A biosensor is a device that measures biological or chemical reactions by generating signals proportional to the concentration of an analyte in the reaction. Biosensors are largely employed in applications such as disease monitoring, drug discovery, disease-causing micro-organisms, and markers that are indicators of a disease in body fluids such as blood, urine, saliva, and sweat. Pregnancy tests and glucose monitoring sensors are the two main examples of very successful biosensor devices. Advancement of biotechnology in genetics, bioinformatics, and medicine has fueled growth of biosensors market, thus allowing early diagnosis and better treatment outcomes of diseases such as cancer and diabetes. Moreover, point-of-care biosensors aid in sensitive and rapid detection of target analytes, which is important in the diagnosis of diseases such as diabetes, cardiovascular and infectious diseases, and cancer and it provides a cost-effective option to the patient.
Biosensors Market - Drivers
Increasing prevalence of diabetes and cardiovascular diseases, and increasing demand for cost-effective, disposable, and user-friendly devices are the factors driving growth of the biosensor market. Biosensors are used on a routine basis by diabetic patients to check the blood sugar level, as these devices allow easy monitoring and self-testing, thus aiding in diabetes management. According to the Global Diabetes Community, 2017, around 422 million adults are living with diabetes globally, where the number is expected to escalate to around 642 million by 2040. Also, according to the American Heart Association, 2016, cardiovascular diseases account for 17.3 million deaths every year globally, where an estimated 23.3 million people are expected to die from CVD by 2030, thus illustrating the rising need to adopt devices offering timely diagnosis of craniological disorders.
Moreover, manufacturers and researchers are developing advanced systems such as real-time biosensors to provide instant insights about health status thereby, providing significant opportunities in improving personalized care. For instance, in 2016, VitalConnect, Inc. launched FDA approved Vital Connect platform to achieve better health and economic outcomes. The platform includes HealthPatch MD biosensor and the single-use VitalPatch biosensor. Also, in February 2018, Nanomedical Diagnostics launched Graphene Biosensor- FLEX, which can be easily integrated with company’s Agile R100 protein assay system to increase the efficiency of the drug discovery process. Moreover, wearable biosensors have provided cost-effective, affordable, and personalized healthcare monitoring devices in various commercial applications. Furthermore, advancement in technology, increasing popularity in care diagnostics, and the application of biosensors in medical science are key factors driving the global biosensors market growth. Moreover, the proliferation of nanotechnology, chemistry, and medical science, and increase in geriatric population have fueled growth of global biosensors market.
However, low awareness about the point-of-care diagnostic devices and high cost of the wearable biosensor devices are the factors restraining market growth.
Biosensors Market - Regional Insights
On the basis of region, the global biosensors market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds dominant position in the global biosensors market, owing to the adoption of novel technologies and the emergence of point-of-care analytical platforms, which further provides early diagnostics and increase the possibility of patient recovery. According to the National Health Council, 2015, diabetes and chronic diseases affect over 70 million individuals in the U.S., which accounts for over 75% of the healthcare expenditures equaling to around US$ 2 trillion. Moreover, rising economic burden with increasing incidences of chronic diseases is expected to increase the adoption of biosensors, in order to efficiently prevent and treat the diseases. According to the Center for Advanced Life Cycle Engineering, University of Maryland, 2015, the treatment expenditure and loss of productivity is projected to be around US$ 790 billion and US$ 3.363 trillion, respectively in the U.S. in 2023.
The organizations are undertaking research activities to enable real-time alcohol monitoring, in order to reduce fatal incidences associated with drunk driving. For instance, in 2016, the University of California, San Diego, with funding from the National Institute of Biomedical Imaging and Bioengineering (NIBIB), have created a wearable sensor that detects alcohol levels in perspiration and send information to smartphone. According to the Center of Disease Control and Prevention, around 88,000 people in the U.S. die every year from alcohol-related causes and according to the National Highway Traffic Safety Administration, over 9,900 people are killed in drunk driving crashes.
Asia Pacific is expected to gain significant traction in the global biosensors market over the forecast period, owing to increasing lifestyle-related disorders, reduced cost of medical assistance devices, and increased investments in healthcare infrastructure. Also, favorable reimbursement policies, rising adoption of advanced medical systems, and increasing penetration of healthcare insurance facilities are factors driving growth of biosensors market in this region.
Biosensors Market - Competitive Landscape
Key players in the global biosensors market are adopting novel strategies for launching innovative biosensors with enhanced product quality to cater to the demand of consumers for various types of biosensor products. For instance, in 2016, Profusa, Inc. received a US$ 7.5 Mn grant from Defense Advanced Research Projects Agency (DARPA) and the U.S. Army Research Office (ARO) to develop implantable biosensors for continuous monitoring of chemical constituents.
Some of the key players operating in the global biosensors market include Abbott Point of Care Inc., F. Hoffman-La Roche Ltd., Medtronic, Inc., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, and Sysmex Corporation.
Biosensors Market - Market Taxonomy
On the basis of product type, the global biosensors market is segmented into:
- Wearable Devices
- Non-wearable Devices
On the basis of technology, the global biosensors market is segmented into:
On the basis of application, the global biosensors market is segmented into:
- Drug Development
- Medical Diagnosis
On the basis of region, the global biosensors market is segmented into:
- North America
- Latin America
- Asia Pacific
- Middle East