The "Global Biosensors Market Research and Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global biosensors market is anticipated to grow at a significant CAGR of 8.2% during the forecast period. Biosensors are devices, which are used for detecting an analyte and a physiochemical component to produce a measurable signal. Biosensors majorly comprise three parts including a component that identifies analyte, produces a signal, and reader devices. The most commonly used biosensors are glucose detectors and pregnancy tests.
The major factor that is augmenting the global biosensor market is the rising number of diabetes patients and increasing application of biosensors in the medical sector. For instance, diabetes patients are using biosensors to monitor glucose levels at home and cost-efficient and user-friendly devices are available in the market for testing.
Furthermore, the rising application of biosensors, the rising prevalence of chronic and lifestyle-induced diseases, and the government initiatives for the development of proteomics and genomics are the factors that are anticipated to drive the global biosensors market during the forecast period.
However, strict regulatory requirements and compensation plans, high costs associated with the biosensor devices, and lack of inclination toward the adoption of new treatment devices are the major factors that are anticipated to restraining the growth of the market. On the contrary, increasing product inventions, technological advancements in biosensors, and the ever-increasing precision and accuracy of the biosensors in a minute sample volume are to create lucrative opportunities in the forecast period.
