Biosensors Market Size By Technology (Thermal, Electrochemical, Piezoelectric, Optical), By Application [Medical (Cholesterol, Blood Glucose, Blood Gas Analyzer, Pregnancy Testing, Drug Discovery, Infectious Diseases), Food Toxicity, Bioreactor, Agriculture, Environment], By End-User (Home Healthcare, PoC Testing, Food Industry, Research Labs, Security and Biodefense), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, China, Japan, Mexico, Brazil, South Africa, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: August 2016 | 85 Pages | Report ID: GMI747 Report Format: PDF
Biosensors Market size was USD 14.8 billion in 2015, with 8% CAGR estimation from 2016 to 2024.
U.S. Biosensors Market Size, By Application, 2012 - 2024 (USD Million)
Rapid technological advancements, growing popularity of point of care diagnostics, expanded applications of biosensors in the field of medical science and rising diabetic population base are some of the pivotal factors driving the global biosensors market size in the forecast period.
The biosensors market size is predominantly influenced by rising demand for disposable, cost-efficient, and user-friendly devices. Owing to an interdisciplinary combination of approaches from medical science, chemistry, and nanotechnology, biosensors have paved their way rapidly in the medical field. Moreover, the use of these devices in the point of care testing, laboratories, and for self-testing should spur the industry growth.
The rising prevalence of diabetes (both type I and type II) globally is expected to catapult the demand for biosensors. As per the statistics generated by International Diabetes Federation, the prevalence of diabetes in the world is projected to reach 552 million in 2030 from 366 million in 2011. The tremendous growth in number of diabetic people should fuel the industry growth.
The governmental initiatives aimed at development of proteomics and genomics should propel the industry growth. For instance, National Information and Communication Technology Australia (NICTA) is expected to advance its research on data mining, networks, and embedded systems to be used in this field. Most of the IT companies are significantly investing in this industry. Investments from major IT players such as IBM, Infosys, and TCS are expected to boost industry size. Significant funding has been made in Europe by Max-Planck Institute in collaboration with the Federal Government of Germany and other German states.
Biosensors Market, By Technology
Electrochemical products dominate the industry contributing to 71% of revenue share in 2015, and anticipated to exceed USD 21 billion by 2024. However, optical biosensor market size is expected to grow at the fastest CAGR of 8.7% throughout the forecast period.
Biosensors Market, By Application
Medical applications hold 66% of biosensor market revenue share. The largest share can be attributed to the extensive use of biosensors in this field. Medical sensors are considered as an essential tool in the detection and monitoring of a wide range of medical conditions ranging from diabetes to cancer.
However, the application of biosensors in agriculture is set to register highest CAGR of 11% from 2016 to 2024.
Biosensors Market, By End-User
Point of Care (PoC) testing was the largest category among the end-user based biosensors market, valued at USD 7 billion in 2015, followed by home healthcare, security & biodefense segments respectively.
Point of Care (PoC) testing and home healthcare are identified to be the most lucrative end-user segment witnessing a CAGR of 7.5% and 8.5% over the forecast period. Accurate detection of target analytes and technological advancements resulting into novel product development such as ultrasensitive printable biosensors for point of care application are significant reasons accounting for its attractiveness.
Biosensors Market, By Region
U.S. biosensors market size holds 81% of regional revenue share in 2015, attributed to increasing prevalence of diseases such as diabetes and cardiac disorders and early adoption of technologically advanced products by the clinicians, scientists, and patients.
Asia Pacific, on account of its constantly improving healthcare facilities, growing access to healthcare, and rising patient awareness is expected to witness the highest CAGR of 11.1% during the forecast period.
Competitive Market Share
Global biosensors market share is significantly competitive in nature. The industry is significantly price-sensitive, and prone to different pricing strategies. Players are constantly engaged in research and development of novel, highly efficient and compact biosensors technologies in order to sustain their leadership position.
Major players include Abbott Laboratories, Biosensor BV, Bayer Healthcare, EG & IC Sensors, Ercon, Inc., Johnson & Johnson, Strategic Diagnostics, Lifescan, Inc. and Sysmex.
Biosensors Industry Background
Global biosensors industry is marked by high costs of research and development. There is a need to develop compatible single-task tools in combination with the available software. Large amount of data with lack of standardization has impeded the growth of biosensors market. There is a need for user-friendly databases to reduce the effort and time associated with the analysis of large amount of data available with the institutions and governments globally. Enhancement of integration methods is also required to overcome the statistical challenges arising due to integrated analysis of high throughput biomedical research and genomic data. The constant addition of new genomes in public sequences databases is also leading to errors, hence making standardization crucial for optimum results of simulation and modeling.
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