Non-invasive biosensors have gained immense popularity in the healthcare sector as these sensors enable continuous monitoring of various physiological parameters without any disruptions caused to the human body. Non-invasive biosensors help in monitoring vital parameters such as blood glucose levels, blood pressure, oxygen levels, and heart rate through sweat, saliva, or other body fluids. The growing prevalence of chronic diseases and increasing demand for self-monitoring devices are fueling the adoption of non-invasive biosensors.
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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Growing use of wearable and portable medical devices for remote patient monitoring presents a major opportunity for growth of non-invasive biosensors market. Wearable and remote medical devices that work with non-invasive biosensors help in continuous monitoring of patients suffering from chronic conditions while enabling their independent living. This reduces healthcare costs associated with frequent hospital visits and prolonged hospital stays. With continuous technological advancements, non-invasive biosensors are becoming more accurate and reliable in measuring vital signs remotely. This is expected to boost the adoption of wearable medical devices integrated with non-invasive biosensors for remote monitoring of patients.
Porter’s Analysis
Threat of new entrants: The non-invasive biosensors market has moderately high threat of new entrants as it requires high level of R&D and capital investments to develop new technologies. However, scope for product differentiation exists.
Bargaining power of buyers: The bargaining power of buyers in the non-invasive biosensors market is moderate to high due to availability of various options from key players. However, demand for safe diagnosis drives customers towards trusted vendors.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as key components like sensors require technical expertise. However, easy availability of raw materials keeps supplier power in check.
Threat of new substitutes: Threat of substitutes is moderate as non-invasive devices provide convenience over conventional methods. However, continual technological advances can potentially disrupt the market.
Competitive rivalry: The competitive rivalry is high among key global players due to their broader product portfolio and extensive regional presence. Focus on R&D and customer service gives them a competitive edge.
SWOT Analysis
Strength: Growing application in glucose monitoring, cardiology and other areas. Offer safe, cost-effective and user-friendly diagnosis.
Weakness: Limited portability of large devices. Sensitivity and selectivity issues require further improvements.
Opportunity: Emerging economies to drive future growth. Growing investments in medical technologies post-pandemic.
Threats: Stringent regulations may delay product approvals. Reimbursement issues hinder market potential.
Key Takeaways
The Global Non-Invasive Biosensors Market Growth is expected to witness high supported by the rising prevalence of chronic and lifestyle diseases.
Regional analysis: Asia Pacific region is projected to grow the fastest during the forecast period supported by rising healthcare expenditure, large patient base and expanding medical infrastructure in major countries like China and India. North America currently dominates the market owing to technological advancements and availability of advanced biotechnology research in the US and Canada.
Key players operating in the non-invasive biosensors market are Thermax Limited, Armstrong International Inc., Stork Thermeq B.V., Alfa Laval AB, and Kelvion Holding GmbH. Thermax Limited is one of the leading players owing to its diversified product portfolio and global footprint across 30 countries.
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