Biosensors Market Global Demand, Growth, Opportunity and Forecast 2017-2024
Global Biosensors market Research Report is expected to reach 31,920.4 million by 2024 from 16,153.1 million in 2016, at a CAGR of 8.9% in the forecast period 2017 to 2024.
Report Segmentation:
Global Biosensors market Report By Technology (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, Nanomechanical Biosensors, Thermal Biosensors, Others), By Product (Wearable Biosensors, Non-Wearable Biosensors), By Application (Point Of Care (POC), Home Diagnostics And Biodefence, Environmental Monitoring, Food & Beverage Industry, Research Labs), By Geography (North America, Europe, Asia-Pacific, South America, Middle East And Africa)
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Report Drivers:
The major factors driving the growth of this market are significant technological advancements in the field of biosensor, emergence of nanotechnology-based biosensors, increasing use of biosensors to monitor glucose levels in individuals with diabetes, high demand of biosensor in monitoring and diagnostic devices and rising demand for disposable, cost-efficient & user-friendly devices of the market are furthermore boosting the growth of the global biosensor market. On the other hand, slow rate of commercialization and high costs involved in R&D may hinder the growth of the market.
SIGNIFICANT TECHNOLOGICAL ADVANCEMENTS IN THE FIELD OF BIOSENSOR
The biosensor technology is in use over 30 years to perform measurement of a biochemical quantity. The advantages such as rapid and continuous measurement with high specificity of sensors make it simple and cheap component which integrates into numerous sensor systems make those systems smaller and tailored for mass production. Hence, several biosensor industry projects to build microscale technology that will be suitable for performing multiple sample preparation, analysis and diagnosis all with one chip.
- Neurosky’s CardioChip ECG biosensor is developed for wearable and mobile device manufacturers, as it is added with biometric algorithms which capture and translate it into an easy-to-understand heart-health index.
- NeuroSky’s EEG biosensor is featured with low-cost OEM solution which is a high-performance bio-signal on a single chip for accurate brain activity detection and processing.
EMERGENCE OF NANOTECHNOLOGY-BASED BIOSENSORS
Nanotechnology-based biosensors are made out of semiconductors, metal oxides and inorganic materials, to detect the variety of biomolecules in numerous applications. Nanomaterials such as gold nanoparticles, magnetic nanoparticles, quantum dots and carbon nanotubes are steadily applied to biosensors due to their unique physical, chemical, mechanical, magnetic and optical properties which enhance the sensitivity and specificity of detection.
The initiation of microarray and nanotechnology based biosensors has been developed to detect the DNA and proteins. The nanomaterials used in biosensors transforming the fields of chemical and biological analysis which enables rapid analysis of multiple substances in vivo.
Nanomaterials used in nanotechnology-based biosensors are easily taken up by cells and hence proving promising for in vivo sensing applications.
Nanotechnology is envisioned as a rapidly evolving field with high potential to revolutionize agricultural and food systems. Nanobiosensors are also implied in agriculture as it is used for sensing a wide variety of fertilizers, herbicide, pesticide, insecticide, pathogens, moisture, and soil pH.
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INCREASING USE OF BIOSENSORS TO MONITOR GLUCOSE LEVELS IN INDIVIDUALS WITH DIABETES
Diabetes is one of the most prevalent diseases occurring worldwide in all age groups. Blood glucose monitoring has been recognized as the most prominent tool in the management of diabetes. Nowadays as maintaining normal blood glucose levels is recommended, wide range of glucose biosensors have been developed.
Glucose biosensor detects the interactions of enzymes, hexokinase, glucose oxidase (GOx) or glucose-1-dehydrogenase (GDH). Glucose biosensors for self-monitoring blood glucose (SMBG) are generally based on glucose oxidase (GOx) or glucose-1-dehydrogenase (GDH).
The fast and compact biosensor which gives effective and rapid results are proved boon to the patients with diabetes, as it can be carried anywhere and the effective results of glucose level can be checked anytime. For instance, according to National Center for Biotechnology Information (NCBI), Diabetes Forecast Resource Guide, focus on the US market, lists 56 different POC glucose sensors from 18 different companies. However, over 90% of the market consists of products manufactured by four major companies, including Abbott, Bayer, LifeScan, and Roche.
HIGH DEMAND OF BIOSENSOR IN MONITORING AND DIAGNOSTIC DEVICES
The advances in biosensors are appealing researchers to develop point-of-care (POC) diagnostic and monitoring devices as it offers continuous monitoring of biologically relevant parameters, metabolites and other bio-molecules, relevant to diseases such as diabetes, cancer, ischemia, and Alzheimer’s.
Biosensors are devices which are designed to detect a specific biological analyte by converting biological units (i.e., protein, DNA, RNA) into an electrical signal that can be detected and analyzed.
The use of biosensors in cancer detection and monitoring holds massive potential. They are designed to detect emerging cancer biomarkers and to determine drug effectiveness at various target sites.
- According to National Center for Biotechnology Information (NCBI), cancer is the second leading cause of death in the U.S. and is expected to claim the lives of nearly 570,000 people in 2010. Cancer can take over 200 distinct forms, including lung, prostate, breast, ovarian, hematologic, skin, and colon cancer, and leukemia.
- According to National Center for Biotechnology Information (NCBI), most common type of cancer in men and women is prostate and breast cancer, respectively, with 192,000 new cases of each reported annually. 77% of cases are diagnosed in individuals aged 55 years and older and approximately 11,000 cases will be diagnosed in children aged 0-14 years.
RISING DEMAND FOR DISPOSABLE, COST-EFFICIENT, AND USER-FRIENDLY DEVICES
The need of medical diagnostics devices for reliable and accurate information on the desired biochemical parameters is an essential requirement for effective healthcare, inexpensive devices which are commonly used. Biosensors devices offer advantages such as specificity, small size faster response and cost. Hence, they are proving practical solution to the problems posed by the contemporary healthcare industry.
The use of disposable electrochemical biosensors is raised as it is used to detect innumerous diseases. It focuses on the various applications of point-of-care diagnostics. Biosensors are integrated with biological components such as enzyme, antibody, DNA or the whole cell etc. The enzymes are specific, easy to isolate and relatively cost effective, and hence widely used as a bio-component to construct a biosensor. Hence, cost-efficient and user-friendly disposable biosensors devices are in demand.
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Major Players:
The Abbott is going to dominate the global biosensor market followed by Johnsons & Johnson Services, Inc., Medtronic and other players operating in this market are include DuPont, Bio-Rad Laboratories, Inc., Universal Biosensors Inc., Sysmex Corporation, Pharmaco-Kinesis, Nova Biomedical, ACON Laboratories, Inc., General Electric, DANAHER (Molecular devices, LLC), Drägerwerk AG & Co. KGaA, Ercon Inc., HMicro Inc. and Xsensio among others.
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