Increasing demand for monitoring and diagnostic devices such as cardiac pacemakers, blood glucose level and other implantable medical devices is expected to drive the biosensors market during the forecast period. Growing prevalence of target diseases is also expected to drive market growth during the forecast period. As, per the statistics published by the International Diabetes Federation, one in every 12 people globally are diagnosed with diabetes. This increasing prevalence of diabetes globally and the need to constantly measure the level of blood glucose is expected to drive the growth of the biosensors market. The introduction of technological advancements are also expected to contribute to the future market growth of the biosensors market. For instance, the HealthPatch MD biosensor by Vital connects, which has received FDA approval in September 2014. It is a patch that goes onto the skin and is capable of capturing clinical-grade biometric measurements. Furthermore, the continuously deteriorating environmental condition is expected to improve market penetration rates, owing to the advantages biosensors offer over the conventional analytical methods.
Global Biosensors Market, by End-use (USD Million)
The point of care testing segment was the most revenue generating segment in 2013. The development of biosensor has initiated a revolution in the rapidly evolving point of care testing market. The point of care biosensor systems provide real-time health monitoring and thus, have the potential to improve patient care. They also lead to the reduction in patient waiting time and an increase in patient satisfaction.
Key applications analyzed in this study include food toxicity detection, agriculture, industrial process control, agriculture, environment, medical applications and others. The initial impetus for the rapidly advancing biosensor technology came from the healthcare sector, where it allows better estimation of the metabolic state of a patient. Rapid growth witnessed in the blood glucose monitoring segment is expected to serve as a high impact rendering driver for the medical applications market. The need for constant monitoring in patients diagnosed and the growing prevalence of diabetes is expected to improve usage rates over the next six years. For instance, The American Diabetes Association suggests that the patients suffering from insulin-dependent type 1 diabetes should monitor blood glucose three to four times in a day, whereas, insulin-dependent type 2 diabetes patients should monitor once in a day, thus, highlighting growing requirement of blood glucose biosensor.
Electrochemical biosensors were the largest technology segment of the biosensors market in 2013. Easy miniaturization, robustness, and excellent detection limits are some advantages associated with these biosensors. Furthermore, these devices find extensive use in research initiatives involving accurate analysis of the contents of a biological sample. Optical biosensors are expected to witness a healthy growth during the forecast period. These devices have revolutionized the environmental monitoring and early warning field by enhancing the ability to quantify and characterize environmental pollutants, and this is expected to drive segment growth during the forecast period.
North America, Asia Pacific, Europe and RoW are the key regions analyzed in this study. Regionally, North America is a global leader of biosensors market owing to the applications of these in various fields. Increasing prevalence of various fatal diseases as a consequence of unhealthy lifestyle, presences of many R&D units, and acceptance of technologically advanced products by the clinicians, scientists and patients are high impact rendering drivers of this market. The Asia-Pacific region is expected to witness lucrative growth, particularly in light of rapid economic growth and improving healthcare infrastructure.
Key players of the biosensors market include F. Hoffmann-La Roche Ltd., Abbott Point of Care Inc., LifeSensors, Inc., Nova Biomedical Corporation, AgaMatrix, Inc., and Siemens Healthcare. The market is technology driven and therefore, manufacturers engage constantly in R&D aimed at the development of technologically advanced biosensors.
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