Biosensors Market Insights, Industry Analysis, Research Report 2024
Date: 2018-08-08   Author: Rahul Sankrityayan  Category: #industry

Biosensors Market Insights, Industry Analysis, Research Report 2024

Biosensors Market was valued at USD 14.8 billion in 2015 and is projected to experience 8% CAGR growth from 2018 to 2024.

Biosensors market will witness a significant growth owing to rising prevalence of diabetes across the world. Diabetes is the seventh leading cause of death in U.S. with 79,535 deaths annually, listing it as the underlying cause of death. As per WHO, in 2015, 30.3 million Americans, or 9.4% of the population had diabetes. Increasing prevalence of diabetes coupled with rising demand for effective management of diabetes will stimulate the industry growth.

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Technological advancements and advantages associated with biosensors will further escalate the biosensors market growth in the forecast timeframe. Recent advances such as surface plasmon resonance, nanomaterials and apt sensors have helped in developing innovative biosensors over the traditional ones. Advantages of biosensors are continuous and rapid measurement, fast response time, low utilization of reagents required for calibration and high ability to measure non-polar molecules that cannot be measured through other conventional devices.

High costs of product development and wide availability of product substitutes will hamper the market growth. Unfavorable reimbursement scenario in healthcare systems, stringent regulatory regulations, safety concerns regarding biosensors used in laboratories and high expenditures in research and development will further restrain the growth opportunities in the market.

Electrochemical biosensors accounted for 71% of revenue share in 2015 and is expected to surpass USD 21 billion by 2024. Electrochemical biosensors have wide range of applications in healthcare such as diagnosis and patient monitoring. Electrochemical biosensors provide advantages such as low detection limits, a wide linear response range, low cost production, good stability and reproducibility. Improvements from continued innovations in nanomaterials associated with biomolecule immobilization, stability, enhancement of electrical properties and signal transduction strategies will propel the segment growth.

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Medical applications segment contributed 66% of revenue share to biosensor market owing to increasing prevalence of life threatening chronic diseases and increasing demand for portable, self-monitoring devices. Biosensors are used for better management of diabetes and cardiovascular disorders requiring monitoring glucose and cholesterol levels. Biosensors have wide range applications in the cholesterol testing, pregnancy testing, blood glucose monitoring, blood gas analyzer, pregnancy testing, drug discovery and infectious diseases.

Food industry segment will witness a robust growth owing to increasing demand of biosensors in microbial contamination detection. They present attractive, efficient alternative techniques by providing quick as well as reliable performances in monitoring food quality and safety in food and bioprocessing industries. Biosensors offers several advantages in the food industry such as high specificity, selectivity, short response times, lower costs, diversity, potential miniaturization, simplicity of operation and potential adaptation to automation.

U.S. biosensors market accounted for 81% of regional revenue share in 2015 owing to increasing prevalence of chronic diseases coupled with rising demand for management of these diseases. Increasing advancements in biosensor technologies, increasing geriatric population, rising utilization in home healthcare and point of care diagnostics, available access to advanced healthcare facilities, increasing research and development initiatives will further drive the regional growth.

Some of the key industry players are Abbott Laboratories, Medtronic, Biosensor BV, Universal Biosensors, Bayer Healthcare, Biosensors International Ltd EG & IC Sensors, Bio-Rad Laboratories Inc., Ercon, Inc., Johnson & Johnson, Pharmaco-Kinesis Corporation Strategic Diagnostics and Lifescan, Inc. The strategic initiatives adopted by these companies are innovative product launches, acquisitions, geographical expansion and collaborations. In 2017, MediaTek launched Sensio MT6381 Biosensor, a health monitoring solution which incorporates six key measurements data points into one package which can be integrated into smartphones. The launch will help the company in enhancing its product portfolio and strengthening its market potential.

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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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