Medical Biosensors Market Pegged for Robust Expansion by 2026

The Medical Biosensors Market is segmented by Technology (Thermal, Electrochemical, Piezoelectric, Optical), Application (Cardiac Care, Home Diagnostics, Pain Management, Drug Discovery, Genomics, Others), and Region (North America, Europe, Asia-Pacific, and the Rest of the World). The historic years considered for the study are 2016-2019, the base year is 2020, and the forecast period is 2021-2026.

Growing developments in point-of-care testing, nanotechnology, and environmental monitoring significantly propel market growth. The increasing prevalence of chronic diseases along with cardiovascular, diabetes, and cancer offers major opportunities to the market players in the coming years. In addition, the rising diabetic population in developed countries with a sedentary lifestyle is further boosting the demand for medical biosensors during the review period.

What are medical biosensors?

Medical biosensors are medical devices that are primarily wont to detect or sense the presence or concentration of biological substances, like a microorganism or a biomolecule. they're analytical devices which will convert a biological response into an electrical signal. Biosensors mainly carries with it three parts, which include a sign transducer, a component that identifies an analyte, and a reader device.

Segment Analysis

Technology Trends

The medical biosensors market is categorized into thermal, electrochemical, piezoelectric, and optical. The electrochemical segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to its widespread applications for quantification and analysis in biochemical and biological processes. Also, its compatibility with new microfabrication technologies, robustness, disability, wide linear response range, and low cost, ease of operation, thereby bolstering the segment growth.

Regional Trends

The North American market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to the growing prevalence rate of targeted diseases and the presence of key players in the region. Also, technological developments such as the introduction of miniaturized diagnostic equipment rendering quick and accurate results and growing market penetration of Electronic Medical Records (EMR), further proliferates the regional market growth.

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Digital Marketing Associate in Stratview Research