Albany, NY -- (SBWIRE) -- 12/06/2017 -- Transparency Market Research has published a new report on the global biosensors market. As per the report, the global biosensors market is predicted to expand at an 8.10% CAGR during the period from 2014 to 2020. The report, titled 'Biosensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020,' states that the global biosensors market is predicted to progress from US$12.4 bn in 2013 to US$21.6 bn by 2020.

Lately, biosensors have emerged as the most important analytical tool used for the discovery of an analyte by using a physicochemical detector. Traditional lab techniques yield accurate measurements but they are time-consuming, expensive, complex, and also may require pre-treatment of the sample. Thus, traditional laboratory techniques are being replaced by biosensor-based devices. The growing application of biosensors across numerous fields such as medical diagnosis, drug development, environmental monitoring, and food safety is expected to drive the global biosensors market during the period from 2014 to 2020.

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The global biosensors market has seen many advancements and improvements in biosensor instrumentation. The increasing applications of nanotechnology are another factor expected to contribute towards the growth of the global market for biosensors in the years to come. Currently, biosensor devices are primarily used to detect cancer among people. The global biosensors market is segmented on the basis of region, technology, application, and end use. By technology, the global biosensor market is classified into electrochemical, optimal, piezoelectric, and thermal biosensors. In 2013, the global biosensors market was dominated by the electrochemical biosensors segment. The electrochemical biosensors segment accounted for 70% of the global biosensors market in 2013 and is expected to maintain its dominant position in the years to come.

The optical biosensors segment is expected to expand at an 8.0% CAGR during the period from 2014 to 2020. Factors such as the increasing need for rapid monitoring and screening pollutants and the growing use of portable diagnostic devices for early detection and monitoring of numerous chronic diseases are expected to propel the demand for the optical biosensors in the coming few years.

Based on region, the global biosensors market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2013, the global biosensors market was dominated by North America, followed by Asia Pacific. In 2013, the North America biosensors market accounted for 35% of the global biosensors market. The Asia Pacific biosensors market is predicted to expand at a 9.50% CAGR during the period between 2014 and 2020.

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Some of the leading companies in the global biosensors market are Abbott Point of Care, Inc., LifeScan, Inc., AgaMatrix, Inc., LifeSensors, Inc., Nova Biomedical Corporation, Medtronic, Inc., F. Hoffmann-La Roche Ltd., Animas Corporation, and Siemens Healthcare. Based on end use, the global biosensors market is classified into point of care testing, home healthcare diagnostics, research laboratories, food industry, and security and bio-defense.