The Non-Invasive Biosensors Market is estimated to be valued at US$ 29.84 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Non-invasive biosensors are medical devices that utilize biological recognition mechanisms to detect biological analytes without invasive procedures. They are painless and avoids risks associated with traditional diagnostic techniques like blood drawing. Non-invasive biosensors find applications in remote patient monitoring of conditions like diabetes, cardiovascular diseases etc. The demand for non-invasive biosensors is growing owing to advantages like continuous monitoring, painless procedures and speedy results.
Market key trends:
One of the major trend fueling the growth of non-invasive biosensors market is increasing demand for remote patient monitoring. Remote patient monitoring allows continuous monitoring of patients' vital signs outside of conventional clinical settings which improves patient care and reduces healthcare costs. It facilitates early detection of health issues enabling timely clinical intervention. With emergence of wireless communication technologies, non-invasive biosensors can transmit health data to healthcare providers and family members remotely. This is expected to drive significant demand of non-invasive biosensors during the forecast period. Growing geriatric population prone to chronic diseases also necessitates remote monitoring driving adoption of non-invasive biosensors.
Porter's Analysis
Threat of new entrants: Low capital requirements and established value networks make it difficult for new players to enter and gain market share.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and price sensitivity in the healthcare industry.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to differentiated technology, intellectual property, and established supply networks of existing players.
Threat of new substitutes: Threat of new substitutes remains low as existing players constantly innovate and improve patient outcomes.
Competitive rivalry: High as players compete on technology, innovation, reliability, and customer service to gain market share.
SWOT Analysis
Strengths: Differentiated technology, minimally invasive procedures, continuous monitoring capabilities, IP protection.
Weaknesses: High R&D investments, reimbursement and regulatory issues, quality control challenges.
Opportunities: Growing prevalence of chronic conditions, increasing health awareness, demand for home healthcare, untapped emerging markets.
Threats: Uncertainties regarding regulations, data privacy and security threats, intellectual property risks.
Key Takeaways
The global Non-Invasive Biosensors Market Share is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing prevalence of chronic diseases and growing geriatric population which are more susceptible to such conditions. North America currently dominates the market due to presence of majority of market players and availability of advanced healthcare facilities in the region. However, Asia Pacific is expected to experience fastest growth due to rising healthcare expenditures, growing medical tourism, and increasing focus of players expansion in countries like China and India.
Regional analysis: North America holds the highest market share of around 40% in 2023 primarily due to presence of major players and availability of advanced healthcare facilities. Asia Pacific is expected to witness growth at a CAGR of around 9.3% during forecast period on back of rising disposable incomes, growing medical tourism, increasing investments by public and private players in countries like India and China.
Key players: Key players operating in the non-invasive biosensors market are Akers Biosciences, Inc., Philips Healthcare, Abbott Laboratories, GE Healthcare, Nemaura Medical, Inc., Integrity Applications Inc., OrSense, MediWise Ltd., Medtronic Plc. Players compete on differentiating technology, innovation, reliability and customer service to gain market share.
For more insights, Read- https://www.pressreleasebulletin.com/non-invasive-biosensors-market-trends-size-and-share-analysis/
