(MENAFNEditorial) Global biosensors market is expected to reach USD 21.17 billion by 2020, according to a new study published by Grand View Research, Inc. Biosensors, owing to their capability to resolve various analytical issues in diverse areas such as medicine, pharmacology, food & agriculture safety and defense, are expected to witness a rapid growth in demand over the next six years. Increasing demand for specific detection techniques for early diagnosis in the healthcare sector is expected to drive the overall biosensors market during the forecast period. Furthermore, the expanding role of biosensors in the real world environment has led to a hike in R&D efforts globally.
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Further key findings from the study suggest:
Optical biosensors are identified as the most lucrative technology segment of this market and are expected to grow at a CAGR of over 7.0% during the forecast period. Growing use of these sensors in the field of environmental scanning is one of the key drivers of this market. The recent progress in optical biosensors has made them apt for environmental scanning wherein they are used for quantifying and characterizing environmental pollutants.
Biosensors are mostly used in devices enabled with point of care testing. The biosensors based point of care testing segment accounted for over 40% of the end-use market in 2013. Moreover, rising demand for portable and integrated technologies that can be operated by untrained personnel outside conventional laboratories is expected to improve usage rates.
North America accounted for more than 35% of the market in 2013. Biosensors witness the highest market penetration rates in this region owing to the presence of high procedure volumes supported by favorable government initiatives. Moreover, rapidly growing demand for point of care and home healthcare markets in the U.S. is expected to drive regional market growth during the forecast period.
Grand View Research, Inc provides strategic objective insights. For more information, visit Grand View Research
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