Biosensors are integrated devices which are capable of providing analytical information using biological samples. Biosensors consists of a biological recognition unit, which has the ability to interact with bio-elements, such as living tissue, enzymes, and antibodies, and a transducer, which is used to change the property of bio-elements into an electrical signal. Biosensors have applications in medical testing, food toxicity detection, industrial processing and monitoring, agricultural applications, and environmental pollution control. Biosensors are essentially devices capable of fast detection and are ideal for applications that demand low-cost, quick and easy, portable solutions. Biosensors are used to ensure quality and safety of products and detection of microbial pathogens and toxins in food cost-efficiently. Point-of-care testing (POCT) is the most proficient area for biosensor application. Biosensors help clinicians by providing essential information for proper clinical management immediately. Increasing demand for point-of-care testing (POCT), rising prevalence of chronic and lifestyle-induced diseases, growing geriatric population, and increasing application of nanotechnology are the key driving factors for the biosensors market. In future, non invasive biosensors and emergence and growth of personalized medicine would provide opportunities to new entrants, which would further propel the growth of the biosensors market.
On the other hand, strict regulatory requirements and reimbursement policy issues in healthcare systems are major concerns for the market. In addition, rising healthcare cost in developing countries, such as India and China, is hampering affordability of healthcare facilities among the aging population. In addition, rising healthcare cost in these countries and lack of approval of biosensor devices for reimbursement are hampering the affordability of healthcare facilities among the aging population
In North America usage of biosensor technology in North America is high compared to other regions of the world due to technological advancements and broader application areas in different industries. On the other hand, increasing healthcare costs has shifted the focus of healthcare from hospitals to home, which would increase the use of biosensors devices in the region. However, regulatory and safety concerns are high for biosensor devices which are mainly used for research laboratories, point of care testing, home healthcare diagnosis and security and bio-defence. In addition, the growth for biosensor devices in Asia is much higher than developed countries due to widening health insurance penetration, large population base and up-gradation of health care systems.
This report provides in-depth analysis and estimation of the biosensors market for the period 2014 to 2020, considering 2013 as the base year for calculation. In addition, data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, has been provided in the report. The biosensors market is categorized on the basis of technology, application, end users and geography. Based on technology, the biosensors market comprises electrochemical, optical, piezoelectric and thermistor. On the basis of application the market comprise medical diagnostics, food toxicity detection, agricultural testing, industrial process control and environmental. Based on end users the market comprises point of care testing, home healthcare diagnostics, research laboratories, and security and bio-defence. On the basis of geography, the report identifies and analyses market size and forecast of North America, Europe, Asia, and Rest of the World (RoW).
Globally, the biosensors market is witnessing significant growth due to increasing demand of point of care testing. In addition, rising prevalence of chronic and lifestyle associated diseases, growing geriatric population, increasing application of biosensors in various industries and growing application of nanotechnology in healthcare are also driving the growth of the market. In addition, emergence and demand of personalized medicine and non-invasive biosensors would also drive the growth for the market. However, strict regulatory requirements and reimbursement policy issues in healthcare system hamper growth of the global biosensors market. In addition, the regulatory process is not keeping pace with the rapid development of new medical technologies.The global biosensors market is anticipated to grow from an estimated USD 12,963.6 million in 2014 to USD 22,551.2 million in 2020 at a CAGR of 9.7% during the forecast period.
North America is the largest market for global biosensors. Electrochemical biosensors are the most used technology of biosensors, medical diagnostics are the most popular application of biosensors and biosensors are mostly used in POCT. In terms of growth, Asia Pacific is the fastest growing region; optical biosensors make for the fastest growing type of technology, while security and bio-defense make for the fastest growing type of end user.
The North American market is anticipated to grow from an estimated USD 5,693.4 million in 2014 to USD 9,522.2 million in 2020, growing at a CAGR of 8.9% during the forecast period.
Some of the major players in the biosensors market:
These key market players have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.