Smart Biosensors Market Predictable to Demand Drivers and Growth Stimulators
Author : Vinit Sawant | Published On : 23 Mar 2021
Smart biosensors are medical devices used for chemical and biological analysis of a human body or any biological substance. Smart biosensors are advance and more effective than other traditional sensors. The increasing prevalence of diabetes in emerging economies, demand for advanced monitoring systems, and increasing awareness about advance biosensors are the major factors driving the growth of the global smart biosensors market.
According to the International Diabetic Federation, about 415 million people across the globe were reported to have diabetes in 2015, and this number is expected to reach 642 million by 2040. It also stated that 98.4 million and 65.1 million diabetic population lived in China and India respectively.
The rising cost of biosensors and unfavorable reimbursement policies may hamper market growth during the forecast period.
The Americas are likely to dominate the global smart biosensors market due to the rising prevalence of chronic disorders, favorable policies implemented by government and regulatory authorities, and the adoption of highly advanced technology. The European market is expected to be the second-largest smart biosensors market.
The presence of well-established healthcare system in the region, government initiatives for controlling chronic disorders, and increase in a population suffering from cardiovascular disorders are the factors responsible for the growth of the smart biosensors market in the region.
Asia-Pacific is anticipated to be the fastest-growing smart biosensors market during the forecast period owing to the increasing prevalence of diabetes, increasing disposable income, and government initiatives for the development of the healthcare sector. The market in the Middle East & Africa is likely to account for the smallest share of the global smart biosensors market.