The europe biosensors market is estimated to be USD 9.37 billion in 2024 and is projected to reach USD 13.13 billion by 2029, at a CAGR of 6.97% from 2024 to 2029.
Biosensors are devices that are utilized to detect the presence or concentration of biological analysis, like an organic structure or a microorganism. These Biosensors consist of three major parts, which include a component for recognizing the report and producing a signal, a transducer of the message, and a reader device. The reader device connects through the associated electronics or signal processors, which are primarily responsible for the display of the results in a user-friendly way.
The growth of the Europe biosensors market is attributed to the advancements in nanotechnology-based biosensors. Also, the rising usage of biosensors for monitoring glucose levels in individuals who are with diabetes is another factor that is furthermore fuelling the growth of the target market. On the regional view of the market, most of the revenue is contributed to the UK and Germany.
The significant technological advancements in the field of biosensor technology and the high demand of biosensor in monitoring & diagnostic devices of the market are the major drivers for the growth of the European biosensor market.
Also, the emergence of nanotechnology-based biosensors and the growing use of biosensors to monitor glucose levels in individuals with diabetes is anticipated to boost the growth of the Europe Biosensors Market during the forecast period.
The wearable segment held for a significant portion of the market's revenue with a share of 78.9%.
Among all these segments, the electrochemical biosensors segment is dominating the market share with 38.2% and estimated to grow at a CAGR of 8.8% over the outlook period. But the Optical technology is likely to be the fastest-growing segment, recording the highest CAGR during the forecast period.
The point of care (POC) testing is dominating the market.
The medical applications are supposed to drive regional sales in the future.
In the regional analysis of the Europe Biosensors Market, Germany, the United Kingdom, France, Spain, Italy, Russia, Turkey, Belgium, Nether lands, Switzerland, Rest of Europe are the regions studied in this market. The United Kingdom and Germany are the major contributors to the target market's revenue owing to the advancements in the biosensors technology that are developed in these countries and the presence of the major players of the biosensors market in Europe.
The Key Players of the Biosensors market in Europe are Danaher Corporation, ABBOTT Laboratories, Siemens AG, AGAMATRIX, INC., Bayer AG, Johnson and Johnson, LifeSensors, Inc., Medtronic Plc., Bio-Rad Laboratories, Inc., and Analog Devices, Inc.
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