Prevalence of Diabetes Expected to Accelerate the Biosensor Market
Biosensor Market Research Report: Information By Technology (Electrochemical Biosensors, Optical Biosensors, Thermal Biosensors and Piezoelectric Biosensors), By End User (Point of Care, Home Diagnostics, Research Laboratories, Food Industry and Security and Biodefense), By Application (Medical Testing, Food Toxicity, Industrial Process, Environmental and Agricultural Testing) – Forecast till 2027
Biosensors are analytical devices composed of biological detecting elements like sensor system and a transducer for providing analytical information. To recognize the function and structure of different molecules, these devices help convert the biological response into an electrical response. When compared with any other existing diagnostic devices, the biosensors are much more advanced in terms of selectivity and sensitivity. Its effective capability of prompt detection and measuring wide spectrum across different applications make it a highly beneficial device. Its applications stretch into the field of healthcare, environmental monitoring, industrial process control, military application, agriculture, and veterinary monitoring. In the agricultural and food industries, its use involves the checking of ecological pollution control. According to the in-depth research conducted by Market Research Future (MRFR), the global biosensor market is expected to grow at a moderate pace due to a number of factors. Factors like the increasing demand of Point-of-Care Testing (POCT), wide-spread prevalence of the diabetes and chronic and lifestyle-based diseases, rise in the geriatric population, and expanding applications of biosensors in various sectors are all contributing to the overall growth of the market. The market is forecasted to grow at a rate of 9.6% during the review period between 2014 to 2020.
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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.
The biosensor market is geographically segmented into the Americas, Asia-Pacific, Europe, and the Middle East & Africa.
The Americas region is the largest market for biosensors in the world. Out of the two American continents, North America accounts for the largest market share. The North American region is further narrowed down into the US, which is most prominent regional country in the region. The region is increasingly willing to adopt new and advancing healthcare technologies and boasts high technological capability. Also, the presence of various leading market players and a surging diabetic population is also expected to accelerate the demand for the biosensor market.
The European regional market is also growing at a continuous pace and is gradually catching up to the North American market. The presence of a huge geriatric population therein is driving the regional market in Europe.
The Asia-Pacific regional market is expected to grow with the highest CAGR due to the potential the region holds. The region holds a high percentage of emerging markets and there lies an increasing focus on the provision of high-quality healthcare. The APAC market is expected to grow at an exponential pace due to the overall increase in demand for biosensor technology.
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The global biosensor market holds a number of key players including Nova Biomedical Corporation, F. Hoffmann-La Roche Ltd., TiaDoc Technology Corporation, LifeSensors Inc., Medtronic, Inc., Siemens Healthcare, Abbott Laboratories Inc., I-SENCE Inc., Johnson & Johnson, and Bayer Healthcare.
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