Global Biosensors Market: Asia Pacific to Shine as Healthcare Sector Receives Major Boost by Persistence Market Research
|Persistence Market Research|
Biosensors are sophisticated and highly valuable chemical sensing devices that are used to measure a broad spectrum of analytes such as gases, organic compounds, bacteria, and ions. Biosensors today have myriad applications that range from monitoring glucose levels in diabetes patients and determining drug residues in food to detecting pesticides and water contaminants and remote sensing of airborne bacteria.
There are numerous factors that drive the growth of the global biosensors market, as highlighted by a report published by Persistence Market Research. These include:
• Growing demand for point of care testing
• Rising prevalence of lifestyle associated and chronic diseases
• Increasing application of biosensors in different industries
• Widening geriatric population base
• Emergence and popularity of nanotechnology in healthcare
• Development of non-invasive biosensors
• Growing preference for personalized medicine
According to the report by PMR, the global biosensors market will rise from a value of US$12,963.6 million in 2014 to US$22,551.2 million by 2020, registering a CAGR of 9.7% between 2014 and 2020.
Segmentation and Analysis by Technology, Application, and End User
The overall biosensors market can be categorized on the basis of technology, application, and end-user. Here's look at the individual performance of each category:
• Optical biosensors
• Electrochemical biosensors
• Thermistor biosensors
• Piezoelectric biosensors
Among these, electrochemical biosensors held the largest share of the overall market and optical biosensors are projected to be the fastest growing technology segment by 2020.
• Food toxicity detection
• Medical diagnosis
• Environmental applications
• Industrial process control
• Agricultural testing
Medical diagnostics has been identified as the dominant application segment in the biosensors market.
By end user
• Home healthcare diagnostics
• Point of care testing
• Security and bio-defense
• Research laboratories
While the point of care testing held the majority in the overall biosensors market, security and bio-defense is estimated to be the most rapidly developing end-use segment by the next five years.
Key Insights into the Regional and Competitive Landscape
The global biosensors market is segmented on the basis of geography into North America, Europe, Asia-Pacific, and Rest of the World.
• North America holds the largest share of the global market.
• Registering a CAGR of 8.9% from 2014 to 2020, North America will grow from US$5,693.4 million in 2014 to US$9,522.2 million by 2020.
• Rise in the geriatric population, increasing the prevalence of lifestyle and chronic diseases, growing health awareness, technological development, and strong insurance coverage drive the North America biosensors market.
• The Europe biosensors market is fueled by a rise in diagnostic requirements, improving healthcare infrastructure, and growing preference of home healthcare.
• Asia Pacific will be the most lucrative market for biosensors by 2020 owing to large population base, improving penetration of health insurance, and upgrade of healthcare systems.
The technology-driven biosensors market is replete with manufacturers who have dedicated their efforts towards the development of technologically-advanced biosensors. Some of the leading players operating in this market are Abbott Laboratories, Inc., TaiDoc Technology Corporation, Johnson & Johnson, Medtronic, Inc., LifeSensors, Inc., I-SENS, Inc., Nova Biomedical Corporation, Hoffmann-La Roche, Ltd., Siemens Healthcare, and Bayer AG.