by The Non-invasive Biosensors Market is estimated to be valued at US$ 2.7 Bn in 2017 and is expected to exhibit a CAGR of 12.1% over the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Non-invasive biosensors are devices that detect and monitor various health parameters without the need for any invasive procedures. These biosensors find applications in homecare settings, hospitals, and diagnostic centers. They provide real-time information on vital signs, glucose levels, blood pressure, and other physiological parameters. Non-invasive biosensors offer convenience, accuracy, and ease of use, making them a preferred choice among patients and healthcare providers.
Market Dynamics:
The Non-invasive Biosensors Market is driven by the increasing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and respiratory disorders. The rising geriatric population, growing demand for personalized healthcare, and advancements in technology are also contributing to market growth. Moreover, the adoption of non-invasive biosensors in homecare settings and the development of portable and wearable devices are further propelling market expansion.
In conclusion, the Non-invasive Biosensors Market is anticipated to witness significant growth due to the increasing prevalence of chronic diseases and the rising demand for personalized healthcare. The market dynamics are driven by factors such as the growing geriatric population, advancements in technology, and the adoption of non-invasive biosensors in homecare settings.
Segment Analysis
The non-invasive biosensors market can be segmented based on technology, application, and region. In terms of technology, the market can be categorized into optical, thermal, electrochemical, and others. Among these, the optical biosensors segment dominates the market due to factors such as high sensitivity, rapid response time, and real-time monitoring capabilities. Optical biosensors find extensive application in healthcare, food and beverages, and environmental monitoring sectors, driving their dominance in the market.
PEST Analysis
Political: The political landscape plays a crucial role in the non-invasive biosensors market. Government regulations and policies related to healthcare and environmental monitoring can significantly impact the growth and adoption of biosensor technologies.
Economic: Economic factors such as disposable income, healthcare expenditure, and overall market stability influence the market for non-invasive biosensors. Increasing healthcare spending and growing disposable incomes in developing economies contribute to market growth.
Social: Social factors like changing lifestyles, growing awareness about healthcare, and increased focus on personalized medicine drive the demand for non-invasive biosensors. The rising prevalence of chronic diseases and the need for continuous monitoring further propel the market.
Technological: Technological advancements play a vital role in the development and adoption of non-invasive biosensors. Innovations in optical, thermal, and electrochemical technologies are driving the growth of the market, enabling more accurate and efficient monitoring.
Key Takeaways
The global Non-Invasive Biosensors Market is expected to witness high growth, exhibiting a CAGR of 12.1% over the forecast period. This growth can be attributed to the increasing prevalence of chronic diseases, rising demand for personalized medicine, and advancements in biosensor technologies.
In terms of regional analysis, North America is the fastest-growing and dominating region in the non-invasive biosensors market. The region’s strong healthcare infrastructure, increasing investments in research and development, and the presence of key market players contribute to its market dominance.
Key players operating in the non-invasive biosensors market include Nemaura Medical, Inc., MediWise Ltd., Integrity Applications Inc., OrSense, Medtronic Plc, GE Healthcare, Philips Healthcare, Akers Biosciences, Inc., and Abbott Laboratories. These companies focus on technological advancements, strategic collaborations, and mergers and acquisitions to maintain their market position and gain a competitive edge.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
