The rising demand from the healthcare sector has emerged as one of the chief drivers of the global biochemical sensor market. This, coupled with the growing awareness among people about wearable technology, has helped the market record robust growth in the last few years. With investments in the healthcare sector forecast to scale higher, the biochemical sensor market is likely to gain from the larger adoption of technologically advanced medical devices. In addition, government initiatives aimed towards ascertaining food safety will boost application of biochemical sensors in the agricultural sector, thus helping the market gain considerable momentum.
Biochemical sensors are mostly used in clinical trials and in the diagnosis of chronic ailments. Besides this, government initiatives encourage their use in agriculture. Considering this, the rising population will fuel the demand for food products thus giving impetus to the biochemical sensor market. Furthermore, the rising aging population and the increasing incidence of chronic ailments will boost the demand for precise diagnosis, thereby giving impetus to the global biochemical sensor market. The global biochemical sensor market is forecast to reach US$58.48 bn by the end of 2025. It stiid at US$17.1 bn in 2016. If these figures hold true, the global biochemical sensor market will exhibit a CAGR of 14.7% between 2016 and 2025.
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On the basis of product, the market for biochemical sensor is segmented into electrochemical sensors, optical sensors, gas sensors, thermal sensors, piezoelectric sensors. Based on film deposition material the market for biochemical sensor is segmented into titanium oxide, fluorine doped tin oxide, silicon oxide, aluminum oxide and others. By application the market is classified into clinical diagnosis, environmental monitoring, food quality control, military and others. Regionally North America, Europe, Asia Pacific, Middle East and Africa (MEA) and Latin America make the key market segments.
Asia Pacific Market for Biochemical Sensors to Beat Other Regions Based on CAGR
Regionally, North America has emerged as the leading market for biochemical sensors in the world. It held over 29% of the global biochemical sensor market in 2016. The region has been at the fore of research and development, besides which its sophisticated healthcare infrastructure has provided much needed impetus to the market. In addition, the region’s substantial investment in the military and defense sectors will fuel the demand for biochemical sensors. As food security is a major concern, the application of biochemical sensors is quite high in North America’s food sector. This is yet another factor boosting the region’s biochemical sensors market.
However, during the course of the forecast period, the market is expected to witness more lucrative opportunities in Asia Pacific and Europe. Asia Pacific will exhibit the leading CAGR during the forecast period on account of rising investment in the healthcare and agricultural sectors.
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Electrochemical Sensors to Continue Witnessing High Demand
Based on product, the electrochemical sensor segment emerged dominant in the market with a share of 32% in 2016. The dominance of this segment is forecast to remain intact through the forecast period. Its high sensitivity and application in chemical diagnosis are key factors behind the steep growth exhibited by the segment. Besides this, the market is expected to witnessing rising demand for optical sensors in the forecast period. While the demand for gas sensors is forecast to increase on account of their increasing application in oil exploration activities.
Some of the leading companies operating in the global biochemical sensor market are GE Healthcare (U.S.), Thermo Fisher Scientific. (U.S.), Honeywell International Inc. (U.S.),Bio-Rad Laboratories Inc. (U.S.), Polestar Technologies Inc. (U.S.), Microchip Technology Inc. (U.S.), Melexis (Belgium), Universal Biosensor Inc. (Australia), Nova Biomedical Corporation (U.S.), and Texas Instrument Inc. (U.S.).
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