The Global Biosensors Market Will Be Valued At US$23 Billion in 2020 by Persistence Market Research
The North American market is anticipated to grow from an estimated USD 5,693.4 million in 2014 to USD 9,522.2 million in 2020, growing at a CAGR of 8.9% during the forecast period.
New York, United States – July 22, 2015 /MarketersMedia/ —
Persistence Market Research (PMR) has released a new market study on the global biosensors market. The report, titled “Global Market Study on Biosensor: Asia-Pacific to Witness Highest Growth by 2020”, states that the global biosensors market will be valued at US$22,551.2 million in 2020, increasing from US$12,963.6 million in 2014. This amounts to growth at a moderate 9.7% CAGR from 2013 to 2020.
Technological advancements in recent years have led biosensors to be used as the analytical device of choice across various sectors, from medical diagnostics to pharmaceuticals and from the food industry to the military sector. Biosensors comprise a biological recognition unit and a transducer; while the former is capable of interacting with bio-elements such as enzymes, living tissue, and antibodies, the latter converts the changes in biomarkers into detectable electrical signals.
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The increasing need for analytical information across several fields such as drug development, food safety, medical diagnosis, and environmental monitoring is driving demand for biosensors. Even though traditional laboratory techniques yield precise results, low time- and cost-efficiency, complexity, and the pre-treatment requirement of biological samples make them unsuitable for many applications.
On the other hand, the biosensor based equipment provides quick, on-site monitoring with minimum turnaround time, without any sample preparation. These devices are capable of fast detection and are best suited for applications that need quick and easy, low-cost, portable solutions.
Point-of-care testing (POCT), mainly for blood glucose monitoring, is the most proficient application area of biosensors. Biosensors provide essential information needed by physicians for timely and proper clinical management.
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Due to its accuracy in detecting changes in specific biological markers and its fast turnaround time, biosensors are increasingly being used for cancer detection, where they provide reliable imaging of cancer cells.
Biosensors can be extremely useful to overcome global biosecurity threats such spread of chronic and infectious diseases. Furthermore, newer biosensor technologies for drug development and screening will aid the growth of the global biosensors market.
Hence, in the near future, the advent of technologically advanced noninvasive biosensors and growth of personalized medicine would offer opportunities to new entrants, which in turn will hold significant promise for this market.
Additionally, recent developments in biosensor instrumentation and use of biosensors for nanotechnology applications are also contributing to the growth of the market.
However, stringent regulatory requirements and issues pertaining to unfavorable reimbursement policies in healthcare systems hold back the global biosensors market. Additionally, increasing healthcare costs in developing nations, such as China and India, are making advanced healthcare facilities unaffordable for the common consumer.
In North America, however, increasing healthcare costs are switching the focus of patients and healthcare dispensers from hospitals to home care, which would fuel demand for biosensors in the region. However, strict regulatory and safety compliance for biosensors, which have critical applications for research laboratories, home healthcare diagnosis, point-of-care testing, security, and bio-defense may slow down the growth of the biosensors market.
Currently, the global biosensors market is highly consolidated, with only a few top organizations enjoying a monopoly in the market. However, in the coming years, many emerging biopharmaceutical companies are expected to develop superior bio-monitoring devices.
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Persistence Market Research (PMR) is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. PMR boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and a high-pedigree team of analysts to share data that precisely corresponds to clients’ business needs.
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