Biochemical Sensor Market Surpass $67 Billion By 2026 | CAGR 15%

Author: Acumen Research and Consulting

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Biochemical Sensor Market (Product: Electrochemical Sensor, Gas Sensor, Piezoelectric Sensor, Thermal Sensor, and Gas Sensor; Film Deposition Material: Silicon Oxide (SiO2), Titanium Oxide (TiO2), Aluminum Oxide (AL2O3), and Fluorine Doped Tin Oxide (SnO2:F); Application: Clinical Diagnosis, Food Quality Control, Environmental Monitoring, and Military) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 – 2026”, forecasts that the global market for biochemical sensor market is expected to grow at a CAGR of around 15% from 2018 to 2026 and reach the market value of over $67 billion by 2026.

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The biochemical sensor is a device which has the capability of converting a biological or chemical quantity into an electrical signal. This sensor has a basic component which includes analyte molecule, transducers, and chemically sensitive layer. Generally, the transducer or the detector element, which has a basic principle to transform one signal into another one, works in a physicochemical way such as electrochemiluminescence, piezoelectric, electrochemical, and others which resulted in the interaction of the analyte with the biological element, to measure and quantify. The biochemical sensor has accounted for incredible growth in the last few years due to advance development in chemistry combined with the appearance of wireless sensor networks and digital communication technologies. The field of wearable sensing has to pose unique challenges as the emergence of a new concept of wearable biochemical and chemical sensors. Owing to biochemical sensors which have a more complex mode of operation, compared to physical transducers, in which they have to interact in a manner with some specific molecular targets in the sample medium.

Application Across Various Industries, Particularly Healthcare, To Enhance Growth

Rising demand for healthcare services is the factor anticipated to high growth of the biochemical sensor market during the upcoming year. The unexceptional growth in population and rise in pollution levels have resulted in a predominantly increase in the number of patients affected by diseases such as asthma, cancer, diabetes, and arthritis. In medical device development, the components found application such as curing and diagnosis of chronic ailments. Furthermore, these components are also used in detecting breathing problems for individuals and it also warns the patient about an approaching asthma attack. Growing adoption of biochemical sensors in detecting the spread of cancer tumor and analyzing the efficiency of the treatment has a positive impact on the growth of the biochemical sensor market. In addition, this biochemical sensor is increasing its adoption in rising demand to analyze climatic conditions, particulate constituents, and analyze air quality, mainly in urban locations is driving the biochemical sensor market growth. Moreover, the rising awareness among consumers and increasing adoption for wearable technology has given an enormous growth of biochemical sensor market. The component is most preferable in portable devices to track pulse rate, calorie count of a diabetic person and heart rate.

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North America Market For Biochemical Sensors To Beat Other Regions Based On Revenue

North America has turned out to be the leading market for biochemical sensors in the world. The region has moved towards research and development, besides this region has also provided healthcare infrastructure which drives the market. A major concern is food security in North America, the application of biochemical sensors is very high in the food sector. Additionally, the regions considerable investment in the military and defense sectors is likely to spur the demand of biochemical sensors. Furthermore, US have high sales of sensors during the forecast period in the military sector due to quite high use of chemical property sensors, proximity and positing sensors which will pose the fastest growth.

Key Players

The global biochemical sensor Market not only studies the top key players but also takes into consideration the role of the small and medium scale enterprises. Technological advancement has given the boost to the industry which is leading to new opportunities and invites new players in form of start-ups. Some of the key players operating in the global biochemical sensor market, profiled in the report include GE Healthcare, Thermo Fisher Scientific, Honeywell International Inc., Bio-Rad Laboratories Inc., Polestar Technologies Inc., Microchip Technology Inc., Melexis, Universal Biosensor Inc., Nova Biomedical Corporation, Texas Instrument Inc., and among others. Companies are focusing on expanding business through strategic acquisitions and partnerships with several end-use industries.

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