South Korea Biosensors Market: Trends, Opportunities and Forecasts - Featuring Key Players Abbott Laboratories, Medtronic

The Biosensors Market is a rapidly growing industry that involves the development and production of devices that use biological materials (such as enzymes, antibodies, and cells) to detect and measure various analytes, such as glucose, lactate, and cholesterol. Biosensors have a wide range of applications in healthcare, food safety, environmental monitoring, and many other fields. Key drivers of growth in the biosensors market include the increasing incidence of chronic diseases, growing awareness of the benefits of preventative healthcare, and advancements in biotechnology and materials science.

The biosensors market was valued at $17,500.0 million in 2018 and is expected to reach $38,600.2 million by 2026, registering a CAGR of 10.4% from 2019 to 2026.

Drivers, restraints, and opportunities-

Increase in chronic diseases such as diabetes, rise in R&D investments, and development of nanotechnology-based biosensors drive the growth of the global biosensors market. However, high cost associated with research and development (R&D) hinders the market growth. On the other hand, technological advancements in biosensors to make it user friendly are anticipated to offer new opportunities in the coming years.

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Covid-19 Scenario-

During the coronavirus outcome, the R&D activities in biosensors have been observed to be increased.

A team of researchers at the Swiss Federal Laboratories for Materials Science and Technology (Empa) and ETH Zurich (Swiss Federal Institute of Technology in Zürich) are investigating to develop a reliable sensor to detect COVID-19 in highly populated areas, like train stations and hospitals.

Leading market players

1. Abbott Laboratories
2. AgaMatrix Holdings LLC
3. DowDupont Inc. (DuPont de Nemours, Inc.)
4. F. Hoffmann-La Roche Ltd.
5. General Electric (Biacore, Inc.)
6. LifeScan, Inc.
7. Medtronic Plc.
8. Nova Biomedical
9. PHC Holdings Co., Ltd. (Ascensia Diabetes Care Holdings AG)
10. Siemens Healthcare.