The molecular biosensors market is expected to register a CAGR of 7.5% during 2018 to 2023 (the forecast period). North America dominates the market, due to increasing application of molecular biosensors in nanotechnology.
Increasing Demand for Point of Care Testing
Point of care (POC) testing involves the performing a diagnostic test of a laboratory, which produces rapid and reliable result, aiding in identifying or managing chronic disease and acute infections. More than two-third of Americans have smartphones, and thus, apps and wearable are increasingly used by people seeking to monitor heart rate and sleep patterns. These POC devices use biosensors that can potentially improve patient care through real-time and remote health monitoring. Thus, increasing demand of POC testing is driving the growth of the molecular biosensors market.
Strict Regulatory Requirements for Biosensors
Since numerous design variations of biosensors for IVD were developed in recent years, in some cases, it is still left to the manufacturer to determine the best methods to attain quality objectives. However, it is mandatory that the key quality system requirements are met or exceeded to enable development of a safe and effective diagnostics device. Thus, these strict regulatory requirements for biosensors are hindering the growth of the molecular biosensors market.
Additionally, reimbursement policies issues in healthcare systems are also hindering the growth of the molecular biosensors market.
North America to Dominate the Market
North America has the largest market share due to rise in chronic diseases, such as diabetes and heart disease, and thus, patients are adopting technologically advanced products for early diagnosis. Additionally, increasing point of care testing in the United States is also favoring the growth of the molecular biosensors market.
Key Developments in the Market
- January 2018 - Scientist developed an ultra-thin, flexible biosensor for real-time glucose tracking, which can be incorporated into the watch or contact lenses.
Major Players - Siemens Healthcare, LifeSensors Inc., Nova biomedical Corporation, Abbott Laboratories Inc., Johnson and Johnson, Medtronic Inc., F. Hoffmann La Roche, and Bayer AG, among others.
Reasons to Purchase This Report
- Market analysis for the molecular biosensors market, with region-specific assessments and competition analysis on a global and regional scale
- Analyzing various perspectives of the industry with the help of Porter’s five forces analysis
- The treatment type that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the Market Estimate sheet (in excel)
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Competitive Rivalry Within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1 Market Driver
6.1.1 Increasing Prevalence of Chronic and Lifestyle Induced Diseases
6.1.2 Increasing Demand for Point of Care Testing
6.1.3 Increasing Application of Biosensors in Various Industries
6.2 Market Restraint
6.2.1 Strict Regulatory Requirements for Biosensors
6.2.2 Reimbursement Policies Issues in Healthcare Systems
6.4 Key Challenges
7. Market Segmentation
7.1 By Application
7.1.1 Medical Diagnostics
7.1.2 Pharma & Biotech
7.1.3 Food and Beverages
7.1.4 Environment Safety
7.1.5 Defense and Security
7.2 By Technology
7.2.1 Electrochemical Biosensors
7.2.2 Optical Biosensors
7.2.3 Thermal Biosensors
7.2.4 Piezoelectric Biosensors
7.3 By Type
7.3.1 Biological Signaling
7.3.2 Transduction Element
7.3.3 Recognition Element
7.4 By Geography
7.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Australia & New Zealand
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
7.4.4 Middle East & Africa
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East & Africa
7.4.5 South America
22.214.171.124 Rest of South America
8. Competitive Landscape
8.1 Mergers and Acquisition Analysis
8.2 Agreements, Collaborations & Partnerships
8.3 New Products Launches
9. Key Players
9.1 Abbott Laboratories Inc.
9.2 Bayer AG
9.3 F. Hoffmann La Roche
9.4 Johnson and Johnson
9.5 LifeSensors Inc.
9.6 Medtronic Inc.
9.7 Nova biomedical Corporation
9.8 Siemens Healthcare
*List Not Exhaustive
10. Future of the Market