The biosensors market is estimated to grow from USD 21.2 billion in 2019 to USD 31.5 billion by 2024, at a CAGR of 8.3%. The growth of the biosensors market can be attributed considering continuous technological advancements in the biosensors ecosystem, increase in the use of biosensors for nonmedical applications, lucrative growth in PoC diagnostics, and rise in the demand for glucose monitoring systems.
The market in APAC is expected to grow at the highest CAGR during the forecast period. Major factors contributing to the growth of the biosensors market in APAC include the development of healthcare systems and the rise in lifestyle diseases in the region. The biosensors market in APAC is the amalgamation of a few leading markets, such as China, Japan, and India. Moreover, the adoption of POC devices in a view to address lifestyles diseases and enhance general health of people has led to the increased use of biosensors. Also, rising glucose levels in individuals with diabetes and increasing demand for disposable, as well as the growing demand for cost-effective user-friendly devices, are the factors driving the growth of the global biosensors market. Furthermore, there are various initiatives taken for food safety in APAC.
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Key companies operating in the global biosensor market are Abbott Point of Care Inc. (US), Medtronic Inc. (US), LifeScan Inc. (US), Universal Biosensors Inc. (Australia), F. Hoffman-La Roche Ltd. (Switzerland), DuPont (US), Sysmex Corporation (Japan), Bio-Rad laboratories Inc. (US), Pharmaco-Kinesis Corporation (PKC) (US), Nova Biomedical Corp. (US), ACON Laboratories, Inc. (US), LifeSensors Inc. (US), Biacore (Sweden), and Biosensors International Pte. Ltd. (US). These companies have operations worldwide and provide a wide range of products and services. They rely on their R&D capabilities and product innovations to gain a larger market share.
Roche (Switzerland) held the leading position in the overall biosensors market, with a share of about 28%, in 2015. The company focuses on product launches and developments as part of its key business strategy to ensure its growth in the biosensors market. For instance, in August of 2016, the company launched an innovative blood glucose monitoring systems named Accu-Chek. The system offers an easy assessment of the blood glucose level as it incorporates multiple features, such as spill resistance, to help avoid spillage and contamination.
Abbott Point-of-Care Inc., a subsidiary of Abbott Laboratories (US) manufactures patient point-of-care testing and diagnostic technology products for the medical sector, including i-STAT systems, which are advanced handheld diagnostic tools that provide real-time data for patient point-of-care testing. The company has adopted product launches and developments as its key strategies to ensure growth; it has been mainly focusing on product launches to increase its product offerings and market share. For instance, in January 2017, the company introduced the new EnSite precision cardiac mapping system and the Advisor FL circular mapping catheter for the treatment of complex arrhythmias. In addition, Abbott focuses on the development of next-generation instrument platforms and other advanced technologies to expand in emerging markets. Abbott has also adopted mergers and acquisitions to ensure growth, increase its product offerings, and enhance its market share.
