Electrochemical Biosensors-Rising Prevalence of Chronic Diseases and Increasing Demand for Point of Care Testing Accelerate the Growth of the Market

Pune, India, December, 2022/MRFR Press Release/- Market Research Future published a Cooked research report on “Global  Electrochemical Biosensors Market Research Report - Forecast to 2030” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.

Electrochemical biosensors-Overview

The global electrochemical biosensors market is growing at the CAGR of 6.65% during the forecast period (2022-2030) and is projected to extend USD 26,822.01 Million by 2030.

Increasing diabetic population, rising prevalence of chronic and lifestyle diseases, and increasing demand for point-of-care-testing (POCT) devices are major factors contributing to the growth of the market. Additionally, increasing application of biosensors in various industries also accelerates the growth of the market. However, the market growth is restrained by various factors such as strict regulatory requirements, reimbursement policies issues in healthcare systems.

In addition, POCT testing offers various advantages such as cost reduction for laboratory testing, faster results, and increased patient satisfaction. Hence, increasing demand of point of care testing would drive the growth of biosensors market.

Key players in the electrochemical biosensors:

Key players in the automated devices market are F. Hoffmann-La Roche AG (Germany), Medtronic Plc. (U.S.), Bayer AG (Germany), Abbott (U.S.), I-SENS, Inc. (South Korea), Siemens (U.S.) and others. The main focus of these players is tapping the market in developing regions across the globe. Also product differentiation plays an important role for sustaining the growth of key players in the market.

Key developments:

F. Hoffmann-La Roche AG:

Headquartered in Basel, Switzerland; F. Hoffmann-La Roche AG is a company manufacturing and marketing number of innovative diagnostic tests and medicines, across the globe. The company offers various products in the pharmaceutical, diagnostics and research industry.

June, 2017: F. Hoffmann-La Roche AG acquired mySugr to form a leading platform for digital diabetes management

August, 2015: F. Hoffmann-La Roche AG acquired GeneWEAVE to strengthen offerings in microbiology diagnostics. Roche will pay GeneWEAVE shareholders $190 million upfront and up to USD 235 million in contingent product related milestones

February 2015   : F. Hoffmann-La Roche AG announced the collaboration with BioMed X for the development of Nanomaterial-Based Biosensors for Near-Patient Testing

September 2014: F. Hoffmann-La Roche AG launched Elecsys anti-Müllerian Hormone (AMH) fertility test for assessment of ovarian reserve for pregnancy.

Explore In-depth Details: Electrochemical biosensors Market Research Report

Medtronic plc.:

Founded in 1949, Medtronic plc is a global healthcare solutions company committed to improving the lives of people through their medical technologies, services, and solutions.

October, 2016: Medtronic plc received an approval for its suite of cardiac rhythm and heart failure devices and leads to be scanned in both 3 and 1.5 Tesla (T) magnetic resonance imaging (MRI) machines. This FDA approval will help the company to strengthen its position in MRI machines segment.

December, 2015: Medtronic plc and Samsung came together in an alliance to accelerate the development of digital health solutions for the millions of people suffering from chronic pain, movement disorders, incontinence, and other conditions who could benefit from neuromodulation therapy. Due to this Medtronics seeks to deliver real-time data to the patients and the physicians so they effectively find the cure for the tracked symptoms.

Abbott:

Headquartered in Illinois, USA, Abbott focuses on discovery, development, manufacture, and sale of health care products. The company operates through four segments namely, established pharmaceutical products, diagnostic products, nutritional products, and vascular products. Additionally, the company has two non-reportable segments, namely, diabetes care and medical optics. The diabetes care division of the company is located in California, U.S. and provides blood glucose meters, blood glucose test strips, sensors, data management decision software, and accessories.

June, 2017: Alere shareholders approve amended merger with Abbott. This merger will further strengthen the global presence of the company.

October, 2016    : Abbott announced collaborations with Celgene and Agios for diagnostic identification of IDH mutations. The agreement focuses on the development and commercialize the diagnostic tests.

April, 2016: Abbott received FDA approval for its companion diagnostics “Vysis CLL FISH probe kit” in Leukemia. The kit is used to detect the 17p deletion in chronic lymphocytic leukemia patients, the target population of a new drug from AbbVie.

Siemens:

Siemens is a leading global healthcare company continuously developing their portfolio from medical imaging and laboratory diagnostics to adding managed services, consulting, and healthcare IT services apart from further technologies for therapeutic and molecular diagnostics.

September, 2016: Siemens launched the combination of the Modularis urological shock wave unit and the flat detector technology of the mobile C-arm Cios Fusion. Since, constantly switching between two or even three different control units would be complicated and could lead to errors, the Modularis' central control unit is a better option. This will help Siemens to strengthen its position in the market.