According to Acumen Research and Consulting, the global biosensors market is expected to grow at noteworthy CAGR around 7.8 % throughout the forecast period and reach around US$ 32 billion by 2026.
Biosensors are analytical systems used for the acquisition, using biological samples, of analysis information. Biosensors are made up of an unit and transducer of biological recognition. The BIU interacts with bio-elements such as an enzyme and anticuerpos while the transducer transforms the proprietary properties of the BIE into an ES. In different fields such as medicine, the detection of food toxicity, agriculture and biodefense bio-sensors are applied. Low-cost biosensors, provide fast results, are easy to use and mobile.
The report provides analysis of global Biosensors market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
The growth of the global biosensor market is driven by a number of factors that both adversely and sanguinously shape the dynamic of the market. The worldwide biosensor market research indicates the need for efficient biosensors is being met by the increased demand for points-of-care test methods. Moreover, prevalent chronic and lifestyle related disorders urge consumers to adopt biosensors to detect pathogenic diseases in their bodies on a regular basis. The appliance of bio sensors is strengthened and enhanced by a marked rise in the global population of geriatrics and the proliferation of nanotechnologies. Biosensors are also expected to find rentable applications in other industrial activities including food analysis, imagery operations and microbial activity surveillance in combination with nanotechnology.
The growth of the global biosensor market is reinforcing the popularity of personalized drugs and equipment and greater preference for non-invasive biosensors. Despite these factors, the global biosensor market is expected to grow under stringent regulatory constraints and complicated repayment strategies implemented in the global health sector. Moreover, the pace of adaptation to more recent technologies of these regulations is slow, hampering biosensor acceptance and curbing the expansion of the world market.
Wearable biosensors are expected to see a robust growth in the forecast period of over 9 percent CAGR. The increased awareness of healthy lifestyle can be attributed to high market growth. The rates for adoption of portable biosensors are greater in both developed and developing countries, due to the lack of physical activity in adults, leading to health impairments such as excessive gain in weight and hormone disorders. In addition, the expansion of a population with an expanded baby boomer base that is vulnerable to various chronic diseases will favor wearable biosensors as a result of benefits such as ease of use and ease of use, thus boosting business growth for wearable biosensors.
The market for non-wearable biosensors was over 52.2 percent larger in 2018. Increased prevalence of chronic conditions such as diabetes, cancer and other disorders is boosting demand for conventional diagnosis and detection methods. Such conventional systems include biosensors for the detection or analysis of blood sugar levels in hospitals and laboratories. The high accuracy, efficiency and ongoing product development of the non-wearable biosensors will have a strong impact on segment growth in the next few years.
In 2018 the technology market for electrochemical biosensors stood at around 12 billion dollars. The growth of the segment during the predicted period will significantly drive the increasing use of Electrochemical biosensors in food analysis and disease diagnostics. The increasing incidence of diabetes affecting the adoption of electrochemical biosensor-based glucometers is boosting business development. Furthermore, the increasing prevalence of chronic conditions is boosting the demand for electrochemical biosensors, thereby boosting segmental growth.
The segment of optical biosensors is predicted to advance at 7.7% CAGR for the projected period. Growth of the request for optical biosensors can be credited to increasing progress in optical biosensors. These biosensors are used during surgical monitoring and critical treatment in optical biosensor devices. Specificity, real time measuring, high speed, compact design and remote sensing are advantages provided by optical biosensors, making minimum invasive detection feasible. In addition, the industry of optical bio-sensors will continue to increase the growth in the next period with continued innovations in optical biosensing technology.
With over 71% of revenue shares, blood glucose biosensors dominated the bio-sensor industry in 2018. Increased prevalence of diabetes will increase the demand for glucose biosensors as the main factor. In the course of serious operations, the integration of advanced technologies into glucose measuring biosensors influenced improved decision making. Increase customer preference for blood glucose biosensors and thus impell segment growth will increase affordabilité and diagnostic accuracy.
During the projected time-frame cholesterol testing biosensors are expected to grow rapidly in the medical application segment over 8% CAGR. The increase of obesity and related disorders which raises the level of cholesterol in the blood may be attributed to strong growth. In addition, an increase in the demand of cholesterol testing will be linked with a sedentary lifestyle combined with weak eating practices, such as high consumption of sugar and high carbon-rich food. In 2015-2016, approx. 29 million Americans were affected with cholesterol issues, according to the National Center for Chronic Disease Prevention and Health Promotion, Heart Disease and Stroke Prevention.
With USD 6.2 billion in revenue in 2018, the United States market dominated the biosensor industry in North America. A significant growth in the bio-sensors industry will result in increased preference for wearable bio-sensors because of the increasing incidence of chronic disorder, such as diabetes, cancer and excess-weight disorder. The demand for bio sensors in the country should increase with increased investment in research and development activities to respond to varying and rising customer demand. Furthermore, a growing population base will have a high impact on the development of the American biosensor industry in the years to come.
Due to the high rate of adoption in advanced technology across the nation, Germany accounted for more than 20.5 percent of the European biosensors ' revenues in 2018. Bio-sensor innovations that allow antioxidant levels to be detected, such as electrochemical biosensors, will positively impact business growth. In Germany, a number of research institutes are working together to speed up biosensor research and development to boost industry growth over the next few years.
Global Biosensors Market, By Type
Global Biosensors Market, By Technology
Global Biosensors Market, By Medical Application
Global Biosensors Market, By End-use
Global Biosensors Market, By Geography
The market research study on “Biosensors Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers detailed insights on global Biosensors market segments with market dynamics and their impact. The report also covers basic technology development policies.
Key Players & Strategies
DowDuPont, Johnson & Johnson, Roche Diagnostics, Siemens Healthcare, Abbott Laboratories, and Thermo-Fisher Scientific among others are few major players operating in the world market. By introducing new biosensor devices integrated with advanced technology, major players in the sector are increasing their market presence. In February 2016, for example, Johnson & Johnson launched the ColorSure technology Onetouch Verio Flet, which delivers accurate and quicker results named Blood glucose monitoring system.
Continuous innovations are currently seen on the biosensor market, and simple products are delivered through accurate diagnosis and monitoring. Further developments in biosensor technology, the growth of emerging markets, as well as the continuous need for advanced monitoring equipment, offer the biosensors industry profitable growth potential in the foreseeable future.
The global electronic drug delivery systems market size is expected to reach around US$ 12.1 billion by 2026 and growing at a CAGR of around 8.9% from forecast period 2019 to 2026. Electronic drug delivery systems are smart devices that allow the patient to administer medicines in small quantities. These devices add value to traditional and non-automated devices and thereby improve the ease of administration, convenience, and portability.
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