Global Bioelectronics Market, By Type (Bioelectronic Devices, Bioelectronic Medicines), By Application (Implantable devices, Biofuel cells, Fabrication templates, Prosthetic, Molecular motors and Artificial organs), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global bioelectronics market is estimated to reach at a value of US$ 4.9 Bn by the end of 2020 and expected to reach at a value of US$ 10.4 Bn by 2028 with a significant CAGR of 10.0%.
Medical science has advanced enormously over the past few years, which has arrived at a point where it holds out a promise to treat patients with severe chronic conditions with utmost care and effectiveness. More importantly, the revolutionizing union of electronics and biology has dramatically accelerated the field of medical science and the entire healthcare industry. The integration of two huge domains to cultivate advanced functional devices has also attracted substantial research efforts across the world. Owing to which, the global bioelectronics market is expected to rise substantially in the near future.
In addition to that, there are invariable advancements in semiconductor technology and in surface chemistry associated with man-made devices and interface of biology, which further play a positive role in flourishing the growth of the bioelectronics industry.
With the same token, there are constant developments in technologies and devices that are expected to allow applications in the areas such as disease detection, disease prevention and prosthetics. Attributing to which, the global bioelectronics market is expected to observe major breakthroughs over the upcoming years.
However, the heavy cost of bioelectronics products is likely to act as a restraining factor for the future growth of the global bioelectronics market. In addition, there are several remote areas across the globe which may lack the accessibility of high resolution imaging technology, which further is estimated to hold back the growth of the global bioelectronics market over the forecast period.
Nevertheless, the emerging trend as well as high demand of telemonitoring and telehealth technologies, in the present-day world, is likely to stimulate the demand of bioelectronics in the global markets, which in turn is projected to positively fuel the growth of the global bioelectronics market in the years to come.
MMC Study identifies some of the key participating players in the bioelectronics market globally are Avago, Sotera wireless, Bodymedia, Siemens AG, Universal biosensors, Abbott laboratories, Life sensors, Medtronics, Danaher corporation, Bioelectronics corporation, Roche, Omnivision technologies, Sensirion, and Beckman coulter, among others.
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