Biosensors consists of a biological recognition unit, which has the ability to interact with bioelements, such as living tissue, enzymes, and antibodies, and a transducer, which is used to change the property of bioelements into an electrical signal. The recordable signal is analyzed for a variety of applications. Biosensors are highly beneficial devices for measuring a wide spectrum of analytes, such as bacteria, gases, organic compounds and ions, in the fields of food testing, medical diagnosis, and environmental monitoring.
The global biosensors market is estimated to account for US$ 22,551.2 Mn in terms of value by the end of 2020.
Global Biosensors Market: Drivers
Approval and launch of new products is expected to propel growth of the global biosensors market over the forecast period. For instance, 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.
Global Biosensors Market: Opportunities
R&D in field-effect transistors is expected to offer lucrative growth opportunities for players in the global biosensors market. Field-effect transistor biosensors offer high sensitivity, rapid response, low power operation, label-free working environment, and feasibility for commercialization.
Global Biosensors Market: Restraints
Reimbursement policy issues in healthcare systems are expected to hinder growth of the global biosensors market. Reimbursement policies vary widely from country to country. Patient access to healthcare usually does vary within a country as well. In developing countries, such as India and China, the disease burden is high. Majority of the population does not have access to primary healthcare services, attributable to poverty and absence of health insurance. In addition, rising healthcare cost in these countries and lack of approval of biosensing devices for reimbursement are hampering the affordability of healthcare facilities among the aging population.
The global biosensors market was valued at US$ 20,501.1Mn in 2019 and is forecast to reach a value of US$ 43,073.2 Mn by 2027 at a CAGR of 9.7% between 2020 and 2027. Increasing prevalence of chronic diseases is expected to assist the market growth,
Electrochemical segment held dominant position in the global biosensors market in 2019, accounting for 76.9% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Use of AI in biosensors is expected to propel growth of the global biosensors market. For instance, in March 2018, a study backed by the U.S. Dept. of Veterans Affairs reported that wearable biosensors with artificial intelligence-based analytics can provide accurate early detection of impending rehospitalization similar to implanted devices.
Moreover, R&D in biosensors is also expected to propel growth of the global biosensors market. For instance, in August 2020, researchers from The University of New Mexico and the Autonomous University of Madrid (UAM) in Spain, reported investigating the lattice resonances supported by bipartite nanoparticle arrays. The researchers concluded that nanophotonics has the potential to improve light-based biosensors.
Global Biosensors Market: Competitive Landscape
Major players operating in the global biosensors market include, Nemaura Medical, Inc., MediWise Ltd., Integrity Applications Inc., OrSense, Medtronic Plc, GE Healthcare, Philips Healthcare, Akers Biosciences, Inc., Abbott Laboratories, F. Hoffman-La Roche Ltd., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, Sysmex Corporation, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., LifeSensors, Inc., Johnson & Johnson, Bayer AG, Smiths Detection, TaiDoc Technology Corporation, Efferent Labs, and I-SENS, Inc.
Global Biosensors Market: Key Developments
Major players in the global biosensors market are focused on adopting M&A strategies to expand their product portfolio. For instance, in August 2020, Smiths Detection completed the acquisition of PathSensors, a bio-technology solutions and environmental-testing company, based in Baltimore, MD, U.S.
Scope of the report