Biosensors Market Cost Effectiveness of Product to Boost Growth From 2014-2020
Biosensors have emerged as the most potential analytical tools used for the detection of an analyte with the help of a physiochemical detector. Although traditional laboratory techniques can yield accurate measurements, these are extremely time- consuming, complex, expensive, and require pre-treatment of the biological sample. Biosensor-based devices provide rapid, on-site and real-time monitoring without the need for sample preparation. The increasing applications of biosensors across various fields such as drug development, medical diagnosis, food safety and environmental monitoring is driving the growth of the global biosensors market. Recent improvements in biosensor instrumentation and increasing applications of nanotechnology are the other factors contributing to the growth of the biosensors market.
Based on technology, the biosensors market has been segmented into electrochemical, optical, thermal and piezoelectric biosensors. Electrochemical biosensors accounted for the largest share of over 70% of the global biosensors market in 2013. The segment is expected to maintain its leading position during the forecast period from 2014 to 2020. Factors that have contributed toward the high market share of the electrochemical biosensors segment are the increasing applications for the detection and early diagnosis of several diseases such as diabetes and tuberculosis. Additionally, electrochemical biosensors have emerged enormously among the researchers due to high demand from the global market for the analysis of contents of a biological sample. The optical biosensors segment is estimated to grow at a CAGR of over 8%.
The major driving factors for such impressive growth are increasing research in biomedical applications and pharmaceuticals; and high sensitivity, small size and cost-effectiveness of the optical biosensors. Based on applications, the biosensors market has been segmented into medical devices and diagnostics, pharmaceuticals, food and beverage, and environment. The medical application segment held the largest share of over 65% in the global biosensors market in 2013. The factors fueling the growth of the segment are high prevalence of chronic diseases across the globe and growing preference of the population for self-monitoring. Furthermore, biosensor-based diagnostic devices are a powerful alternative to conventional analytical techniques due to rapid measurement and response time. This factor further propels the growth of the medical devices and diagnostics segment. Based on end users, the point of care testing segment accounted for the largest market share owing to various factors such as better quality service, reduction patient waiting time and greater patient satisfaction.
Geographically, North America constituted the largest market for biosensors. Factors that have augmented the growth of the biosensors market in North America are vast presence of pharmaceutical research and development units, increasing prevalence of life-threatening diseases and better healthcare infrastructure. Furthermore, technological developments in the field of medical diagnostics and increasing awareness among the general population are boosting the demand for biosensors in North America. However, Asia Pacific is projected to witness the highest growth rate during the forecast period. Factors such as the large population, increasing initiatives taken by the government to promote healthcare and robust economic growth have been attributed to the high growth rate in the region. Moreover, higher consumer awareness about heath issues, environmental hazards and food toxicity would drive the growth of the biosensors market in the next few years.
Currently, the global biosensors market is consolidated due to the involvement of few top organizations. Several emerging biopharmaceutical companies are expected to foresee great development in the field of biosensors monitoring devices. Major players operating in the biosensors market are Abbott Point of Care, Inc., Medtronic, Inc., LifeScan, Inc., F. Hoffmann-La Roche Ltd., AgaMatrix, Inc., Animas Corporation, LifeSensors, Inc., Siemens Healthcare and Nova Biomedical Corporation.