Albany - NY, Aug. 5, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Biosensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the global biosensors market was valued at USD 12.46 billion in 2013 and is expected to grow at a CAGR of 8.1% from 2014 to 2020, to reach USD 21.64 billion in 2020.
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Recent scientific and technological advances have made biosensor an analytical device of choice in various sectors from medical diagnosis to military. Growing need for analytical information in healthcare, food quality analysis, environmental monitoring, defense and agriculture is driving the growth of the global biosensors market. Biosensors can play an extremely vital role in overcoming global biosecurity threats such as the spread of chronic diseases (diabetes, pneumonia, etc.). Furthermore, novel biosensor technologies for drug discovery and screening are likely to boost the growth of the biosensors market. The biosensors market is estimated to demonstrate significant growth during the forecast period from 2014 to 2020 due to high prevalence of various lifestyle-related diseases and rising preference of the population for simple and rapid medical diagnostic procedures.
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The electrochemical biosensors segment accounted for the largest share of over 70% of the global biosensors market in 2013. Factors that contributed to the growth of the segment are high prevalence of diabetes and other chronic diseases among the population, and growing demand for quick and reliable analytical methods. The optical biosensors segment is projected to witness the fastest growth rate of over 8% from 2014 to 2020. The growing need for rapid screening and monitoring of environmental pollutants for the benefit of human health is driving the growth of the optical biosensors segment. The medical application segment accounted for the largest share of the global biosensors market in 2013 due to increasing demand of the population for more reliable, accurate and quick results. Furthermore, increasing use of portable and easy-to-use diagnostic devices for the measurement of various chronic diseases is attributed to the growth of the segment. Similarly, based on end users, point of care testing constituted the largest market share of more than 40% in 2013 owing to greater patient care outcomes and care process optimization. However, research laboratories segment is expected to grow at a CAGR of approximately 8.5% due to increasing drug discovery and drug screening procedures.
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Geographically, North America accounted for the largest share of over 35% of the global biosensors market in 2013. However, Asia Pacific, comprising countries such as Japan, South Korea, Malaysia, Australia, India and China, is witnessing remarkable growth and is anticipated to grow at a CAGR of over 9.5% during the forecast period from 2014 to 2020 due to the large population and availability of skilled workforce. Moreover, easy market penetration in developing economies, favorable support from governments for better healthcare infrastructure would boost the growth of the biosensors market in Asia Pacific.
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The impressive growth of the biosensors market is likely to attract various market players. Top players operating in the biosensors market are Medtronic, Inc., Siemens Healthcare, Abbott Point of Care, Inc., F. Hoffmann-La Roche Ltd., LifeScan, Inc., LifeSensors, Inc., Animas Corporation, Nova Biomedical Corporation and AgaMatrix, Inc.
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The global biosensors market has been segmented as follows:
Biosensors Market, by Technologies
Biosensors Market, by Applications
- Food Toxicity Detection
- Industrial Process Control
- Others (Bio-defense, drug abuse prevention etc.)
Biosensors Market, by End Users
- Point of Care Testing
- Home Healthcare Diagnostics
- Research Laboratories
- Security and Bio-defense
- Food Industry
Biosensors Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research