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Global Industry Insight: Biosensors Market Development and Demand Forecast to 2020
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Biosensors are investigative devices composed of transducer and biological element for providing analytical information. These devices convert biological response into an electrical response, to recognize the function and structure of various molecules.
The global biosensors market is being driven by increasing prevalence of diabetic population, and rise in geriatric population. Diabetes is a chronic and non-communicable disease, and its global prevalence is increasing enormously. Increasing demand of point of care testing, rising prevalence of chronic and lifestyle associated diseases, and increasing application of biosensors in various industries are some of the other factors driving the global biosensors market. In addition, rising product innovation in biosensors helps medical device manufacturing company to develop innovative products for advance diagnostic solutions in order to respond to the rising industry demands. In order to reduce the global burden of chronic and lifestyle associated diseases, accurate diagnosis is needed for prevention of such diseases; and biosensors help in detection and monitoring of these diseases. However, strict regulatory requirements and reimbursement policy issues in healthcare system are inhibiting the growth of the global biosensors market.
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Growing aging population, increasing health awareness, rising chronic and lifestyle diseases, technological developments for various home use applications, and appropriate insurance coverage are driving the biosensors market in North America. Similarly, in Europe, according to International Diabetic Federation in 2013, approximately 52 million people are suffering from diabetes. Thus increasing prevalence of diabetes would increase the usage of biosensor devices for the diagnosis. In addition, in Asia-Pacific region, China is one of the fastest growing countries due to increasing awareness of clinical outcomes and large population base.
The global biosensors market has a fragmented structure with a large number of companies. The major companies in the market include Siemens Healthcare, Abbott Laboratories, Inc., Johnson and Johnson, Medtronic, Inc., F. Hoffmann La Roche, and Bayer AG.
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Biosensors Market Segmentation
Biosensors Market by Application
- Medical diagnostics
- Food toxicity detection
- Industrial process control
- Agricultural testing
Biosensors Market by End-users
- Point of care testing
- Home healthcare diagnostics
- Research laboratories
- Food industry
- Security and bio-defense
Biosensors Market by Technology
- Electrochemical biosensor
- Piezoelectric biosensors
- Optical biosensors
- Thermal biosensor
Biosensors Market by Region
- North America
- The U.S.
- The U.K.
- Rest of the World (ROW)
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