With feasible availability of advanced biotechnologies, medical organizations as well as the recipients of healthcare facilities have mutually urged the use of enhanced detection tools such as biosensors. The need for physiochemical detection in a patient’s body is aptly met with the use of biological and analytical components such as biosensors. As medical practices of early diagnosis and preventive measures continue to gain traction, the consumption of biosensors is anticipated to exhibit an impressive growth in the forecast period of 2014-2020. The rising acceptance for biosensors in global healthcare organizations is evident with the growth recorded by the global biosensors market, particularly in the Asia-Pacific region. In 2014, the global market for biosensors attained a robust value of US$ 12,963.6 Mn. Procuring a CAGR of 9.7%, the global biosensors market value is slated to expand rampantly and reach US$ 22,551.2 Mn by the end of 2020.
The growth of global biosensors market is orchestrated by several factors that shape up the dynamics of the market in both manner; adversely as well as sanguinely. The global market study on biosensors indicates that the elevating demand for point-of-care testing methods is effectuating the need for effective biosensors. Additionally, prevalent chronic and lifestyle-related disorders are urging consumers to adopt biosensors for regular detection of pathogenic activities in the body. A noticeable rise in the global geriatric demographics and proliferation of nanotechnology is furthering the applications of biosensors, boosting their availability and affordability. Incorporating with nanotechnology, biosensors are also anticipated to find profitable applications in other industrial activities such as food analysis, imaging operations, and monitoring of microbial activities.
Growing popularity of personalized drugs and medical equipment and higher preference to non-invasive biosensors is consolidating the growth of global biosensors market. In spite of such factors, the growth of global market for biosensors is expected to face stringent restrictions arising from strict regulatory requirements and intricate reimbursement policies implemented in the global healthcare sector. Moreover, the pace at which these regulations are adapting to newer technologies is sluggish, which is hampering the acceptance of biosensors and curbing the expansion of the global market.
Technology, applications and end-users are the segmentation criteria for the global biosensors market. The global production for biosensors can be categorized on the basis of widely-preferred or easily-accessible technology. Based on such technologies, the global market is further segmented into optical biosensors, piezoelectric biosensors, thermistor biosensors, and electrochemical biosensors; which are the dominant technology-based segment in the global market. Application of such biosensors are highly popular in healthcare operations such as medical diagnostics, while other associated industrial processes such as food toxicity detection, environmental analysis, agricultural testing, and industrial process control are also promoting biosensor applications. The end-use segmentation in the global biosensors market includes, home healthcare diagnostics, point-of-care testing, security, bio-defense, and research laboratories. Point-of-care testing will continue to be the dominant end-user in global biosensors market through 2020.
The demand for biosensors in anticipated to be the highest in North America, while Asia-Pacific is expected to be the most lucrative region throughout the forecast period. North America will continue to dominate the global biosensors market owing to the flourishing healthcare industry in the US, favorable FDA approvals, and rapid trials for newer medical technologies in point-of-care testing. In 2014, North America’s biosensor market attained a market value of over US$ 5,500 Mn, and will continue to endure a vigorous growth by expanding at 8.9% CAGR and reaching US$ 9,522.2 Mn value by 2020-end. North America, however, is likely to face stiff competition from Asia-Pacific biosensors market, which will endure expansion that will be marginally lower than the former.
Nevertheless, Asia-Pacific will be the fastest growing region, and also the most attractive market for global leaders in biosensor production. Steadfast penetration of health insurance facilities, intrinsic upgrading of medical systems and favorable reimbursement policies are observed to promote the growth of Asia-Pacific’s biosensors market.
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Rising diagnostics requirements in Europe’s healthcare industry shall deem it another profitable region for expansion of the global biosensors market. Furthermore, a considerable increase in incidences of lifestyle-related disorders has urged European consumers & medical professionals towards extensive adoption of biosensors. Meanwhile, the surging healthcare costs have diverted the course of seeking medical assistance from hospitals to homes, straight away. Contingent on such scenarios, Europe’s biosensors market will continue to grow dynamically over the forecast period.
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With the rise in demand for biosensors, manufacturers in the global market are accelerating their production mechanism, and simultaneously improving it with implementation of cost-effective techniques. Leading companies in the global biosensors market are enforcing better product quality to sustain the growth in demand from various biosensor applications. Key participants in the global biosensors market include, Siemens Healthcare, Bayer AG, Medtronic, Inc., Hoffmann-La Roche, Ltd., Nova Biomedical Corporation, Johnson and Johnson, and Abbott Laboratories, Inc., among others.
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