The global biosensors market was valued at $14,169.5 million in 2015, and it is expected to grow at a CAGR of 9.8% during 2016-2022. Based on application, the environment segment is expected to witness the fastest growth, CAGR of 11.5%, during the forecast period.
The global biosensors market is growing at a significant rate, due to increasing prevalence of diabetes and growing geriatric population. The increasing prevalence of chronic and lifestyle associated diseases, increasing demand for point of care testing and increasing application of biosensors in various industries are also driving the growth of the global biosensors market. However, factors such as strict regulatory requirement and reimbursement policy issues in healthcare systems are inhibiting the growth of the global market.
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Biosensors are complicated and effective device capable of fast detection and measuring wide spectrum in various applications. It has various applications in the field of healthcare, industrial process control, military application, environmental monitoring, agriculture and veterinary monitoring. The devices are easy to use, portable and acts as accurate detection device in a variety of applications. Glucose biosensors are one of the largest segments of biosensors in medical testing due to increasing prevalence of diabetes and health concerns.
Geographically, North America dominated the global market of biosensors in 2015; whereas the Asia-Pacific market is expected to witness the fastest growth, CAGR of 11.3%, during the forecast period.
Some of the key companies operating in the global biosensors market include Siemens AG, LifeSensors, Inc., Nova Biomedical Corporation, Abbott Laboratories, Inc., Johnson & Johnson, Medtronic, PLC, I-SENS, Inc., F. Hoffmann La Roche, TaiDoc Technology Corporation, and ACON Laboratories, Inc.
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