Global Market for Biosensors is Projected to Reach US$20.7 Billion by 2020

Expanding Medical and Non-Medical Applications to Stimulate Growth in the Global Biosensors Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Biosensors markets. Global market for Biosensors is projected to reach US$20.7 billion by 2020, driven by the emergence of new technologies, growing need to manage health issues such as diabetes, and robust demand from new application areas.

A biosensor is an analytical bioelectronic device that captures the biological signal from analyte and translates these signals into measurable output. Given its ability to efficiently detect analytes, biosensor finds use in a broad range of end-use industries including medical diagnostics, general healthcare, environmental monitoring, and food and agriculture, among others. Expanding medical and non-medical applications, increasing investments in biosensor R&D initiatives, and development of novel technologies are driving growth in the market. Specifically, expanding diabetes population and the increasing emphasis on home care diagnostics are favoring growth.

Future growth in the market will be driven by increasing use in drug discovery, diabetes monitoring, environmental monitoring, agriculture, and bio-defense sectors. Technological advancements such as miniaturization and micro-fabrication are also enabling deeper penetration of biosensors into a wider range of application markets. Additionally, the shift towards telemetrics, growing popularity of micro-fluidics, developments in nanotechnology, molecular markers, surface characterization, and bio-complimentary chemistry, are all expected to significantly impact growth in the future. Nanotechnology is expected to play a vital role in biosensor development, owing to the unique optical, mechanical, physical and magnetic characteristics of nanomaterials such as graphene, carbon nanotubes, quantum dots, gold nanoparticles and nanowires.

Medical biosensors are expected to benefit from the high prevalence of diabetes worldwide and the ensuing focus on self-care in management of the disease. While blood glucose meters are the most widely sold biosensors, biosensors used in areas such as microbial, bio-molecular, and chemical detection are expected to make strong gains in the coming years. Use of biomarkers in other medical applications such as in oncology and cardiology is also helping lend significant traction to growth. Non-medical applications of biosensors such as in industrial control, environmental monitoring and bio-defense will bring in new opportunities for growth.

As stated by the new market research report on Biosensors, the United States represents the largest market worldwide supported by aging population, sophisticated healthcare infrastructure, and increasing demand for point-of-care testing & monitoring as a result of the growing preference for alternate care sites. Asia-Pacific ranks as the fastest growing market with a CAGR of 13.9% over the analysis period. Growth in the region is driven by improved access to affordable healthcare services, improvement in per capita healthcare spends and growing healthcare awareness and focus on effective disease management.

Key players covered in the report include Abbott Point Of Care Inc., Animas Corporation, Bio-Rad Laboratories Inc., GE Healthcare Life Sciences, F. Hoffmann-La Roche Ltd, LifeScan Inc., Medtronic MiniMed Inc., Abtech Scientific Inc., Agamatrix Inc., Cambridge Life Sciences Limited, EMD Millipore Corporation, Innovative Biosensors Inc., I-Sens Ltd., Nova Biomedical Corp., PerkinElmer Inc., and Sigma Aldrich Corporation, among others.

The research report titled “Biosensors: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), and Rest of World. Product Group/Segment analyzed include Medical Biosensors (Glucose Biosensors and Other Medical Biosensors), Environmental Biosensors, and Other Biosensors.