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Biosensors Market Overview
The global biosensors market size is projected to reach $27.1 billion by 2022, growing at a CAGR of 9.8% during the forecast period. The growing geriatric population, increasing diabetes population, increasing demand for point-of-care testing, increasing prevalence of chronic and lifestyle associated diseases, and increasing application of biosensors in various industries are driving the growth of the global market.
In terms of technology, the biosensors market is categorized into electrochemical, thermal, optical, and piezoelectric. The electrochemical segment accounted for a major share in the global market for biosensors during the historical period and it is projected to hold a market share of more than 70% by 2022. The optical segment is expected to witness the highest growth during the forecast period.
Based on application, the biosensors market is segmented into medical testing, food toxicity, industrial process, agriculture testing, environment and others. The medical testing segment accounted for a major share in the global market for biosensors during the historical period and it is projected to hold a market share of more than 70% by 2022. The environment segment is expected to witness the fastest growth during the forecast period.
Geographically, the APAC region is expected to witness the fastest growth biosensors market during the forecast period. The APAC biosensors industry is growing due to the increasing awareness of clinical outcomes, large population base, growing geriatric population, increase in diabetic population and technological advancement in medical devices & equipment. Among all the countries in the APAC region, Japan is the largest market for biosensors in Asia-Pacific. The market in China is predicted to witness the fastest growth during the forecast period.
Biosensors Market Dynamics
One of the major trends witnessed in the biosensors market is the miniaturizations of sensors. Traditionally, huge and bulky instruments were used for detection and diagnosis. In addition, well-trained staff was needed for performing the tests. The completion of a single test required multiple days. However, the increasing need for portability and integration of biosensors in the applications of health, food and environment began to majorly influence the size of sensors. Currently, the demand for miniaturization of biosensors is increasing due to improved electrochemical properties of micro-electrodes.
Personalized medicine is a new model of treatment providing right patient with appropriate drug at right time that can be used in the future to maintain health and treat diseases by customizing healthcare using molecular analysis. It would reduce healthcare cost by minimizing drug toxicity and side effects, preventing diseases, improving outcomes, and reducing trial-and-error therapies. Personalized medicine requires biosensor technology for monitoring biomarkers. A biomarker is an indicator for a disease before the presence of symptoms. Therefore, the possibility of wide adoption of personalized medicine would develop an opportunity for the growth of the biosensors market.
One of the major drivers of the biosensors market is the increasing demand for point of care testing. The demand for point of care testing is increasing due to increasing requirement of portable and integrated devices. It helps to perform tests close to the patient and provide immediate results outside the laboratory. It is an important tool used in the hospitals. It also helps to improve patient care through remote patient care monitoring. Further, it helps clinicians to diagnose the cause of disease for immediate management. Thus, the increasing demand for point of care testing would reduce the healthcare cost and help to obtain precise and quick results of analytical tests.
Biosensors Market Competitive Landscape
Some of the major companies in the biosensors market include LifeSensors, Inc., Siemens AG, Abbott Laboratories, Inc., Nova Biomedical Corporation, Medtronic PLC, Johnson and Johnson, , F. Hoffmann La Roche, I-SENS, Inc., ACON Laboratories and TaiDoc Technology Corporation.