Global Nanobiosensors in Healthcare Market is expected to register a CAGR of 9.84% from 2019 to 2024.
Nanotechnology in the biosensor is known as nanobiosensor; biosensors are analytical devices used for detection of chemical and biological substances in the human body. Nanobiosensors are the sensors that are made up of nanomaterials and have dimensions between 1 to 100 nanometers. Nanobiosensors are becoming popular in developed countries. The rising prevalence of diabetes in emerging economies, demand for advanced monitoring systems, and raising awareness about advance nanobiosensors are expected to drive the growth of the market. According to the International Diabetes Federation (IDF), it is estimated that the number of diabetic patients in the Middle East and North Africa (MENA) region will grow by 96% from the year 2013 to 2035, i.e., from 34.6 million to 67.9 million. Moreover, rising R&D spending and collaborative strategies adopted by the top players, such as new product launches and collaborations for product development are contributing to the growth of the market.
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The rising cost of nanobiosensors and unfavorable reimbursement policies may hamper the growth of the market during the assessment period.
Nanobiosensors in Healthcare Market Segmentation
The global nanobiosensors in the healthcare market has been segmented on the basis of type, application, end user, and region.
On the basis of type, the market has been classified as optical nanobiosensors, electrochemical nanobiosensors, acoustic nanobiosensors, and others. Based on the application, the market has been segmented into diabetes, immunoassay, cancer, pathogenic bacteria, and others. The market, by end user, has been classified as hospitals and clinics, diagnostic centers, point of care, and others. The electrochemical nanobiosensors segment is expected to hold the largest market share of the nanobiosensors in healthcare market owing to its high sensitivity and real-time detection features. However, based on end user point of care testing segment holds the largest market share due to low complex infrastructure and training.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The nanobiosensors in the healthcare market in the Americas has further been segmented into North America and South America, with the North America market further divided into the US and Canada.
The European nanobiosensors in the healthcare market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The nanobiosensors in healthcare market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The nanobiosensors in healthcare market in the Middle East & Africa has been segmented into the Middle East and Africa.
Nanobiosensors in Healthcare Market Key Players
Some of the key players in the global nanobiosensors in healthcare market are Abbott Point of Care, Inc., F. Hoffman-LA Roche Ltd., Medtronic Inc., Nano-Proprietary, Inc., Lifescan, Inc., Illuminex Corporation, Lifesensors, Inc., ACON Laboratories, Inc., Pharmaco-Kinesis Corporation, Bayer Healthcare AG, Bio-Rad Laboratories, Inc., Biosensors International Pte. Ltd., Sysmex Corporation.
Regional Market Summary
The Americas are likely to dominate the global nanobiosensors in healthcare market owing to the rising prevalence of chronic disorders, initiative by government and regulatory authorities, and demands for advanced technology. According to the report published by the US Department of Health & Human Services, in 2017, around 11.5% of the adult population in the US are diagnosed with heart disease, i.e., 28.2 million.
The European market is expected to be the second largest nanobiosensors in healthcare market. The market growth in this region can be attributed to the government focus to control chronic disease, well-established healthcare infrastructure, and the rising population suffering from cardiovascular disorders. Moreover, government funding and support to the healthcare sector are also expected to boost the growth of the nanobiosensors in healthcare market during the forecast period. According to the European Heart Network, cardiovascular disorders are responsible for 3.9 million deaths in the European Union, which are 45% of the total deaths.
Asia-Pacific is expected to be the fastest-growing nanobiosensors in healthcare market during the forecast period owing to rising diabetes, increasing disposable income, and government initiatives for the development of the healthcare sector. According to the International Diabetes Federation, in 2017, more than 84 million people in South-East Asia were affected by diabetes, and this number is expected to reach 156 million by 2045. Moreover, the government of these countries is open to adopting new technology and the best treatment option from a developed country. According to the International Agency for Research on Cancer, in 2018, India has a prevalence of 173.5 cancer patients per 100,000 population. Moreover, in China, the prevalence rate of cancer was 377.6 patients per 100,000 population in 2018
The market in the Middle East & Africa is expected to hold the smallest share of the global nanobiosensors market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities
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