The global biosensors market is anticipated to reach USD 21.2 billion by 2020, according to a new report by Grand View Research, Inc. Myriad applications in the medical field, rising diabetic population base, high demand for miniature diagnostic devices, and rapid technological advancements are the key factors that are driving the market growth.
Growing technological developments within all the segments of biosensors are expected to be significant drivers for the growth of biosensors market over the forecast period. For instance, novel advancement in the development of optical quantum dots is expected to provide novel avenues for application in biopharmaceutical development, proteomic analysis, and vaccine development. Similarly, growing applications for thermal biosensors in biomolecular interaction and hybridization analysis, environmental monitoring, and cosmetic analysis are expected to provide the market with greater application opportunities resulting in increased market demand. The development of nano particle based electrochemical biosensors and nanotechnology-based usage contribute to increased importance of this driver over the forecast period.
Moreover, growing worldwide prevalence of diabetes (both type I and type II) is expected to drive market expansion over the forecast period. According to the estimates of the International Diabetes Federation, the global prevalence of diabetes is expected to increase from 425 million in 2017 to 629 million in 2045.
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Further Key Findings From the Study Suggest:
Medical application segment dominated the market share in 2013. It is considered an essential tool in the detection and monitoring of a wide range of medical conditions from diabetes to cancer.
Electrochemical biosensors accounted for the largest market share in 2013 because of widespread applications for quantification and analysis in biochemical and biological processes.
Biosensors in food industry are expected to witness fastest growth over the forecast period owing to the rising pressure from regulatory bodies pertaining to the hygiene standards of the food items where biosensors play a vital role for detecting pathogens, allergens, and pesticides in the food items.
Asia Pacific biosensors market is expected to grow with the highest CAGR over the forecast period owing to presence of high unmet medical needs pertaining to target disease segments, growing patient awareness levels, and constantly improving healthcare expenditure in the region.
Major players of the market include, AZUR Environmental, Abbott Laboratories, Biosensor BV, Bayer AG, Cranfield Biotechnology Centre, DuPont Biosensor Materials, Ercon, Inc., and Johnson & Johnson.
Grand View Research has segmented the global biosensors market on the basis of application, technology, end user and region:
Biosensors Technology Type Outlook (Revenue, USD Million, 2012 - 2020)
Biosensors Application Outlook (Revenue, USD Million, 2012 - 2020)
Blood gas analyzer
Biosensors End User Outlook (Revenue, USD Million, 2012 - 2020)
Home healthcare diagnostics
Security and Bio-defense
Biosensors Regional Outlook (Revenue, USD Million, 2012 - 2020)
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