The global 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 of 2018-2026, according to a new report published by Coherent Market Insights.
Market Overview:
Non-invasive biosensors are devices that monitor various physiological parameters without the need for invasive procedures such as blood sampling. These devices offer several advantages, including painless measurements, reduced risk of infection, and continuous monitoring capabilities. The increasing prevalence of chronic diseases and the growing need for continuous healthcare monitoring are driving the demand for non-invasive biosensors in the market.
Market Key Trends:
One key trend in the non-invasive biosensors market is the increasing adoption of wearable biosensors. These devices can be worn on the body and provide continuous monitoring of various health parameters such as heart rate, blood pressure, and glucose levels. The convenience and real-time monitoring capabilities offered by wearable biosensors are driving their popularity among consumers. In addition, advancements in sensor technology and miniaturization have made these devices more portable and user-friendly, further fueling their demand in the market.
Some of the 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.
PEST Analysis:
Political: The political factors influencing the non-invasive biosensors market include government regulations and policies related to healthcare and medical devices. For example, the approval process for new biosensor technologies may vary across different countries, which can impact market growth.
Economic: The economic factors affecting the market include healthcare expenditure, disposable income, and reimbursement policies. Higher healthcare expenditure and favorable reimbursement policies can drive the adoption of non-invasive biosensors.
Social: Social factors such as an increasing prevalence of chronic diseases, growing awareness about preventive healthcare, and the aging population contribute to the demand for non-invasive biosensors. These devices offer a convenient and cost-effective method for monitoring health conditions.
Technological: Technological advancements in biosensor technology, such as miniaturization, improved accuracy, and wireless connectivity, are driving market growth. These innovations enable the development of user-friendly and wearable biosensors, enhancing the overall patient experience.
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 several factors. Firstly, the increasing prevalence of chronic diseases, such as diabetes, cardiac disorders, and respiratory conditions, is driving the demand for non-invasive biosensors. These devices provide real-time monitoring of various health parameters, enabling early detection and timely intervention.
Regionally, North America is expected to be the fastest-growing and dominating region in the non-invasive biosensors market. Factors such as advanced healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies contribute to the growth of the market in this region. Additionally, the presence of key players and ongoing research and development activities further drive market expansion in North America.
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 are actively involved in product development, strategic collaborations, and mergers and acquisitions to strengthen their market presence and expand their product portfolios.
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