Next Generation Healthcare & Industrial Biotechnology Throw the Spotlight on Biosensors

Growing use of biosensors in myriad medical and non-medical applications; rising prominence of portable biosensor-based devices to manage health issues and development of advanced and reliable biosensors are poised to drive the global Biosensors market to reach US$28.3 billion by 2024. Biosensor or a biological sensor, which consists of a physiochemical detector component (transducer) along with a biological component, is used in the identification of an analyte or compound in a sample. Biosensor-based devices are convenient, easy to use, sensitive and highly accurate and can be used in a range of research and commercial applications. Healthcare, food, aerospace, automotive, and agriculture industries are the major application markets for biosensors. Growth in the global biosensors market is being guided by the increasing use of biosensors in a diverse range of medical and non-medical applications. Expanding application markets are expected to play a critical part in the emergence of standardized equipment, test processes, and types of molecules in areas such as bio-defense, narcotic detection, drug discovery, and environmental monitoring.

Medical applications of biosensors continue to dominate the global biosensors market. Biosensors are being extensively used for the measurement of blood metabolites such as glucose, urea, creatinine and lactate, among others. The increasing incidence of chronic diseases specifically diabetes and the subsequent need for diagnostic and monitoring devices, growing emphasis on home diagnostics, rising significance of point of care (POC) testing, and technological advancements in the areas of micro-fluids and nanotechnology are propelling the biosensors market. The rising demand for simple, easy-to-use, disposable and user friendly devices with faster response time is fueling demand for biosensors in the medical sector. Point-of-care (PoC) testing biosensors are playing a vital role in rapid and sensitive detection of target analytes, enabling diagnosis of diseases such as infectious diseases, diabetes, cardiovascular diseases and cancer. Biosensors market is also expected to benefit from the growing prominence of personalized medicine as an evolving treatment model.

While clinical applications remain the mainstay of biosensors growth, the market is also being propelled by the increasing use of biosensors in non-clinical applications in the fields of agriculture, biotechnology, medicine, military, industrial control, and for prevention and detection of bioterrorism. Biosensors especially are exhibiting significant potential for commercialization in food & beverage and environmental sampling markets. Biosensors are being used in process industries to detect the presence of biological contaminants and toxic compounds in pharmaceuticals and food processing industries.

The rapid pace of technology advancements, with focus especially on the development of disposable, user-friendly and cost-efficient devices, is fostering growth in the global biosensors market. Also, sustained increase in R&D investments is leading to the emergence of new uses of biosensors that are expected to transform the market in the coming years. Specifically wearable biosensors technology is emerging as a promising technology led primarily by growing consumer focus on leading healthy lifestyles.

As stated by the new market research report on Biosensors, the United States represents the largest regional market, worldwide. Rapid growth of PoC segment, due to its role in early diagnosis and improve rate of patient recovery, is driving the biosensors market. Biosensors’ adoption in the US will continue to increase led by the growing need to prevent and treat chronic diseases. In particular, there is growing demand for wearable biosensors, due to the increasing number of people suffering from conditions such as diabetes, cancer and obesity-related disorders. Asia-Pacific is forecast to register the fastest CAGR of 14.2% over the analysis period, driven mainly by the rapidly rising incidence of lifestyle diseases such as diabetes, an aging population, and greater access to healthcare services in the region. Glucose monitoring devices, which make use of biosensors, are in particular generating huge demand in Asia-Pacific.

Major players in the market include Abbott Point of Care Inc., ABTECH Scientific Inc., AgaMatrix Inc., Anitoa Systems LLC, Binergy Scientific Inc., Biolan Microbiosensores S.L., Bio-Rad Laboratories Inc., Cambridge Life Sciences Limited, F. Hoffmann-La Roche Ltd, GE Healthcare Life Sciences, I-SENS Inc., LifeScan Inc., Medtronic plc, MilliporeSigma, NeuroSky Inc., Nova Biomedical Corporation, PerkinElmer Inc., Sarissa Biomedical Ltd, Sensor-Kinesis 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 for all major geographic markets such as 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. The report analyzes the Biosensors by the following Applications – Medical (Glucose Testing and Others), Environmental and Others.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

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