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January 2024
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Non-invasive biosensors play a crucial role in monitoring various physiological parameters of the human body without requiring direct contact with the body's tissues or fluids. Such biosensors measure parameters like blood glucose levels, heart rate, blood oxygen saturation, blood pressure, and body temperature. They helps in remote healthcare by enabling continuous health monitoring of patients. The demand for non-invasive biosensors has increased significantly due to the ongoing COVID-19 pandemic and the need for remote monitoring of patients.
The global Non-invasive Biosensors Market is estimated to be valued at US$ 29.84 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Opportunity: Remote Healthcare The market opportunity lies in the increasing demand for remote healthcare. Non-invasive biosensors enable remote and continuous monitoring of vital health parameters without hospitalization. This allows for early detection of health issues and ensures timely intervention. The growing geriatric population, which is more prone to chronic diseases, is increasing the need for remote patient monitoring. Additionally, the ongoing pandemic has accelerated the adoption of remote monitoring solutions. Non-invasive biosensors play a crucial role in enabling affordable remote healthcare delivery and improving patient outcomes. The growth in remote healthcare sector will fuel the demand for non-invasive biosensors during the forecast period. Porter’s Analysis Threat of new entrants: Low due to huge capital requirement for R&D and product development. Existing players have strong brand names and distribution network. Bargaining power of buyers: Moderate due to presence of several players but growing healthcare needs drives demand. Bargaining power of suppliers: Low due to availability of substitute components. Threat of new substitutes: Moderate as new technologies may disrupt the market. Competitive rivalry: High due to presence of global and regional players competing on product innovations. SWOT Analysis Strength: Growing geriatric population driving demand. Adoption of remote patient monitoring and home healthcare. Weakness: High cost of biosensors impact affordability. Accuracy and reliability issues affect user experience. Opportunity: Scope for development of wearable, implantable and flexible biosensors. Growth in emerging markets like Asia Pacific and Latin America. Threats: Stringent regulations delay product approvals. Data privacy and security concerns. Key Takeaways The Global Non-Invasive Biosensors Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The market size for non-invasive biosensors was valued at US$ 29.84 Bn in 2023 and is projected to reach over US$ 59 Bn by 2030, expanding at a compound annual growth rate of 13%. Regional analysis: North America dominated the global market in 2023, accounting for over 35% share. This is attributed to presence of advanced healthcare infrastructure, higher adoption of clinical technologies, and growing diabetic population. Asia Pacific is anticipated to be the fastest growing region during the forecast period owing to rising healthcare spending, increasing incidence of chronic diseases, and improving access to healthcare in countries like China and India. Key players: Key players operating in the non-invasive biosensors market are Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Stryker, Smith & Nephew, Novus Health Products, and Medtronic. These companies are focusing on new product launches and enhancing monitoring capabilities of their biosensor devices. Get more insights on this topic: https://www.dailyprbulletin.com/non-invasive-biosensors-market-trends-size-and-share-analysis/
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