- Continuous technical developments in the environment of biosensors, increasing usage of biosensors for non-medical uses, lucrative growth in POC diagnostics, and increased demand for glucose monitoring systems likely to drive the market development
- Biosensors Market Size - USD 19.19 Billion in 2019, Biosensors Market Growth - CAGR of 7.3%, Biosensors Market Trends- High demand from developing nations
VANCOUVER, B.C., Sept. 21, 2020 /PRNewswire/ -- The Global Biosensors Market is forecast to reach USD 33.85 Billion by 2027, according to a new report by Emergen Research. A biosensor is a tool that senses and transmits knowledge about a life cycle. It is used by an observer or device to calculate and transform a biological reaction into an electrical signal and interpret it quickly. These instruments have a wide variety of uses, from medical, food and beverage, healthcare, to the agricultural and other industries. For various monitoring instruments, biosensors are used for cameras, pressure monitors, gyroscopes, accelerometers, optical and image monitors, microfluidics, temperature sensors, and flow meters. These instruments may be either automated or analog, including those capable of calculating wind, temperature, velocity, light, barometric pressure, acceleration, gases, physiological pressure, magnetic field chemicals, vibration, and moisture. Adoption of artificial intelligence technologies, IoT, and cloud-based computing in the healthcare industry, coupled with the continued advancement of the optical quantum business, favors consumer growth. Also, the penetration of electronic medical records (EMR) and technical advances in the field of bioelectronics and micro-manufacturing are projected to push the global biosensors market over the forecasted timeframe. Nanotechnology plays a significant role in accelerating the development of the demand for biosensors as it shortens and improves dynamic chip design processes.
Increasing incidences of diabetes would positively drive the development of the biosensors industry in the years ahead. Rising awareness about diabetes self-management encourages the amalgamation of innovative glucometer technologies, thus pushing business development. For example, innovative glucometers include embedded microchips that enable blood glucose levels to be measured reliably and more rapidly, including at home. Therefore, increasing preference for such technology and the availability of variant diabetic biosensors will boost the growth of the industry. Since the last few years, significant attempts have been made to develop biosensor science and its applications. The multianalyte commitment for environmental control and analysis, for example, is among the developments observed in the ecology of the biosensor. Miniaturization led to the creation of lightweight, portable, easy-to-handle biosensors that transformed traditional testing scenarios in the healthcare sectors. Several sources include mobile tracking devices for blood pressure, cholesterol screening systems, and applications for fertility checks. POC diagnostics market players are primarily focused on technological advancements and new product improvements.
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Shortly, technical developments in biosensor technology will accelerate the pace of biosensor adoption. The modern techniques of biosensors offer creative, user friendly, and versatile goods. Combining this application with the internet of things, tablets, cloud storage, and a few other innovations. In biosensors, the production and emphasis on the lab-on-a-chip model are gaining momentum for point-of-care diagnostics that will positively affect the growth of the biosensors industry in the coming years. A growing understanding of keeping a safe and stable lifestyle accelerates the market for wearable biosensors that can track different health parameters such as pulse rate, heartbeats, blood pressure, and others.
Additionally, wearable biosensors aid in the assessment of physiological and functional parameters in multiple sclerosis situations where patients suffer from walking disability. Increasing the adoption of wearable biosensors along with growing chronic ailments will thus propel the growth of the industry. The cost-intensive nature of biosensor production can, however, impede the growth of the biosensors industry.
COVID-19 Impact Analysis
While the COVID-19 epidemic is growing, manufacturers are increasingly adapting their industry and trying different approaches to satisfy the demands arising due to the pandemic that has established the Biosensors Market-based need. A series of positive as well as negative shocks may be experienced over a few months as manufacturers and their vendors respond to rising consumer demands. With an adverse global situation, several countries look vulnerable to export-dependent economies. Due to a lack of downstream demand, some factories either shut down or decrease their capacity. The impact of this pandemic is expected to reshape the global biosensors industry. However, others stopped their output as a precautionary move by their respective governments to avoid the spread of the virus. In other countries, when looking at the magnitude of the epidemic and the consequent actions of the regional authorities themselves, consumers are centered on being more central. Throughout such situations, the market conditions have been volatile throughout Asia Pacific countries, collapsing periodically and finding themselves challenging to stabilize.
Further key findings from the report suggest
- Based on technology, the optical segment generated a revenue of USD 04.19 billion in 2019. It projected to rise with a CAGR of 7.5% in the forecast period, owing to the growing demand in the research field, including fundamental research, concentration, receptor-cell interactions, fermentation control, kinetic analysis, and equilibrium study.
- The food industry expected to grow with a CAGR of 7.5% in the forecasted period, owing to the rising issues for the identification of allergic components and contaminants in food, have paved the way for rapid nutritional analyzes to preserve product freshness and regular testing of raw materials.
- The medical application is the major contributor to the Biosensors Market. The medical application of the Asia Pacific region contributes significantly to the overall market and held around 61.4% of the market in the year 2019, due to the usage of cholesterol assay biosensors, blood pressure control, blood gas analyzer, fertility research, product development, and infectious diseases, thereby an essential tool for detecting and monitoring a wide range of medical conditions, from diabetes to cancer.
- North America dominated the market for Biosensors in 2019. The region's consistent focus on cost-effective and innovative procedures that are adopted in the area is driving the market. The North America region held approximately 38.7% of the market, followed by the Asia Pacific, which contains around 27.9% market in the year 2019.
- Key participants include Thermo-Fisher Scientific, Abbott Laboratories, Biosensors International, TE Connectivity Corporation, Molecular Devices Corp., Pinnacle Technology, Siemens Healthineers, Bio-Rad International, DowDuPont Inc., and Roche Diagnostics, among others.
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For the purpose of this report, Emergen Research has segmented the global Biosensors market based on technology, end-use, application, and region:
Technology Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Thermal
- Electrochemical
- Optical
- Others
End-Use Outlook (Volume, Kilotons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Home Healthcare Diagnostics
- POC Testing
- Food Industry
- Research Laboratories
- Security & Bio-Defense
Application Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- Medical
- Food Toxicity
- Bioreactor
- Agriculture
- Others
Regional Outlook (Volume, Kilo Tons; 2017-2027) (Revenue, USD Billion; 2017-2027)
- North America
- US.
- Canada
- Europe
- Germany
- UK
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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