According to the latest report by IMARC Group, titled “Chemical Sensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size is expanding at a moderate rate. Chemical sensors transform chemical information, such as concentration, composition, partial pressure and presence of an ion, into an analytical signal. They generally contain two components, which include a physicochemical transducer and a chemical recognition system (receptor). In most sensors, the receptor interacts with analyte molecules which alters its physical properties in such a manner that the appending transducer can acquire an electrical signal. Chemical sensors offer various advantages like small size, affordability, and automatic measurement.
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Global Chemical Sensors Market Trends:
As chemical sensors are portable and cost-effective, they are widely used in the healthcare sector for analyzing the chemical composition of different samples. They are employed in fertility systems and for diagnosing cancer, renal failure, and alcohol and drug abuse. Moreover, the increasing prevalence of diabetes is positively influencing the demand for these sensors as they are used in blood sugar testing strips in portable glucose monitors. Furthermore, the growing geriatric population and their vulnerability to different diseases are spurring the demand for chemical sensors around the world. Additionally, continuous developments in the miniaturization of sensors and actuators, owing to enhancements in micromachining, microelectronics and packaging, has resulted in the introduction of new generation sensors. On account of these factors, the market is anticipated to grow at a CAGR of around 6% during the forecast period (2019-2024).
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Market Summary:
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