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Biosensing Market Growth Is Expected to Be Driven by Wearable Devices

As the population of chronic diseases continues to increase, real-time and convenient monitoring of the disease becomes particularly important. Therefore, biosensors capable of detecting molecular signals have emerged. Such sensors have gradually occupied the medical market by virtue of the advantages of fast speed, high accuracy, convenient use, and low cost.

Internationally, a biosensor is defined as "a small instrument used for diagnosis or monitoring that can quickly and easily determine specific molecules in body fluids." Generally, biosensors have a relatively compact structure and can be measured by molecular detection devices and sensors. Signal to achieve the purpose of prevention and monitoring. The biosensor can not only monitor through the body sample, but also can achieve the monitoring effect by contacting the human body or implanting in the body. The biosensor is like a disease alarm. Once the human body has an abnormal condition, people can respond in time according to the actual situation. The biosensor also wants to be a detector of the patient, recording the patient's physical state at all times, and reminding them to control their own ills. habit. Common biosensors include blood glucose meters and pregnancy detectors.

The Rapid Growth of the Biosensor Market

With the improvement of people's living standards, health awareness continues to increase, especially in the post-epidemic era, people are aware of the fragility of life and pay more attention to their own health, which will increase the demand for medical equipment. In the past, the limitation of body detection occurred in hospitals or clinics. With the advancement of technology, real-time, non-invasive monitoring of the health of oneself and family members at home has become a reality, and biosensors are rapidly becoming a part of our daily lives. The biosensor market is growing rapidly. Data shows that the global biosensor market will be 31.8 billion U.S. dollars in 2020. Thanks to socio-economic growth and rapid technology, the coverage of biosensors has expanded. It is estimated that by 2027, the global biosensor market will grow to 41.29 billion U.S. dollars. In 2018, China's sensor market reached 147.2 billion yuan, a year-on-year increase of 13.2%.

Wearable Related Sensors Account for About 20% of the Total

The market share of wearable device related fields accounts for about 20% of my country's sensor market. With the continuous growth of China's wearable device product output and the continuous improvement of Internet of Things technology, the market share of image sensors, speed sensors, distance sensors, and biosensors will further increase in the future.

Wearable Device Shipments Grow Steadily

The changes in people's lifestyles and consumption concepts provide opportunities for the development of new things. With the maturity of technology and the increase in people’s awareness of wearable products, the market scale of wearable products is gradually expanding, and the scale effect effectively reduces the production costs of enterprises, which further enhances the acceptance of wearable devices and increases the penetration of wearable devices rate. Data show that in 2020, global wearable device shipments will reach 340 million units, an increase of 89% year-on-year. Among them, China's wearable device shipments will be 99.24 million units, an increase of 37.1% year-on-year. The market is huge. In 2016, the global wearable device market was about 150 million U.S. dollars; it is expected to reach 2.86 billion U.S. dollars in 2025. Wearable biosensors in the new market will provide the main driving force.

Increasing Population Aging, Expanding Demand for Wearable Sensors

China's aging population continues to grow, and it is expected to show an upward trend in the next few years. The medical care needs of the elderly are growing rapidly, and the existing public medical resources cannot meet the care needs of the elderly. Therefore, health care for the elderly is gradually shifting to the family. As portable and efficient home care and health electronic products, smart wearable devices provide excellent health care services for the elderly.

The Consumer Electronics Field Will Show High Growth

During the forecast period, the consumer electronics field is expected to achieve high growth rates. The region has also witnessed an increase in the demand for sensor-based devices as consumers are becoming aware of the features these devices provide, such as remote monitoring of health and fitness. In addition, a variety of factors are driving the demand for these devices in the region, such as the availability of various types of wearable devices, technological advancements in the sensor field, and the ability of suppliers to provide differentiated products. As wearable devices become more and more popular among users, consumer electronics products are expected to dominate the market during the forecast period. The growing demand for fitness trackers and health monitors is the main driving force behind the growth of wearable device shipments.

The Government Has Raised Medical-Grade Wearable Devices As A National Strategic Requirement

In recent years, the supply of medical resources in China has been severely in short supply. The government is actively encouraging the development of the medical-grade wearable device industry to fill the gap between the supply and demand of medical resources. The development of smart wearable devices can not only meet the body monitoring needs of some residents, but also cultivate residents' health care habits. In 2015, the State Council proposed "Made in China 2025". As the development of wearable medical devices in medical institutions has become a strategic requirement, it emphasizes the need to improve the innovation capability and industrialization level of medical-grade wearable devices. The government's incentive policies for the medical smart wearable device market support the development of the industry. At the same time, the innovative development of medical smart wearable devices has enhanced China's competitiveness in the global medical device market.

The Asia-Pacific Market Is Expected to Grow Rapidly

Due to the rapid urbanization process and the increasing awareness of wearable devices, the global wearable device market is emerging, and the Asia-Pacific region is expected to achieve the highest growth. In addition, some have the largest semiconductor and sensor manufacturers, and they are expected to further drive the market. Many large enterprises and various new entrants in countries and regions such as China and Japan are increasing their investment in the sensor field and actively promoting the progress of sensor technology. Original equipment manufacturers have made significant contributions to the development of inertial measurement units and MEMS technology, ensuring accuracy while ensuring low prices for products, which is also a factor in the increase in the penetration rate of wearable devices in the region.