Bioelectronics integrate biological materials with electronic systems to monitor and regulate bodily functions. Bioelectronics devices provide real-time monitoring of vital health parameters like blood glucose levels, body temperature, heart rate etc. These devices deliver healthcare information efficiently through wireless connectivity without the need for in-person visits. With rising chronic diseases and aging population, bioelectronics devices are gaining prominence to provide affordable point-of-care diagnostics and treatment.
The global Bioelectronics Market is estimated to be valued at US$ 23530 Mn in 2023 and is expected to exhibit a CAGR of 11 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of Internet of Things (IoT) has been a major trend in the bioelectronics market. IoT enables bioelectronics devices to seamlessly connect with smartphones through wireless networks and share vital health data with doctors and caregivers in real-time. This allows remote monitoring of patients and quick diagnosis even in remote locations. With growing investments to develop advanced biosensors integrated with IoT, ubiquitous health monitoring is expected to drive substantial demand in the bioelectronics market during the forecast period.
Segment Analysis
Bioelectronics market is dominated by biosensors segment. This segment accounts for around 60% share owing to increasing application of biosensors in medical devices for monitoring health parameters such as glucose, temperature etc. Biosensors offer real time monitoring of the body parameters with high accuracy and sensitivity. This real time data delivery helps doctors take informed decisions.
Key Takeaways
The Global Bioelectronics Market Share is expected to witness high growth in the coming years.
Regional analysis: North America currently dominates the global bioelectronics market owing to presence of major players and advanced research ecosystem in the US and Canada. Government support for research and development activities in the region is augmenting regional market growth. Asia Pacific is expected to witness fastest growth in the forecast period with China and India emerging as high potential countries. Growing healthcare expenditure, rising affordability and increasing expertise in new technologies are driving the regional market.
Key players operating in the bioelectronics market are BBI-Biotech GmbH Bioengineering AG, Danaher Corporation, Eppendorf AG, Getinge, Infors HT, Merck KGaA, Sartorius AG, Solaris Biotech Solutions and Thermo Fisher Scientific, Inc. Major players are focusing on new product launches through collaborations with research institutes to strengthen their market position.
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