The global Non-Invasive Biosensors Market is estimated to be valued at Us$ 2.7 Bn in 2017 and is expected to reach US$ (Market Value For 2022) Bn or Mn in 2022, with a CAGR Of 12.1% over the forecast period 2018-2026, according to a new report from Coherent Market Insights.
Non-invasive biosensors are devices that can monitor and analyze biological parameters without the need for invasive procedures. These biosensors offer numerous advantages such as minimally invasive testing, reduced risk of complications, and improved patient comfort. The need for non-invasive diagnostic techniques is growing rapidly, driven by the increasing prevalence of chronic diseases and the rising demand for point-of-care testing. Non-invasive biosensors find applications in various fields such as healthcare, sports monitoring, and food testing, among others.
Market Key Trends:
One key trend in the non-invasive biosensors market is the development of wearable biosensors. These biosensors can be attached to clothing or worn on the body, offering continuous monitoring of vital signs and other biological parameters. The integration of artificial intelligence and machine learning in these wearable biosensors enables real-time data analysis and predictive analytics, facilitating early disease detection and personalized healthcare. These advances have the potential to revolutionize the healthcare industry by providing continuous and non-invasive monitoring solutions for individuals with chronic diseases or those in need of remote patient monitoring.
Threat of new entrants: The non-invasive biosensors market is characterized by a high threat of new entrants. The rapid advancements in technology and the increasing demand for non-invasive monitoring devices have lowered the barriers to entry, making it easier for new companies to enter the market. This has resulted in intense competition and has put pressure on existing players to innovate and differentiate their products.
Bargaining power of buyers: The bargaining power of buyers in the non-invasive biosensors market is moderate. While buyers have the power to choose from a wide range of products offered by different companies, the high switching costs associated with these devices and the critical nature of their use in healthcare settings give suppliers some leverage in pricing and negotiations.
Bargaining power of suppliers: The bargaining power of suppliers in this market is relatively high. This is mainly due to the limited number of suppliers of advanced biosensing technologies and the significant investments required to develop and manufacture these products. Suppliers also hold valuable intellectual property rights, which further strengthens their position. As a result, suppliers have the ability to dictate terms and conditions to buyers.
Threat of new substitutes: The threat of new substitutes in the non-invasive biosensors market is low. Non-invasive biosensors have become an integral part of healthcare monitoring, particularly for patients who require continuous monitoring without invasive procedures. The high level of accuracy and convenience offered by these devices makes it unlikely for substitutes to gain significant traction in the near future.
Competitive rivalry: The competitive rivalry in the non-invasive biosensors market is intense. The market is highly fragmented, with numerous small and large players competing for market share. The presence of established companies with strong brand recognition and extensive distribution networks adds to the intensity of competition. Additionally, the constant need to invest in research and development to stay ahead of competitors further contributes to the competitive landscape.
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 the increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases, which require continuous monitoring. The growing geriatric population and the rising adoption of non-invasive monitoring devices in home healthcare settings are also driving market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the non-invasive biosensors market. This can be attributed to the presence of advanced healthcare infrastructure, favorable reimbursement policies, and the increasing adoption of technologically advanced monitoring devices in the region.
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 focusing on product innovation, strategic partnerships, and mergers and acquisitions to gain a competitive edge in the market. Additionally, investment in research and development activities to develop advanced biosensing technologies is a key strategy adopted by these players.
- Source: Coherent Market Insights, Public sources, Desk research
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