The report developed by Persistence Market Research includes global analysis of biosensors market and an in-depth research on how the market is estimated to progress in the six-year forecast period of 2014-2020. At the outset, the report describes biosensors as a product and technologies that are incorporated within it that make it among top-selling healthcare instrument. In this section, biosensors are identifies as devices or components integrated with analytical detection of biological samples. Constructed with a recognition unit that interacts with enzymes, antibodies, living tissues, and other bio-elements, and a transducer that converts this bio-elemental information into electrical signal. Here, the report elaborates the applications of biosensors in food toxicity detection, industrial processing & monitoring, agricultural applications, environmental pollution control, and medical testing.
The report signifies that rampant detection, portability and cost-effectiveness of biosensors renders it suitable for such applications. Among such applications, the report focuses on point-of-care testing (POCT) and the need for biosensors in such medical testing methods. Helping clinicians by providing essential biological information and keeping a track on the pathogenic activities in the host/patient body endorses the use of biosensors in prevalent medical testing methods such as POCT. In this section, the impact of nanotechnology, non-invasive biosensors, personalized medicine, rising demand for proper clinical management, and growing incidences of lifestyle-based and chronic disorders on the global biosensors market is stated descriptively.
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.
The report further mentions the restraints for growth of the global biosensors market. Rising healthcare costs in developing countries such as India and China, affordability of ideal healthcare facilities by the global geriatric population, strict medicinal regulations and disparaging reimbursement policies observed in the global healthcare industry are some of the key factors curbing the growth of global biosensors market.
The report includes regional segmentation of global biosensors market into key regions such as North America, Europe, Asia-Pacific, and Rest of the World (RoW). In this section, the report elucidates dominance of North America over the global biosensors market, and the prominence of other regions such as Europe and Asia-Pacific. The report concludes with market value estimation for the forecast period, and comprehensive profiling of leading players shaping up the competitive landscape in the global biosensors market.
To deduce the global biosensors market size, the report considers various aspects based on secondary research. Furthermore, key data points such as region-wise split and market split by technology, end-users, and applications; and qualitative inputs from primary respondents have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses the total revenue generated and expected revenue contribution in the global biosensors market.
The report begins with sizing the market in terms of value and volume for the base year, which forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, gathered data is triangulated via different analysis based on supply side and demand side drivers and other key dynamics of the global biosensors market. To develop the market forecast, Persistence Market Research has also conducted a factor analysis to understand the impact of various forces/factors on the target market. The report provides forecasts not only in terms of CAGR but also presents a detailed analysis based on key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.
Another key feature of this report is an analysis of the global biosensors market and the corresponding revenue forecast in terms of absolute dollar opportunity, usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective in the global biosensors market. Further, to understand key segments in terms of their growth and overall global biosensors market performance, Persistence Market Research has developed a market attractiveness index to help providers identify existing market opportunities in the global biosensors market.
With feasible availability of advanced biotechnologies, medical organizations as well as the recipients of healthcare facilities have mutually urged the use of enhanced detection tools such as biosensors. The need for physiochemical detection in a patient’s body is aptly met with the use of biological and analytical components such as biosensors. As medical practices of early diagnosis and preventive measures continue to gain traction, the consumption of biosensors is anticipated to exhibit an impressive growth in the forecast period of 2014-2020. The rising acceptance for biosensors in global healthcare organizations is evident with the growth recorded by the global biosensors market, particularly in the Asia-Pacific region. In 2014, the global market for biosensors attained a robust value of US$ 12,963.6 Mn. Procuring a CAGR of 9.7%, the global biosensors market value is slated to expand rampantly and reach US$ 22,551.2 Mn by the end of 2020.
Key Market Dynamics
The growth of global biosensors market is orchestrated by several factors that shape up the dynamics of the market in both manner; adversely as well as sanguinely. The global market study on biosensors indicates that the elevating demand for point-of-care testing methods is effectuating the need for effective biosensors. Additionally, prevalent chronic and lifestyle-related disorders are urging consumers to adopt biosensors for regular detection of pathogenic activities in the body. A noticeable rise in the global geriatric demographics and proliferation of nanotechnology is furthering the applications of biosensors, boosting their availability and affordability. Incorporating with nanotechnology, biosensors are also anticipated to find profitable applications in other industrial activities such as food analysis, imaging operations, and monitoring of microbial activities.
Growing popularity of personalized drugs and medical equipment and higher preference to non-invasive biosensors is consolidating the growth of global biosensors market. In spite of such factors, the growth of global market for biosensors is expected to face stringent restrictions arising from strict regulatory requirements and intricate reimbursement policies implemented in the global healthcare sector. Moreover, the pace at which these regulations are adapting to newer technologies is sluggish, which is hampering the acceptance of biosensors and curbing the expansion of the global market.
Technology, applications and end-users are the segmentation criteria for the global biosensors market. The global production for biosensors can be categorized on the basis of widely-preferred or easily-accessible technology. Based on such technologies, the global market is further segmented into optical biosensors, piezoelectric biosensors, thermistor biosensors, and electrochemical biosensors; which are the dominant technology-based segment in the global market. Application of such biosensors are highly popular in healthcare operations such as medical diagnostics, while other associated industrial processes such as food toxicity detection, environmental analysis, agricultural testing, and industrial process control are also promoting biosensor applications. The end-use segmentation in the global biosensors market includes, home healthcare diagnostics, point-of-care testing, security, bio-defense, and research laboratories. Point-of-care testing will continue to be the dominant end-user in global biosensors market through 2020.
The demand for biosensors in anticipated to be the highest in North America, while Asia-Pacific is expected to be the most lucrative region throughout the forecast period. North America will continue to dominate the global biosensors market owing to the flourishing healthcare industry in the US, favorable FDA approvals, and rapid trials for newer medical technologies in point-of-care testing. In 2014, North America’s biosensor market attained a market value of over US$ 5,500 Mn, and will continue to endure a vigorous growth by expanding at 8.9% CAGR and reaching US$ 9,522.2 Mn value by 2020-end. North America, however, is likely to face stiff competition from Asia-Pacific biosensors market, which will endure expansion that will be marginally lower than the former.
Nevertheless, Asia-Pacific will be the fastest growing region, and also the most attractive market for global leaders in biosensor production. Steadfast penetration of health insurance facilities, intrinsic upgrading of medical systems and favorable reimbursement policies are observed to promote the growth of Asia-Pacific’s biosensors market.
Rising diagnostics requirements in Europe’s healthcare industry shall deem it another profitable region for expansion of the global biosensors market. Furthermore, a considerable increase in incidences of lifestyle-related disorders has urged European consumers & medical professionals towards extensive adoption of biosensors. Meanwhile, the surging healthcare costs have diverted the course of seeking medical assistance from hospitals to homes, straight away. Contingent on such scenarios, Europe’s biosensors market will continue to grow dynamically over the forecast period.
Key Market Players
With the rise in demand for biosensors, manufacturers in the global market are accelerating their production mechanism, and simultaneously improving it with implementation of cost-effective techniques. Leading companies in the global biosensors market are enforcing better product quality to sustain the growth in demand from various biosensor applications. Key participants in the global biosensors market include, Siemens Healthcare, Bayer AG, Medtronic, Inc., Hoffmann-La Roche, Ltd., Nova Biomedical Corporation, Johnson and Johnson, and Abbott Laboratories, Inc., among others.
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.