Allied Market Research published a report, titled, "Biosensors Market by Product (Wearable biosensors and Non- Wearable biosensors), Technology (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, Thermal Biosensors, and Nanomechanical Biosensors): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global biosensors market garnered $17.50 billion in 2018, and is estimated to reach $38.60 billion by 2026, registering a CAGR of 10.4% from 2019 to 2026.
Increase in chronic diseases such as diabetes, rise in R&D investments, and development of nanotechnology-based biosensors drive the growth of the global biosensors market. However, high cost associated with research and development (R&D) hinders the market growth. On the other hand, technological advancements in biosensors to make it user friendly are anticipated to offer new opportunities in the coming years.
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The non-wearable biosensors segment to maintain its lead status-
Based on product, the non-wearable biosensors segment accounted for more than half of the global biosensors market in 2018, and is expected to maintain its lead status in terms of revenue throughout the forecast period. Upsurge in use of these sensors in nonclinical applications for real-time on-site monitoring of various production processes drives the growth of the segment. However, the wearable biosensors is estimated to portray the highest CAGR of 11.1% from 2019 to 2026. The growth of the segment is driven by its ability to deliver continuous, real-time physiological information through noninvasive measurements of biochemical markers present in biofluids including sweat, tears, saliva, and interstitial fluid.
The electrochemical biosensors segment to maintain its leadership position-
Based on technology, the electrochemical biosensors segment contributed to the highest market share with more than one third of the global biosensors market in 2018, and is estimated to maintain its leadership position during the forecast period. This is attributed to the accurate sensitivity, and faster response by this technology. However, the optical biosensors segment is estimated to generate the fastest CAGR of 11.5% from 2019 to 2026. This is attributed to increase in adoption of optical biosensors in medical field and its advantages over other analytical techniques.
Based on region, North America accounted for the highest share based on revenue, holding for more than two-fifths of the global biosensors market in 2018, and is projected to maintain its dominant position throughout the forecast period. The growth in this region is driven by the factors such as increase in government funds for conducting research toward development of advanced biosensors for various applications. However, the region across Asia-Pacific is estimated to generate the fastest CAGR of 12.2% from 2019 to 2026. This is attributed to the increase in per capita income in many countries, rise in government initiatives for improvement of the healthcare sector, and surge in focus of leading manufacturers on expanding their geographic presence in this region.