Global bioelectronics market is expected to grow at a lucrative rate during the forecast period owing to the increasing advancements in surface chemistry and in semiconductor technology related to man-made devices and interface of biology, and advancements in devices and technologies that will enable applications in the areas such as prosthetics, disease detection, and disease prevention. Furthermore, technological advancements such as development of nanoscale electrical measurement device that is used in proteomics & genomics and for identifying the function of proteins and their reaction pathways through cell membrane and inside cells are factors expected to boost the growth of bioelectronics industry in the next seven years. Moreover, increasing research activities in the field of bioelectronics, and recent developments such as lab-on-a-chip technology which help restore health by developing novel implantable therapeutic devices and prevention of bioterrorism are some factors that are expected to drive market demand throughout the forecast period. Furthermore, increasing research and development studies for the development of point-of-care micro-flow & micro-chemical cytometry, devices for identification & isolation of rare circulating tumor cells, massive parallel micro-fluidics immunoassays and point of care metabolism are further expected to contribute towards growth in market demand.
Bioelectronics market is segmented on the basis of and can be divided into implantable devices, biofuel cells, fabrication templates, prosthetic, molecular motors and artificial organs. Bioelectonic implantable devices are expected to witness a significant growth rate throughout the forecast period owing to rising applications and demand of high-throughput implantable devices in the treatment of cardiovascular diseases. artificial organs segment in the market is also expected to be the fastest growing segment throughout the forecast period. This expected growth is attributed for by increasing organ failure owing to ageing and age related disorders, rising number of people awaiting organ implants and increasing injuries and accidents leading to amputations. Integration of bioelectronics with bio-nanotechnology, biocomputing and material science have resulted in novel smart bioelectrical systems for homeland security, medical & environmental applications, and increasing demand of bio-electronics to develop advanced medical imaging devices are some factors which are expected to drive demand for bioelectronics market during the forecast period. Moreover, increasing applications of bioelectronics such as health monitoring for early stroke warning, cancer detection and diabetes treatment, biochemical & neural prosthetics for artificial tissues, organs and retinas are also expected to promote growth of market during the forecast period. Furthermore, advancement in technologies such as development of extremely scaled intelligent micro-bioelectronics systems with integration of two-way interfaces with biotissues, biocapable packaging & 3-D integration and development of devices for biomolecule to biosystem monitoring and measurement are some factors that are expected to drive demand for bioelectronics market through to 2022.
Geographically, Europe, North America, Latin America, Asia Pacific and MEA are the key region of the market. In 2014, North America accounted for having the largest market share in terms of revenue. This expected growth is attributed for by increasing application of these devices in diagnostic laboratories, and increasing investment into research in semiconductors and biomedicine in the region. Asia Pacific region is expected to grow at a significant rate during the forecast period owing to the technological development of emerging economies such China and India owing to increasing government and corporate investment in the nano-electronics and biotechnology sector, increasing median age of the population and presence of unmet market demand. Furthermore, growing prevalence of chronic diseases, increasing number of diagnostic laboratories in the region, a number of investment opportunities in these immature markets, and strengthening healthcare framework for treatment of infectious & high risk diseases are also expected to drive demand in this region. Major participants in the market are expanding by partnerships, geographical expansions, acquisitions, strategic alliances, and innovations with hospitals, clinics, and diagnostic laboratories. The bioelectronics market is highly competitive owing to emergence of new entrants in the market and the presence of well established firms. The key participants in the bioelectronics market include Avago, Sotera wireless, Bodymedia, Siemens AG, Universal biosensors, Abbott laboratories, Life sensors, Medtronics, Danaher corporation, Bioelectronics corporation, Roche, Omnivision technologies, Sensirion, and Beckman coulter.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.