The
commercialization scale of Biosensors
Market has been commendable since the development of the first oxygen
biosensor by Lel and Clark back in 1962. The remarkable penetration of this
industry has been witnessed profoundly in the medical space. With the advent of
tissue engineering, nanotechnology, and regenerative medicine, the application
portfolio of the biosensors industry has expanded by multiple folds in the
medical sector. In 2015, the medical applications contributed to approximately
66% of the overall biosensors market, holding a valuation of USD 9.8 billion.
The
growth is driven by the wide spectrum of biosensor applications in this sector
comprising cholesterol monitoring, blood gas analyzer, blood glucose
monitoring, drug discovery, and pregnancy testing. Among these, blood glucose
monitoring held the largest share of the medical application landscape, driven
by the increasing diabetic patient base globally. As per International Diabetes
Federation statistics, the diabetic population is estimated to reach 552
million in 2030 which is a rather drastic increase from 366 million in 2011. As
per the estimates, blood glucose monitoring segment of the medical biosensors
industry is projected to surpass USD 15 billion by 2024.
With
the growing popularity of portable, affordable, and user-friendly devices,
biosensors market is witnessing a plethora of opportunities in the point of
care (PoC) testing sector. As per the estimates, the PoC testing led the
end-use landscape, having accounted for 47% of the overall industry share in
2015. The trend is likely to continue over the years ahead with the PoC testing
segment contributing to a major chunk of the overall biosensors market space.
Home healthcare segment is estimated to rank second in the end-use landscape of
biosensors industry with an estimated CAGR of 8.5% over 2016-2024.
Being
at the forefront pertaining to technological advancements, U.S. biosensors
industry is projected to lead the global landscape over 2016-2024. The region
accounted for 81% of the regional share in 2015. Besides technological
developments, increasing prevalence of chronic ailments coupled with the heavy
R&D investments and favorable regulatory scenario are the other pivotal
factors driving the regional biosensors industry share.
Browse
key industry insights spread across 85 pages with 106 market data tables &
16 figures & charts from this 2017 report Biosensors Market in detail along with the table of contents at:
Asia
Pacific will also profoundly influence the global biosensors industry scenario
on account of the region witnessing swift economic developments as well as
robust advancements in the overall healthcare infrastructure. Estimates claim
the APAC biosensors market to register a CAGR of 11% over the period of
2016-2024.
In
terms of technology, Electrochemical biosensors led the industry having held
71% of the overall revenue in 2015. The segment is forecast to surpass a
revenue of USD 21 billion by 2024. Optical biosensors are also projected to
make substantial contributions with a target CAGR of 8.7% over the period of
2016-2024.
The
government initiatives are certain to play a significant role in the overall
expansion of the biosensors market. The recent developments in the field of
proteomics and genomics are likely to offer a huge set of opportunities to the
overall industry. The technological intervention in this space is also
providing a significant impetus to the biosensors market. Major IT companies
such as IBM, TCS, and Infosys are heavily investing in this space to explore
the untapped prospects. Some of the major biosensors industry players are
Abbott Laboratories, Bayer Healthcare, Ercon Inc., EG & G IC Sensors,
Strategic Diagnostics, Lifescan, Inc. Johnson & Johnson, and Sysmex
Corporation. Pricing is one of the major parameters defining the hierarchy of
these participants on the competitive scale. The industry is characterized by
heavy R&D investments for the development of highly-efficient and compact
biosensors, which are in sync with the robust technology advancements in this
space.
Biosensors
market has also established a remarkable footprint in the agriculture sector.
As per the estimates, agriculture applications are estimated to record the
highest growth rate of 11% over 2016-2024. Analyzing the current scenario and
the fast-paced penetration of biosensors across myriad sectors, this industry
is certain to witness a phenomenal growth trajectory over the years to come.
Global Market Insights, Inc. forecasts the biosensors market to surpass a
revenue of USD 29 billion by 2024.
Biotechnology
Market Size By
Technology (Fermentation, Tissue Engineering and Regeneration, PCR Technology,
Nanobiotechnology, Chromatograpgy, DNA Sequencing, Cell Based Assay), By
Application (Biopharmacy, Bioservices, Bioagriculture, Bioindustrial), Industry
Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy,
China, India, Japan, South Korea, Brazil, Saudi Arabia), Growth Potential,
Price Trends, Competitive Market Share & Forecast, 2016 – 2024
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