Biosensors Market Overview
Biosensors are devices used to track and monitor a particular biological parameter of the user’s health. Biosensors track the biological reactions going on inside the user’s body and convert certain predetermined markers into an electrical signal, acting as a warning system for the specific type of biomarker. Biosensors are complicated devices and are also widely used in areas other than personal health tracking, including environmental monitoring and agriculture. However, the rising demand for biosensors from the healthcare sector is likely to remain the major driver for the global biosensors market over the forecast period. Developing biosensors capable of instant diagnosis is likely to be a major avenue for players in the global biosensors market over the forecast period.
The growing prevalence of diabetes and other chronic lifestyle conditions is likely to be a major driver for the global biosensors market size over the forecast period. These conditions require continuous tracking and instant alerting in case of any deviation from the healthy biological pattern, which is a perfectly suited application for biosensors. The growing geriatric population is also likely to be a major driver for the global biosensors market, as the geriatric demographic prefers comfortable and convenient medical devices that can be used with minimum fuss. The rising demand for point of care testing, along with the growth of the geriatric demographic, is also likely to be a major driver for the biosensors market over the forecast period.
Biosensors Market Segmentation
The global biosensors market has been segmented into technology, application, and end user. The technology segment is segmented into electrochemical biosensors, optical biosensors, thermal biosensors, and piezoelectric biosensors. The applications segment is segmented into medical testing, food toxicity, industrial process, environmental, and agricultural testing. The end user segment is categorized into point-of-care, home diagnostics, research laboratories, food industry, security, and biodefense.
Biosensors Market Regional Analysis
The global biosensors market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World
The North American market accounted for the largest share in 2019 and is expected to increase at a CAGR of 8.10% during the forecast period. This is due to increasing health awareness, rising chronic and lifestyle diseases, technological developments in healthcare applications, and appropriate insurance coverage.
Europe showed for a market size of USD 1,438.04 million in 2019and is expected to exhibit a CAGR of 7.42% during the forecast period. The market growth is attributed to the rise in the geriatric population, increased lifestyle-associated diseases, growing public awareness of various diseases, and diagnostic requirements. The growing cases of diabetes is one of the key factors affecting market growth. For instance, according to the International Diabetes Federation (IDF), in 2018, approximately 32.7 million people had diabetes in Europe.
The biosensors market in the Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2020to 2027 at a CAGR of 9.02%. Factors such as increasing awareness of clinical outcomes, large population base, rise in geriatric population, increased diabetic population, and rising environmental pollution concerns drive the regional market growth here.
The Rest of the World is categorized into the Middle East, Africa, and Latin America. The market growth is less due to slowly improving economies. In the Middle East and Africa, the growing aging population, rise in the diabetic population, and increasing prevalence of lifestyle-associated diseases drive the growth of the biosensors market. Furthermore, rising awareness about food toxicity and environmental pollution, improving healthcare facilities, and rising disposable income are likely to boost the market growth.
Biosensors Market Players
Some of the keyplayers in the biosensors market are Johnson Johnson (US), Abbott (US), Bayer AG (Germany), Siemens (Germany), Life Sensors, Inc. (US), Nova Biomedical Corporation (US), Medtronic plc (Ireland), F. Hoffmann Roche (Switzerland), i-Sens, Inc. (South Korea), and Pinnacle Technologies Pvt. Ltd. (US).
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