Global Biosensors Market: Overview
Biosensor, an analytical tool, is used for the analyte identification. The device functions by combining a biological component with a physiological detector. Biosensors are made up of a biological element, an enzyme, a nucleic acid, or an antibody, and a transducer. The analyte to be verified interacts with the biological element being tested and then the biological response is transformed by the transducer into an electrical signal. There are specific forms of biosensors such as electrochemical, light addressable potentiometric, resonant mirror, and surface plasmon resonance. The global market is anticipated to grow due to extensive usage in environmental practices, diabetes monitoring, drug recovery, cardiac monitoring, agriculture, and others.
Global Biosensors Market: Growth Factors
The key factors responsible for propelling the growth of the market include the enhanced technologies, rising requirement for point-of-care and home care devices, monitoring of glucose in diabetic patients, the emergence of nano-biosensors/nanotechnology, and extensive use of biosensor in various applications such as medical science. The other factors boosting the biosensor market growth are the increasing demand for advanced techniques for environmental monitoring and expeditious pathogen identification. However, various factors such as disinclination toward the acceptance of the new therapy approach, high expenditure involved in the development and research, and steady rate of commercialization may hinder the growth of the global biosensors market.
Global Biosensors Market: Segmentation
The global biosensors market is segmented based on technology, application, end use, and region. The technology segment of the global market is divided into electrochemical biosensors, optical biosensors, piezoelectric biosensors, and thermal biosensors. The application segment of the biosensors market is diversified into food toxicity detection, agriculture, industrial process control, environment, medical, and others. The medical application is further sub-segmented into blood glucose monitoring, drug discovery, cholesterol testing, blood gas analyzer, infectious diseases, and pregnancy testing. The end-use segment of the global market is classified into research laboratories, home point-of-care testing, food industry, security, healthcare diagnostics, and bio-defense. Regionally, the global biosensors market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
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Global Biosensors Market: Regional Analysis
North America is anticipated to be the dominant region in the global biosensors market due to the wide usage of them in different applications. Rise in the frequency of numerous life-threatening diseases such as cardiac disorders and diabetes as a result of unhealthy lifestyle, the existence of many research and development units and adoption of technologically advanced products by the scientists, clinicians, and patients are few factors boosting the global biosensors market growth in this region. Asia-Pacific is expected to grow substantially in the global market owing to the increasing access to health services, enhanced healthcare facilities, and increasing patient alertness in the near future.
Global Biosensors Market: Competitive Players
The prominent players in the global biosensor market include LifeScan Inc., Siemens Healthcare, Bayer Healthcare AG, Medtronic, F. Hoffmann-La Roche Ltd., LifeSensors, Inc., Universal Biosensors, Abbott Point of Care Inc., and Sigma Aldrich Corporation. The other key players in the global market are Johnson & Johnson, Strategic Diagnostics, Biosensor BV, EG & IC Sensors, Ercon, Inc., Abbott Laboratories, AgaMatrix, Inc., Nova Biomedical Corporation, and Sysmex.