Market Research Future (MRFR) in its recently published study report asserts that global biosensors market will aggrandize exponentially by 2020 registering a CAGR of 9.6% throughout the forecast period (2018 to2020).
Biosensors have a wide range of diversified applications, from engineering and aeronautical, to military use and from environmental monitoring and agriculture to veterinary monitoring and healthcare sector. Biosensors are a complicated yet effective device capable of fast detection and measuring broad spectrum in various applications.
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Among various key benefits of biosensors include the conversion of biological response into an electrical response, to identify the function and structure of multiple molecules. Biosensors used in medical devices offer higher sensitivity and accuracy with the help of nanomaterials incorporated in electrodes used in the sensor.
Due to their advantages, biosensors are used in a number of healthcare applications for instance; in monitoring devices such as glucose level monitor used by in diabetes patients and devices used in the food analysis, environmental applications, wastewater treatment, protein engineering, and drug discovery applications.
The extensive applications of biosensors lead to increase its uptake and hence, its market size. Additionally, biosensors also find their applications in the field of point of care testing, diagnostics centers, and research laboratories among others.
Additional factors such as the increasing occurrences of chronic diseases like diabetes and lifestyle-induced disease boost the growth of the biosensors market. Furthermore, the growing demand for POCT fosters market growth, increasing application of biosensors in various industries.
Conversely, factors such as the stringent regulatory requirements and unfavourable reimbursement scenarios are obstructing the growth of the market. Nevertheless, factors such as the proliferation of nanotechnology and its integration with the biosensors are expected to support the market over the assessment period.
Market Segmentation
The global biosensor market segmentation is done on the basis of technology, application, and end-user.
By technology, the market divides into thermal biosensors, electrochemical biosensors, piezoelectric biosensors, optical biosensors, and others. The piezoelectric biosensors hold the largest share in this market segment.
By application, the market includes industrial process, agricultural testing, medical testing, environmental market, into food toxicity, and others.
By end-user, the market comprises research laboratories, security and biodefense, food industry, point of care, home diagnostics, and others. The security and biodefence segment is the biggest market share holder because of the increasing biological threats and the proliferating need to protect them.
Regional Analysis:
MRFR segments the biosensors market regionally into the Americas, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
The Americas has the charge of the global market. The region can benefit much from the technological advantages and robust industrial infrastructure in the coming years. Europe’s market growth can be attributed to the huge geriatric population and growing health awareness. The regional market can prosper well in the foreseeable future.
The APAC market is all set to achieve the highest CAGR during the forecast period. The regional market is banking more on the revamping of the healthcare sector and the investments made by both public and private bodies to develop the technology.
Market Insight:
Notable players included in the biosensors market report by MRFR are Bayer Healthcare, Abbott Laboratories Inc., F. Hoffmann-La Roche Ltd., Johnson & Johnson, Medtronic, Inc., TiaDoc Technology Corporation, Siemens Healthcare, LifeSensors Inc., Nova Biomedical Corporation, I-SENCE Inc, and others.
Siemens, recently, took over Mendix to improve their digital output in biotechnology which significantly create a well-grounded image for them in the sector.
Researchers from the Harbin Institute of Technology, China have simplified the functional aspect of the biosensor in cost-effective way. They have improved the microdisk resonator which is of great value in detecting temperature disturbance and presence of nanoparticles. Cancer researchers can benefit from this technology.
A report published in Biosensors and Bioelectronics by Elsevier, discussed in detail about a 3D technology that can monitor real-time oxygen level in organ-on-a-chip systems. This can impact substantially drug and toxicity testing.
Intended Audience
- Biosensor equipment manufacturers & Suppliers
- Biosensor products manufacturers & Suppliers
- Contract Research Organizations (CROs)
- Research and Development (R&D) Companies
- Government Research Laboratories
- Independent Research Laboratories
- Government and Independent Regulatory Authorities
- Market Research and Consulting Service Providers
- Academic Institutes and Universities
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