Global Biosensors Market
The global biosensors industry is approaching towards multi-billion market which consists of multitudinous companies involved in the manufacturing of biosensors with different technologies to strengthen the growing demand for biosensors. The technological innovations in the field of bioelectronics, nanotechnology, and microfabrication have resulted in the development of biosensors. The emergence of point of care solutions based on biosensing technologies has facilitated continuous monitoring of disease and significantly reduced monetary burden imposed on patients, due to frequent clinical diagnostic tests.
Market Value and Estimation
The global biosensors market was valued $1.46 billion in 2017. With the growing prominence of point of care testing services, aided by rising geriatric population and rapid incorporation of biosensing technologies in non-medical applications, the global biosensors market is anticipated to witness an impressive double-digit growth rate. The global biosensors market is currently dominated by electrochemical biosensors. The high contribution of electrochemical biosensors to the market is attributed to the massive demand for glucose monitoring systems and prolific employment of electrochemical biosensors in them. However, the optical biosensors are anticipated to witness the highest growth rate in the forecast period 2018-2027. The biosensors pertaining to point of care applications witnessed the highest industry demand in 2017, owing to the high prevalence of chronic diseases. Besides, the biosensing technologies specific to biodefence applications are expected to witness an impressive CAGR of 14.26% in the forecast period 2018-2027.
Growth Factors Driving the Market
The growing geriatric population and high prevalence of chronic diseases have significantly elevated the demand for clinical diagnostic services. By 2030, the global economic impact of five leading chronic diseases: cancer, diabetes, mental illness, heart disease, and respiratory disease, is anticipated to reach $47 trillion. The invasive nature of traditional laboratory procedures causes considerable pressure on the patient due to the frequent physical trauma which made continuous monitoring of the disease practically impossible.
Challenges Faced by the Market
Moreover, the growing burden of geriatric population has elevated the requirement of devices enabling continuous monitoring of a disease with short turnaround times. Additionally, the high prevalence of chronic diseases has resulted in massive economic burden of healthcare spending. The technological advancements in the field of point of care testing based on biosensing technologies, are anticipated to address the problem of massive healthcare burden and aid in combating several prime concerns to the global health. The global healthcare expenditure was valued approximately $7 trillion in 2015 and is anticipated to reach $8.5 trillion by 2020.
Segmentation of Biosensor Market
The global biosensors market is segmented into three different parts namely by technology, by application, and by region. The global market value was estimated using these three different approaches and was validated with one another. These segments are further segmented into several sub- segments to ease the market estimation and to gain a holistic view of the market.
Biosensor Market by Region
The global biosensors market is segmented based on the geographical regions into North America, Europe, Asia Pacific, Latin America, and Rest of the World (RoW). North America is the leading contributor to the global biosensors market and contributed 40% of the global market values in 2017. However, the Asia Pacific biosensors market is anticipated to grow with a double-digit CAGR in the forecast period 2018-2027. The trans-pacific partnership (TPP), which is functional among few nations across the Asia Pacific region, has boosted the growth of Asia Pacific medical device industry, resulting in high demand for biosensing technologies.
The key players who have been contributing significantly to the biosensors market include Drop Diagnostics, Abbott Laboratories, Anitoa Systems, LLC, Assure Controls, Inc., Angle PLC, Binergy Scientific Inc., Biolan MicroBioSensores, C-CIT Sensors AG, Cognionics, Inc., Danaher Corporation, Dynamic Biosensors GmbH, HMicro Inc., LamdaGen Corporation, NeuroSky, PerkinElmer, Inc., Polestar Technologies, ProXentia S.r.l., Resodyn Corporation , Sarissa Biomedical Ltd, Sensogram Technologies, Inc., Siemens Healthineers, Merck KGaA, Sierra Sensors GmbH, Universal Biosensors, Inc., and World Precision Instruments among others.
Key Questions Answered in this Report:
• What are the major market drivers, challenges and opportunities in the global biosensors market?
• What was the market value of the leading segments and sub-segments of the global biosensors market in 2017?
• How will each segment of the global biosensors market grow during the forecast period and what will be the revenue generated by each of the segments by the end of 2027?
• How will the industry evolve during the forecast period 2018- 2027?
• What are the key developmental strategies that are being implemented by the key players to sustain in this market?
• How has the market been segmented on the different types of biosensing technology? Which type of biosensing technology is being adopted extensively by the users and why?
• Who are the key players in the biosensors market and what are their contributions?
• What are the major benefits of the implementation of biosensors in different field of applications including point of care, environmental, research laboratories, home diagnostics, biodefence, and process industries?
• What is the expected growth rate of the Point of Care application during the forecast period?
• Which geographical location will contribute to the highest sales of the biosensors during the forecast period?
• What is the scope of biosensors in the emerging economies of Asia and Latin America?
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The purpose of this study is to gain a holistic view of the biosensors market in terms of various influencing factors, such as recent trends and technological advancements. The scope of this report constitutes of an in-depth study of the global biosensors market, including a thorough analysis of the products across different regions. The market has been segmented into ‘technology, ‘application’, and ‘regions’. The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well informed strategic decisions.
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