Projected to grow at a CAGR of above 10%, Bio-electronics & Biosensors market is anticipated to witness a significant growth over forecast period owing to the increase in demand for tracking devices and diagnostics, such as cardiac pacemakers, glucose level in blood and other implantable medical devices.
The increasing prevalence of diseases is also expected to drive the market growth over the forecast period. As, according to statistics released by the International Diabetes Federation, one in 12 people worldwide are diagnosed with diabetes. It is expected that this increase in the prevalence of diabetes worldwide and the need to constantly measure the level of glucose in the blood to drive market growth of biosensors & bio-electronics. Bio-electronics involves applications of principles of electronic engineering to biology. It helps to come up with advanced concepts, improves knowledge across molecular to organ systems and helps in developing enhanced medical devices.
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It is expected that the technological advancement in biosensors would contribute to future market growth of biosensors. For example, the biosensor E-skin which is a wearable medical device that can measure blood pressure and heart rate. Also, the paper diagnostic machines the size of a credit card that gives instant reading on saliva and blood samples. Moreover, it is expected that the deterioration of environmental conditions continuously to improve market penetration rates, on account of its advantages over conventional biosensors analytical methods.
Furthermore, emergence of nanotechnology or nanobiosensors such as Fluid-Screen which is a size of quarter, uses very small nanosensors capable of detecting pathogens in water for quality screening and bacterial infection in blood is also to fuel the market over next eight years. Also, the increasing demand for home based Poc devices such as biosensor devices used to measure blood pressure, heart rate and diabetes anytime at home are to have a positive impact on the market.
However, slow rate of commercialization owing to number of factors such as sensitivity, readout times, life span of a molecule, miniaturization and cost pose a threat to this industry. Also, high cost in research & development and reluctance towards adopting a new treatment practices is to pose a challenge to bio-electronics and biosensors market. Moreover, emerging market in developing countries and use of biosensors in non-medical applications such as food industry, environmental monitoring and biodefense provide opportunities to bio-electronics and biosensors market. The biosensors are used to detect pathogens on food surfaces, bacteria in water and even explosives in different places.
The bio-electronic and biosensor market can be segmented on the basis of product, technology and application. On the basis of application, the market consists of point-of-care, home diagnostics, research labs, biodefense, environmental monitoring and food safety. The point-of-care application dominated the industry in the recent past owing to increased diseases and capability of providing real-time health monitoring. The home diagnostics application is also to witness significant growth over the forecast period on account of increasing diabetic patients and their need to test the level of insulin 2-3 times a day.
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On the basis of product the market can be divided into wearable and non-wearable biosensors. Wearable biosensors further include wrist wear, eye wear, foot wear, neck wear and body wear. For example, Vital Connect introduced HealthPatch MD biosensor which is chest wearable capable of detecting heart rate, single lead ECG, respiratory rate, posture and skin temperature. Wearable biosensors are to witness a significant growth over the forecast period owing to its lost cost, easy access and miniaturization.
On the basis of technology, the market includes electrochemical, piezoelectric, optical and thermal biosensors. Optical biosensors are to witness significant growth over the forecast period owing to environmental monitoring and its capability to differentiate between the contaminants present in the environment.
North America is anticipated to grow over the forecast period owing to large number of applications in health sectors and in turn increasing demand. The proliferation of various serious diseases due to the unhealthy living style, presence of R&D units and increased adoptability of medical devices by patients and doctors are to drive industry growth in the next eight years. Asia-Pacific market is to witness a significant growth over the forecast period on account of the improvement of health infrastructure and rapid economic growth.
Major Players in this industry are Abbott Point of Care Inc., AgaMatrix, Inc., F. Hoffmann-La Roche Ltd., LifeSensors, Inc., Siemens Healthcare, Nova Biomedical Corporation, Bayer AG, LifeScan Inc., Medtronic Inc., Pharmaco-Kinesis Corporation and Universal Biosensors. These companies are expanding to encompass advanced products and new segments.
In May, 2016, Siemens Healthcare announced the acquisition of Neo New Oncology to expand in molecular diagnostics and therapeutic as well as add offerings in managed services, consulting and digital services.
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