North America Biosensors Market

North America Biosensors Market Size, Trends & Forecast (2022 - 2027)

The size and share of the North America Biosensor Market are anticipated to grow significantly over the forecast period, recording a CAGR of 8.9% during 2021 - 2026.

Biosensors are devices that are utilized to detect the presence or concentration of a biological analyte, like an anatomical structure or a microorganism. These Biosensors consist of three major parts, which includes a component for recognizing the analyte and produce a signal, a transducer of the message, and a reader device. And these reader devices connect through the associated electronics or signal processors which are primarily responsible for the display of the results in a user-friendly way.

These biosensors are the diagnostic and monitoring device that uses a living or a biological organism to detect the chemicals in samples and are also widely used for cerebrospinal testing, cholesterol testing, and parasites testing. The usage of biosensor technology is rising in North America owing to the technological advancements and broader application areas in various industries. Also, the high expenditure on the healthcare sector in North America by the governments is resulting in the growth of using biosensor devices extensively for accurate, reliable and quick results for early detection and prevention of diseases.

Recent Developments

• Danaher Corporation has announced that the US Federal Trade Commission has accepted its proposed consent order in connection with their definitive agreement and General Electric Company for acquiring the Biopharma business of GE Life Sciences.  
• Abbott Laboratories have won the approval from the US for its molecular test for the Coronavirus strain COVID-19, which will be used by hospitals and academic medical centers which are to speed up the diagnostic capabilities for the disease sweeping across the country. 

Drivers & Restraints of North America Biosensors Market:

Technological advancements of biosensor technology and increased usage of the biosensor in monitoring & diagnostic devices of the market are driving the North America biosensor market growth.

A factor that is anticipated to boost the growth of the target market in North America during the forecast period is the rising prevalence of chronic diseases, mainly diabetes.

Additionally, the growing aging population and technological development have to provide opportunities for the major players in the market to grow.

Market Segmentation & Sub-segmentation of North America Biosensors Market as per the research report:

• Product Type: Non-wearable and Wearable.

• Technological Aspect: Electrochemical, Piezoelectric, and Thermal & Optical. Among all these segments, electrochemical biosensors segment is dominating the market share with 33.5% share, and estimated to grow at a CAGR of 8.2% over the forecast period. But the Optical technology segment is the fastest-growing segment, which is recording a CAGR of 9.8 % during the forecast period. 

• End User: Point of Care Testing, Home healthcare Diagnostics, Research Laboratories, Food Industry, and Others. And the point of care (POC) testing is further sub-segmented into glucose monitoring, cardiac markers, infectious diseases, coagulation monitoring, pregnancy & fertility testing, blood gas & electrolytes, tumor or cancer markers, urinalysis testing, cholesterol tests, and others. Among all these segments points of care (POC) is dominating the market with a protruding share.

• Application: Medical Applications, Cholesterol Testing, Pregnancy Testing, Blood Gas Analyzer, Infectious Diseases, Agriculture, Environment, Food Toxicity, Blood Glucose Monitoring, and Others. The medical applications account for the prominent portion of the regional market in the coming years.

• Region: US, Canada & rest of north america

The Key Players of the Biosensors market in North America includes 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.