Electrochemical Biosensors Market Growth Opportunity and Trend Analysis by Application (Diagnosis, Monitoring and others), End User (Point of Care Testing, Diagnostics Centre, Research Laboratories and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) – Global Forecast till 2025.
Electrochemical Biosensors Market Size Globally Register a Growing CAGR of 10.5% to reach USD 30,907.3 Million by 2025
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The growth of the market is likely to driven by increasing diabetic population, rising prevalence of chronic and lifestyle induced disease, increasing demand for POCT, increasing application of biosensors in various industries. However, factors such as strict regulatory requirements, reimbursement policies issues in healthcare systems is further hampering the market.
those who holds the largest market share of Electrochemical biosensors market are,
Siemens Healthineers (Germany)
Abbott Laboratories (US)
Hoffmann-La Roche Ltd (Switzerland)
Medtronic PLC (Ireland)
Bayer AG (Germany)
I-SENS Inc. (South Korea).
Some of the key strategies followed by the players operating in the global electrochemical biosensors market were innovation, product development, acquisition, and expansion.
Major Application Scope
Applications of biosensors are increasing in various industries such as food, medical, environment, drug discovery, and security. Biosensors are used for detection and identification of diseases in crops and for measuring the level of pesticides, herbicides, and heavy metals in soil and ground water. Similarly, increasing presence of toxins, chemicals, and pathogens in food is a major concern. Biosensors are used to ensure quality and safety of products and detection of microbial pathogens and toxins in food, and are cost-efficient. In the recent years, there have been several initiatives and legislative actions for environmental pollution control. In addition, increasing social and scientific concerns about water quality control is increasing the demand for biosensors. Increasing number of harmful pollutants in the environment has also created a need for analytical and monitoring devices.
Biosensors are also used in bio-defense for detection of harmful chemical and biological warfare agents and remote sensing of airborne bacteria. Additionally, it is also used for crime detection in lie detection tests and forensic identification. Therefore, increasing applications of biosensors would fuel the growth of the market.
The diagnosis segment accounted for a market value of USD 8,207.2 million in 2018.
the Electrochemical Biosensors Market By end user has been divided into point of care testing, diagnostics centre, research laboratories, and others.
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Electrochemical Biosensors Market Growth Regional Analysis
Usage of biosensor technology in North America is high as compared to other regions of the world due to technological advancements and broader application areas in different industries. Since, the healthcare expenditure is high in North America, biosensor devices are used extensively for accurate, reliable and quick results for early detection and prevention of diseases.
Similarly, according to European Federation of Pharmaceutical Industries and Associations, in 2012, the North American pharmaceutical market accounted for about 41% share of the total pharmaceutical market.
The global electrochemical biosensors market has grown tremendously in Asia-Pacific. Geographically, North America holds the largest share of more than 43.0% of electrochemical biosensors market and is expected to be the leading market during 2016-2022.
After North America region, Europe market is the second largest market in the global electrochemical biosensors market. Whereas Asia Pacific region is expected to be the fastest growing market due to increasing R&D funding by the developing countries like China and India for the development of biosensor products.
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List of Tables
TABLE 1 GLOBAL ELECTROCHEMICAL BIOSENSORS MARKET, BY APPLICATION 2016–2025 (USD MILLION)
TABLE 2 GLOBAL ELECTROCHEMICAL BIOSENSORS MARKET FOR DIAGNOSIS, BY REGION, 2016–2025 (USD MILLION)
TABLE 3 GLOBAL ELECTROCHEMICAL BIOSENSORS MARKET FOR MONITORING, BY REGION, 2016–2025 (USD MILLION)
TABLE 4 GLOBAL ELECTROCHEMICAL BIOSENSORS MARKET FOR OTHER APPLICATIONS, BY REGION, 2016–2025 (USD MILLION)
TABLE 5 GLOBAL ELECTROCHEMICAL BIOSENSORS MARKET, BY END USER 2016–2025 (USD MILLION)
TABLE 6 GLOBAL ELECTROCHEMICAL BIOSENSORS MARKET FOR POINT OF CARE TESTING, BY REGION, 2016–2025 (USD MILLION)
TABLE 7 GLOBAL ELECTROCHEMICAL BIOSENSORS MARKET FOR DIAGNOSTICS CENTER, BY REGION, 2016–2025 (USD MILLION)
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