The market for Biosensors was valued at USD 15.96 Billion in 2016 and is projected to reach USD 27.06 Billion by 2022, with the CAGR being 8.84% during the forecast period.
Biosensors are the analytical devices which are used to detect analytes like urea- find their wide usage in various applications like clinical, environmental and agricultural. There is a rising demand for them in the foods industry. They are used in a variety of tasks like screening for diseases, veterinary and agricultural applications, environmental pollution control etc. Biosensors provide an efficiency in cost, they are easy to use and are considered as highly accurate devices when it comes to detection of analytes.
US was the major shareholder with the market size being 80% of the total regional revenue share in 2016. Such a humungous market size can be attributed to increasingly dominant heart diseases and diabetes thus, propelling the clinicians, scientists as well as the patients to adopt technologically advanced products in a comparatively early stage.
On the other hand, Asia Pacific is expected to have a CAGR of 11.1%, i.e., the maximum CAGR of the forecast period. This can be attributed to increasing access to healthcare, rise in awareness among patients and also to the improvement in the healthcare facilities.
The growth for Biosensors is mainly due to the emergence of latest non-medical applications, technological developments in micro-fluids, chronic health conditions leading to rise in home diagnostics, expansion of usage in POC testing. However, there stand a few challenges for the biosensors market, which can be stubborn competition from Dipstick tests and Spectrophotometry, high cost and complexity, lack of standardization etc.
A novel biosensor is developed by the Nanotechnology Laboratory in Brazil which can detect molecules associated with diseases such as Parkinson's and Alzheimer's as well as some certain cancer types like breast cancer. In order to reduce the cost of this device even further, the team is working on a paper-based biosensor which can then be more portable as well as disposable. The only challenge in its way is the insulating nature of the paper. Although, efforts are being made to make the paper conductive in nature.
Key Topics Covered:
1. Our Research Methodology
2. Executive Summary
3. Market Overview
Industry Value Chain Analysis
Porter's 5 Forces
4. Global Biosensors Market Segmentation, Forecasts and Trends - by Revenue