The Global Synthetic Biosensors Market is Trending with Increased Adoption of IoT Devices
The Global Synthetic Biosensors Market is Trending with Increased Adoption of IoT Devices
Blog Article
The global synthetic biosensors market has witnessed significant growth over the past few years owing to the growing need for point-of-care testing and continuous health monitoring. Synthetic biosensors use nanotechnology and biomimicry to create synthetic versions of biological receptors that can interact with target molecules to monitor physiological processes. They help detect various biomarkers associated with diseases and health conditions. The growing geriatric population, rising cases of chronic diseases, and increasing demand for home healthcare devices are bolstering the demand for synthetic biosensors globally.
The Global Synthetic Biosensors Market is estimated to be valued at US$ 27.94 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global synthetic biosensors market are TIVIC HEALTH, Cala Health, Inc., Medtronic, Abbott, Spark Biomedical, Inc., BioElectronics, GENERAL ELECTRIC, BIOTRONIK, electroCore, Inc., Soterix Medical Inc, SetPoint Medical, NeuroEM Therapeutics, ReShape Lifesciences, Inc., NeuroSpine, Vivani Medical Inc., Boston Scientific Corporation, NEVRO CORP., and Salvia BioElectronics. Key players like Medtronic and Abbott dominate the market with their diverse product portfolio.
The growing Global Synthetic Biosensors Market Demand for point-of-care testing and remote monitoring of health parameters is a major factor boosting the synthetic biosensors market. Synthetic biosensors help decentralize healthcare and facilitate continuous monitoring of chronic conditions. This improves patient outcomes and saves healthcare costs.
Growing penetration of IoT-enabled medical devices and integration of synthetic biosensors with mobile health applications are driving the global expansion of the synthetic biosensors market. Many players are focusing on emerging Asian and Latin American countries for market growth opportunities. Partnerships with local healthcare providers help expand the customer base.
Market key trends
One of the key trends gaining traction in the synthetic biosensors market is the increased adoption of IoT-enabled synthetic biosensors. Integration with digital health platforms and healthcare IoT devices allows continuous remote monitoring of vital signs and other biomarkers. This enables rapid diagnosis and early intervention. Many players are focusing on the development of advanced IoT-based synthetic biosensors with improved accuracy, sensitivity, and longevity for long-term chronic condition management. This trend is expected to significantly accelerate over the forecast period.
Porter's Analysis
Threat of new entrants: Low barrier to entry for small players but large players domination of market due to strong brand image and distribution network makes the threat moderate.
Bargaining power of buyers: Individual buyers have low bargaining power due to lack of transparency in market but bulk buyers like hospitals have high bargaining power due to bulk purchases which affects prices.
Bargaining power of suppliers: Few large suppliers and differentiated products give them moderate bargaining power over buyers in terms of dictating prices despite developing alternatives.
Threat of new substitutes: Moderate threat as new alternatives continuously enter market such as wearable biosensors but compatibility with existing medical systems is a challenge for new substitutes.
Competitive rivalry: Intense as large players continuously invest in R&D and compete on technology and brand value.
Geographical Regions
North America accounts for around 45% value share currently due to presence of advanced healthcare infrastructure and large patient pool coupled with early adoption of advanced technologies.
Asia Pacific expected to be fastest growing region during forecast period growing at over 9% CAGR due to rising healthcare expenditure, growing incidences of chronic diseases and rapid economic development in countries like China and India creating demand for advanced diagnostic solutions.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)