According to a report published by Grand View Research, Inc.; the biosensors market is expected to reach a valuation of around USD 21.2 billion by 2020.
Increasing prevalence of diabetic population base, growing demand for miniature diagnostic devices, technological innovation can propel the market during the forecast period (2012 to 2020).
Biosensors find wide range on medical applications. It can be used to measure blood metabolites such lactate, creatinine, urea, and glucose. These devices can be used for early detection of diabetes and cardiovascular diseases. Rapid technological advancements are expected to boost the market growth over the forecast period. For instance, revolutionary advancements of optical quantum dots is likely to provide new opportunities in biopharmaceutical development, vaccine development, and proteomic analysis. In addition, development of nanoparticle based electrochemical biosensors can also expected to drive the market growth. Moreover, additionally, increasing government efforts for development of genomics and proteomics are projected to boost the market. For instance, National Information and Communication Technology Australia (NICTA) is likely to increase research on networks, data mining, and embedded systems to be used in this field.
Full Research Report On Biosensors Market Analysis: https://www.grandviewresearch.com/industry-analysis/biosensors-market
Worldwide biosensors market can be segmented on the basis of type, application, end-user, technology, and region. Based on type, the market can be categorized into electrochemical, thermal, piezoelectric, and optical.
As per end-user, the market can be bifurcated into home healthcare diagnostics, PoC testing, food industry, research laboratories, and security and bio-defense.
In 2013, the electrochemical biosensors estimated for major market share due to increasing application of analysis and quantification in biological and biochemical processes.
Based on application, the market can be classified into medical, the market can be categorized into food toxicity, agriculture, bioreactor, environment, and others. In 2013, the medical segment acquired the largest market share around 66%. These devices are considered as an important tool for early detection and monitoring of cancers and diabetes.
The food toxicity segment is expected to show high growth due to increasing pressure from regulatory bodies associated to the hygiene standards of the food items for detecting allergens, pesticides, and pathogens in the food products.
On the basis of technology, the market can be split into thermal, electrochemical, piezoelectric, and optical.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, and RoW.
In 2013, North America estimated for the major market share around 41% on account of increasing number of targeted diseases and high spending for healthcare in this region. In addition, implementation of several regulations for monitoring the environmental pollution such as National Environmental Policy Act, Clean Water Act, and Clean Air Act in the U.S. are anticipated to create many lucrative opportunities in the market. Moreover, technological improvements such as launch of miniaturized diagnostic equipment for rapid and accurate results and increasing adoption of electronic medical records (EMR) are also expected to drive the market in this region during the forecast period.
Asia Pacific is expected to grow with highest CAGR during the forecast period due to existence of high unmet medical needs concerning targeted diseases, increasing awareness among the patients, and rise in healthcare expenditure in the region. In addition, growing demand for healthcare, point-of-care, home, and other healthcare development and increasing efforts from government to reduce hospital stays by forming outpatient care models are expected to support the market growth in this region. Additionally, the Chinese Government is making high investments on its computing infrastructure with the help of China Grid introduced by Chinese Academy of Sciences and Ministry of Education and the China National Grid (CNGrid) supported by the Ministry of Science and Technology.
Europe is expected to grow on account of increasing funding in the region. Max-Planck Institute has made high funding by collaborating with the Federal Government of Germany and several other German states. The European Molecular Biology Laboratory’s European Institute (EMBL-EBI) and BBSRC, with support by the UK Government has also commented high investments in 2012.
Prominent companies operating in the market include LifeScan, Inc.; Innovative Biosensors Inc.; EG & IC Sensors, Inc.; Pinnacle Technologies Inc.; and Strategic Diagnostics.
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