The size and share of Europe Biosensors Market are estimated to grow in a significant way. It is anticipated that the target market is going to get valued around USD 8,531.9 million by 2026, recording a CAGR of 9.2% during the forecast period.
Biosensors are devices that are utilized to detect the presence or concentration of biological analysis, like an organic structure or a microorganism. These Biosensors consist of three major parts, which includes a component for recognizing the report and produce a signal, a transducer of the message, and a reader device. And the reader device connects through the associated electronics or signal processors which are primarily responsible for the display of the results in a user-friendly way.
The growth of the Europe Biosensors Market is attributed to the increased nanotechnology-based biosensors advancements. Also, the rising usage of biosensors for monitoring glucose levels in individuals who are with diabetes is another factor that is furthermore fuelling the growth of the target market. On the regional view of the market, most of the revenue is contributed to the UK and Germany.
Siemens AG, the largest industrial manufacturing company in Europe, has been signed an agreement by the Praxair Surface Technologies, a subsidiary of Linde plc, to strengthen up their relation in the coming years.
Medtronic plc, a medical device company that is headquartered in the Republic of Ireland, has announced that it is going to double its capacity to manufacture and supply ventilators, to reach the urgent needs of patients and healthcare systems across the globe to confront the COVID-19 virus.
The significant technological advancements in the field of biosensor technology and the high demand of biosensor in monitoring & diagnostic devices of the market are the major drivers for the growth of the European biosensor market.
Also, the emergence of nanotechnology-based biosensors and the growing use of biosensors to monitor glucose levels in individuals with diabetes is anticipated to boost the growth of the Europe Biosensors Market during the forecast period.
Product Type: Non-wearable and Wearable. Among these segments, the wearable segment held for a significant portion of the market's revenue with a share of 78.9%.
Technological Aspect: Electrochemical, Piezoelectric, and Thermal & Optical. Among all these segments, the electrochemical biosensors segment is dominating the market share with 38.2% and estimated to grow at a CAGR of 8.8% over the outlook period. But the Optical technology is likely to be the fastest-growing segment, recording the highest CAGR during the forecast period.
End-User: Point of Care Testing, Home healthcare Diagnostics, Research Laboratories, Food Industry, and Others. Of these, the point of care (POC) testing is dominating the market.
Application: Medical Applications, Cholesterol Testing, Pregnancy Testing, Blood Gas Analyzer, Infectious Diseases, Agriculture, Environment, Food Toxicity, Blood Glucose Monitoring, and Others. Of these, medical applications are supposed to drive regional sales in the future.
Region: UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic & Rest of Europe
In the regional analysis of the Europe Biosensors Market, Germany, the United Kingdom, France, Spain, Italy, Russia, Turkey, Belgium, Nether lands, Switzerland, Rest of Europe are the regions studied in this market. The United Kingdom and Germany are the major contributors to the target market's revenue owing to the advancements in the biosensors technology that are developed in these countries and the presence of the major players of the biosensors market in Europe.
The Key Players of the Biosensors market in Europe are Danaher Corporation, ABBOTT Laboratories, Siemens AG, AGAMATRIX, INC., Bayer AG, Johnson and Johnson, LifeSensors, Inc., Medtronic Plc., Bio-Rad Laboratories, Inc., and Analog Devices, Inc.
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