Biosensors Market 2024 Dominance of Electrochemical Biosensors Remain Unmatched

By
Zaraki Kenpachi
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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 2024. 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.
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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.

Advances in Synthetic Biology to Pave Way to New Product Designs in Biosensors Market

Biosensors are expanding the scope of high-throughput screening based on advances in synthetic or systems biology. They consist of biological components that can detect the presence of a target ligand and consequently transducing a signal. Organic and inorganic contaminants comprise the compounds biosensors are employed to detect in the ecosystem. The biosensors market is gaining valuation from the massive prospective use in applications of food industry, environmental monitoring, and disease diagnosis. In particular, biosensors have been widely used in detecting organic contaminants in the environment, such as the detection of tumorigenic and carcinogenic ones in air, water, food, and soil. Strides in synthetic biology have allowed the engineering of novel biosensors with remarkable specificity and sensitivity. Key arenas that have been witness to innovative product designs in the biosensors market are in protein engineering, molecular biology, and nanotechnology. Over the years, the array of applications of biosensors have only expanded. Rise in application in the food industry for quality assurance is a key accelerant for growth of revenues in the market.  Application for point-of-use diagnostics is another rapidly emerging lucrative area. Industry interest in point-of-use diagnostic biosensors has picked pace. The reason for this has to do with the advantages over real-time PCR-based techniques, with regard to ease of implementation and reduced diagnostic time.

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The high morbidity of novel human coronavirus 2019, COVID-19 or SARS-CoV-2, has led to a pressing need for dramatically improving currently available diagnostic methods. This has opened a new frontier in biosensor market. Given the fact that the pandemic has been declared a Public Health Emergency of International Concern (PHEIC) by the WHO, research into novel diagnostic technologies based on biosensors attract massive interest among healthcare systems. Advancements in biological receptors and transducers are boosting the developments. Further, new avenues for product developments will gain momentum due to continuous progress in nanotechnology and genetic engineering. Such advances will likely lead to the development of more effective and diverse biosensors.

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