The Non-Invasive Biosensors Market Is Estimated To Witness High Growth Owing To Rising Demand For Wireless Health Monitoring Devices
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 devices used for measuring biological parameters without drawing blood or causing harm to the body. These biosensors are used in applications such as glucose monitoring, cardiac monitoring, pregnancy testing, and drug and alcohol testing. The non-invasive nature of these biosensors makes them preferable over invasive methods.
Market Dynamics:
Growing preference for wireless health monitoring devices is expected to drive the growth of the non-invasive biosensors market over the forecast period. Wireless health monitoring devices allow continuous monitoring of patients' vital signs without restricting their mobility. This helps in early detection of health issues and remote monitoring of patients especially those suffering from chronic conditions. Rising geriatric population which is more prone to chronic diseases is increasing the demand for wireless health monitoring devices and subsequent non-invasive biosensors. Additionally, increasing awareness about benefits of continuous health monitoring is also contributing to the growth of the market. However, accuracy concerns associated with some non-invasive monitoring technologies may hamper the market growth.
SWOT Analysis
Strength: The global non-invasive biosensors market has witnessed significant adoption owing to its advantages like painless operations, portability, and easy to use nature. Non-invasive biosensors offer accurate detection of vital signs without requiring surgical procedures. Rapid innovations have enabled continuous monitoring capabilities of important biomarkers.
Weakness: Development of accurate and reliable non-invasive biosensors requires extensive research and testing. Budget constraints of healthcare systems in developing nations limit widespread adoption. Dependence on disposable components increases cost of ownership over long term use.
Opportunity: Growing geriatric population and increasing incidence of chronic diseases like diabetes opens up demand for non-invasive glucose monitoring systems. Advancements in material sciences and MEMS technologies help miniaturize devices for home healthcare applications. Integration with digital platforms and AI provides personalized health insights.
Threats: Safety concerns over prolonged exposure to radiofrequencies hinder acceptance of wireless monitoring solutions. Stringent regulatory approvals delay market entry of novel product categories. Shift towards wearable health trackers threatens dedicated medical device revenues. Fierce competition from incumbent invasive monitoring technologies.
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 disorders. Growing geriatric population, rising healthcare costs and demand for personalized care are some key drivers favoring industry expansion.
Regional analysis: North America dominates the global non-invasive biosensors market currently, owing to supportive reimbursement policies and higher adoption rates among the population. Asia Pacific is poised to witness the fastest growth over the coming years, supplement by expanding medical infrastructure, large patient pools and improving economic conditions in major countries like India and China.
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., and Medtronic Plc. Major players are investing in R&D to develop advanced home-use and patient-friendly devices as well as IoT-integration for telehealth solutions. Partnerships with clinical research organizations are gaining momentum.
For more insights, Read- https://cmiinfopiece.blogspot.com/2023/12/wearables-technology-is-fastest-growing.html
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