It has been noted that global electrochemical biosensors market is growing at rapid pace and is expected to grow at the CAGR of 9.7%. The growth of the market is likely to driven by increasing diabetic population, rising prevalence of chronic and lifestyle induced disease, increasing demand for POCT, increasing application of biosensors in various industries. However, factors such as strict regulatory requirements, reimbursement policies issues in healthcare systems is further hampering the market.
Applications of biosensors are increasing in various industries such as food, medical, environment, drug discovery, and security. Biosensors are used for detection and identification of diseases in crops and for measuring the level of pesticides, herbicides, and heavy metals in soil and ground water. Similarly, increasing presence of toxins, chemicals, and pathogens in food is a major concern. Biosensors are used to ensure quality and safety of products and detection of microbial pathogens and toxins in food, and are cost-efficient. In the recent years, there have been several initiatives and legislative actions for environmental pollution control. In addition, increasing social and scientific concerns about water quality control is increasing the demand for biosensors. Increasing number of harmful pollutants in the environment has also created a need for analytical and monitoring devices.
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Biosensors are also used in bio-defense for detection of harmful chemical and biological warfare agents and remote sensing of airborne bacteria. Additionally, it is also used for crime detection in lie detection tests and forensic identification. Therefore, increasing applications of biosensors would fuel the growth of the market.
Global Electrochemical biosensors Competitive Analysis:
Some of the Major players of this market are those that holds the largest market share of Electrochemical biosensors market: Hoffmann-La Roche AG; Medtronics; Bayer AG; Abbott Laboratories; I-SENS, Inc; Siemens Healthcare GmbH and others.
As per Market Research Future analysis, the global electrochemical biosensors market has grown tremendously in Asia-Pacific. Geographically, North America holds the largest share of more than 43.0% of electrochemical biosensors market and is expected to be the leading market during 2016-2022. Usage of biosensor technology in North America is high as compared to other regions of the world due to technological advancements and broader application areas in different industries. Since, the healthcare expenditure is high in North America, biosensor devices are used extensively for accurate, reliable and quick results for early detection and prevention of diseases.
Similarly, according to European Federation of Pharmaceutical Industries and Associations, in 2012, the North American pharmaceutical market accounted for about 41% share of the total pharmaceutical market. This large market invests immensely in R&D of new drugs and thereby drives the demand for various biosensor devices for toxicity testing in the drug development process. Since, these biosensor devices are used in drug development and diagnosis, they are required to abide by certain regulations for efficacy and safety.
After North America region, Europe market is the second largest market in the global electrochemical biosensors market. Whereas Asia Pacific region is expected to be the fastest growing market due to increasing R&D funding by the developing countries like China and India for the development of biosensor products.
On the basis of applications the market is segmented into diagnosis, monitoring and others. Diagnosis segment has the largest market share in global electrochemical biosensors by application for the forecasted period from 2016 lasting till 2022. Furthermore on the basis of end users the market is segmented into point of care testing, diagnostics center, research laboratories and others.
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Point of care testing segment holds the largest market share for global electrochemical biosensors by end user for the forecasted period from 2016 lasting till 2022.
The global market of electrochemical biosensors is growing rapidly at the CAGR of around 9.7% for the forecasted period. The growth of the market is likely to driven by increasing diabetic population, rising prevalence of chronic and lifestyle induced disease, increasing demand for POCT, increasing application of biosensors in various industries. However, factors such as strict regulatory requirements, reimbursement policies issues in healthcare systems is further hampering the market.
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