The market growth primarily attributes to the ability of biosensors to assess health status, diseases onset & progression, and various other diagnostics.
In addition, the rapid technological advancements & non-medical applications have extensively enhanced the utilization of biosensors, owing prominently to their precise & powerful analytical tools. Besides, massive investments by the market giants & governments of different countries in the research & development of biosensors have enabled the market to gain significant momentum worldwide.
Healthcare Sector Acquired Significant Share of the Global Advanced Biosensor Material Market
The rapid innovations across the biomedical industry propelling the demand for biosensors for several applications is the prime aspect that led the healthcare sector to attain a significant market share in recent years.
Additionally, the rising healthcare costs shall establish greater requirements for biosensors to monitor health conditions remotely through tests like Point-of-Care. Furthermore, the demand for biosensors observed a significant rise amidst the Covid-19 pandemic to monitor symptoms & track health. The trend is expected to continue in the coming years as well and change the market dynamics.
On the other hand, region-wise, North America displayed substantial market growth during the historical period, mainly due to various government initiatives toward technological advancements in producing advanced biosensor materials through intense R&D.
Additionally, the increasing adoption of biosensors to monitor health conditions like glucose levels in diabetic patients, coupled with the growing demand for home-based point-of-care devices, principally since the Covid-19 pandemic, also supported the market growth across North America, reveals MarkNtel Advisors in their research report, "Global Advanced Biosensor Material Market Analysis, 2021."
In the region, the US observed considerable market growth in the previous years, and the same trend is likely to be followed in the forecast years. Owing to the rapidly advancing Internet of Things (IoT) devices, the country underwent massive transformations in healthcare applications. Providing facilities like real-time tracking, alerts, & monitoring and allowing relevant intervention by doctors for better accuracy & improved patient care contributed to the market growth across the US healthcare sector.
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Advanced Biosensor Material Market are Canum Nanomaterials, Spherotech, ChitoLytic, FUJIFILM Wako Chemicals USA Corporation, Sappi, Angene International Limited, Tecamax Srp (Ensinger), Aonomy Specialty Polymers Pvt Ltd. (Ormecon Pvt. Ltd.), Hangzhou J&H Chemical Co., Ltd., QCR Solutions Corp, Archer Materials, Cardea Bio, Grapheal, and Hememics Biotechnologies.
Key Questions Answered in the Study