Biosensors Market

Market Leadership - Biosensors Market

The biosensors market is valued at USD 25.5 billion in 2021 and is projected to reach USD 36.7 billion by 2026; it is expected to grow at a CAGR of 7.5% from 2021 to 2026.  The growth in the POC market is attributed to advancements in biosensors technology and increasing demand for quick test results. Also, the growing prevalence of infectious and lifestyle diseases, such as cardiac complications and diabetes, is increasing the demand for POC diagnostics. Awareness among people for easy and convenient ways to get faster test results is also contributing to the growing demand.

Abbott (US), Roche (Switzerland), Medtronic (Ireland), Bio-Rad Laboratories, Inc. (US), DuPont (US), Biosensors International Group, Ltd. (Singapore), Cytiva (UK), Dexcom, Inc. (US), Lifescan IP Holdings, LLC (US), Masimo (US), Nova Biomedical (US), Universal Biosensors (Australia), ACON Laboratories, Inc. (US), CARDEA BIO INC., (US), Conductive Technologies (US), EarlySense (Israel), Innovative Sensor Technology IST AG (Switzerland), LifeSignals (US), NeuroSky (US), Pinnacle Technology Inc. (US), SD Biosensor, INC. (South Korea), VitalConnect (US), and Xsensio (Switzerland) are a few of the key players in the biosensors market.

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Abbott was ranked first in the biosensors market in 2020, with an approximate share of 9–11%. It is a global, diversified healthcare company devoted to the discovery, development, manufacturing, and marketing of pharmaceuticals, nutritional products for children and adults, and medical products such as devices, diagnostic tests, and instruments. In the molecular diagnostic segment, the company offers molecular diagnostics polymerase chain reaction (PCR) instrument systems, including Alinity m and m2000, which automate the extraction, purification, and preparation of DNA and RNA from patient samples and detect and measure infectious agents, including HIV, hepatitis, HPV, and SARS-CoV-2. In point of care testing, the company offers the i-STAT and next-generation i-STAT Alinity and cartridges for testing blood gas, chemistry, electrolytes, coagulation, and immunoassay. Abbott also offers continuous glucose and blood glucose monitoring systems under the FreeStyle brand. The company focuses on building country-specific portfolios made of high-quality products that meet the needs of people in emerging markets. Over the next several years, Abbott plans to expand its product portfolio in key therapeutic areas. In addition, Abbott continues to expand existing brands into new markets, implement product enhancements that provide value to patients, and acquire strategic products and technology through licensing activities. The acquisition of companies such as Veropharm (Russia) and CFR Pharmaceuticals (Chile) has strengthened Abbott Point of Care Inc.’s commercial, research, and manufacturing infrastructure in Russia and Latin America, respectively.

Roche held the second position in the biosensors market in 2020 with an approximate share of 8–10%. The company offers the industry’s most comprehensive in-vitro diagnostics solutions, covering clinical chemistry and immunoassays, molecular and digital diagnostics, point of care testing, patient self-testing, next-generation sequencing, laboratory automation and IT, and decision support. Roche serves customers spanning the entire healthcare spectrum from hospitals, commercial laboratories, and research institutions to physicians and patients. Roche Diabetes Care helps people with diabetes and healthcare professionals through innovative Accu-Chek products and impactful solutions for convenient, efficient, and effective diabetes management. This includes blood glucose meters, lancing devices, insulin delivery systems, and digital solutions for data management, advice, coaching, and education. Acquisitions and partnerships have been a prominent move throughout the company’s strategy to cover emerging markets and increase its global footprint. In September 2019, BioMedX completed its first research collaboration with Roche Diagnostics in the field of nanomaterial-based biosensors for near-patient testing. Moreover, the wide use of biosensors in diagnostics devices will help propel the biosensors market with the increase in demand for diagnostics devices.

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Biosensors Market with COVID-19 Impact by Type, Product (Wearable, Non-wearable), Technology, Application (POC, Home Diagnostics, Research Lab, Environmental Monitoring, Food & Beverages, Biodefense) and Region - Global Forecast to 2026

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Report Code
SE 3097
RI Published ON
4/12/2021
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