfieldmarketresearch.com/report/biosensors-for-point-of-care-diagnostics-market
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