Biosensors consists of a
biological recognition unit, which has the ability to interact with
bioelements, such as living tissue, enzymes, and antibodies, and a transducer,
which is used to change the property of bioelements into an electrical signal.
The recordable signal is analyzed for a variety of applications. Biosensors are
highly beneficial devices for measuring a wide spectrum of analytes, such as
bacteria, gases, organic compounds and ions, in the fields of food testing,
medical diagnosis, and environmental monitoring.
Statistics:
The global Biosensors
Market is estimated to account for US$ 22,551.2 Mn in terms of value by the
end of 2020.
Global Biosensors Market: Drivers
Approval and launch of new products
is expected to propel growth of the global biosensors market over the forecast
period. For instance, in February 2018, Nanomedical Diagnostics launched
Graphene Biosensor- FLEX, which can be easily integrated with company’s Agile
R100 protein assay system to increase the efficiency of the drug discovery
process.
Global Biosensors Market:
Opportunities
R&D in field-effect
transistors is expected to offer lucrative growth opportunities for players in
the global biosensors market. Field-effect transistor biosensors offer high
sensitivity, rapid response, low power operation, label-free working
environment, and feasibility for commercialization.
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Global Biosensors Market:
Restraints
Reimbursement policy issues in
healthcare systems are expected to hinder growth of the global biosensors
market. Reimbursement policies vary widely from country to country. Patient
access to healthcare usually does vary within a country as well. In developing
countries, such as India and China, the disease burden is high. Majority of the
population does not have access to primary healthcare services, attributable to
poverty and absence of health insurance. In addition, rising healthcare cost in
these countries and lack of approval of biosensing devices for reimbursement
are hampering the affordability of healthcare facilities among the aging
population.
Key Takeaways:
The global biosensors market was
valued at US$ 20,501.1Mn in 2019 and is forecast to reach a value of US$
43,073.2 Mn by 2027 at a CAGR of 9.7% between 2020 and 2027. Increasing
prevalence of chronic diseases is expected to assist the market growth,
Electrochemical segment held
dominant position in the global biosensors market in 2019, accounting for 76.9%
share in terms of value, increasing approval and launch of new products is
expected to propel growth of the segment during the forecast period.
Market Trends
Use of AI in biosensors is
expected to propel growth of the global biosensors market. For instance, in
March 2018, a study backed by the U.S. Dept. of Veterans Affairs reported that
wearable biosensors with artificial intelligence-based analytics can provide
accurate early detection of impending rehospitalization similar to implanted
devices.
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Moreover, R&D in biosensors
is also expected to propel growth of the global biosensors market. For
instance, in August 2020, researchers from The University of New Mexico and the
Autonomous University of Madrid (UAM) in Spain, reported investigating the
lattice resonances supported by bipartite nanoparticle arrays. The researchers
concluded that nanophotonics has the potential to improve light-based
biosensors.
Global Biosensors Market:
Competitive Landscape
Major players operating in the
global biosensors market include, Nemaura Medical, Inc., MediWise Ltd.,
Integrity Applications Inc., OrSense, Medtronic Plc, GE Healthcare, Philips
Healthcare, Akers Biosciences, Inc., Abbott Laboratories, F. Hoffman-La Roche
Ltd., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors,
Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, Sysmex
Corporation, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths
Medical, Analog Devices, Inc., Honeywell International, Inc., LifeSensors,
Inc., Johnson & Johnson, Bayer AG, Smiths Detection, TaiDoc Technology
Corporation, Efferent Labs, and I-SENS, Inc.
Global Biosensors Market: Key
Developments
Major players in the global
biosensors market are focused on adopting M&A strategies to expand their
product portfolio. For instance, in August 2020, Smiths Detection completed the
acquisition of PathSensors, a bio-technology solutions and
environmental-testing company, based in Baltimore, MD, U.S.
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