According to a report published
by Grand View Research, Inc.; the Biosensors Market is expected to reach a
valuation of around USD 21.2 billion by 2020.
Increasing prevalence of diabetic
population base, growing demand for miniature diagnostic devices, technological
innovation can propel the market during the forecast period (2012 to 2020).
Biosensors find wide range on
medical applications. It can be used to measure blood metabolites such lactate,
creatinine, urea, and glucose. These devices can be used for early detection of
diabetes and cardiovascular diseases. Rapid technological advancements are
expected to boost the market growth over the forecast period. For instance, revolutionary
advancements of optical quantum dots is likely to provide new opportunities in
biopharmaceutical development, vaccine development, and proteomic analysis. In
addition, development of nanoparticle based electrochemical biosensors can also
expected to drive the market growth. Moreover, additionally, increasing government
efforts for development of genomics and proteomics are projected to boost the
market. For instance, National Information and Communication Technology
Australia (NICTA) is likely to increase research on networks, data mining, and embedded
systems to be used in this field.
Full Research Report
On Biosensors Market Analysis: www.grandviewresearch.com/industry-analysis/biosensors-market
Worldwide biosensors market can
be segmented on the basis of type, application, end-user, technology, and
region. Based on type, the market can be categorized into electrochemical,
thermal, piezoelectric, and optical.
As per end-user, the market can
be bifurcated into home healthcare diagnostics, PoC testing, food industry,
research laboratories, and security and bio-defense.
In 2013, the electrochemical
biosensors estimated for major market share due to increasing application of analysis
and quantification in biological and biochemical processes.
Based on application, the market
can be classified into medical, the market can be categorized into food toxicity,
agriculture, bioreactor, environment, and others. In 2013, the medical segment
acquired the largest market share around 66%. These devices are considered as
an important tool for early detection and monitoring of cancers and diabetes.
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The food toxicity segment is
expected to show high growth due to increasing pressure from regulatory bodies associated
to the hygiene standards of the food items for detecting allergens, pesticides,
and pathogens in the food products.
On the basis of technology, the
market can be split into thermal, electrochemical, piezoelectric, and optical.
Geographically, the market can be
divided into North America, Europe, Asia Pacific, and RoW.
In 2013, North America estimated
for the major market share around 41% on account of increasing number of targeted
diseases and high spending for healthcare in this region. In addition,
implementation of several regulations for monitoring the environmental
pollution such as National Environmental Policy Act, Clean Water Act, and Clean
Air Act in the U.S. are anticipated to create many lucrative opportunities in
the market. Moreover, technological improvements such as launch of miniaturized
diagnostic equipment for rapid and accurate results and increasing adoption of electronic
medical records (EMR) are also expected to drive the market in this region during
the forecast period.
Asia Pacific is expected to grow
with highest CAGR during the forecast period due to existence of high unmet
medical needs concerning targeted diseases, increasing awareness among the patients,
and rise in healthcare expenditure in the region. In addition, growing demand
for healthcare, point-of-care, home, and other healthcare development and increasing
efforts from government to reduce hospital stays by forming outpatient care
models are expected to support the market growth in this region. Additionally, the
Chinese Government is making high investments on its computing infrastructure with
the help of China Grid introduced by Chinese Academy of Sciences and Ministry
of Education and the China National Grid (CNGrid) supported by the Ministry of
Science and Technology.
Europe is expected to grow on
account of increasing funding in the region. Max-Planck Institute has made high
funding by collaborating with the Federal Government of Germany and several other
German states. The European Molecular Biology Laboratory’s European Institute
(EMBL-EBI) and BBSRC, with support by the UK Government has also commented high
investments in 2012.
Prominent companies operating in
the market include LifeScan, Inc.; Innovative Biosensors Inc.; EG & IC
Sensors, Inc.; Pinnacle Technologies Inc.; and Strategic Diagnostics.
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Release of this Report: www.grandviewresearch.com/press-release/global-biosensors-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com/
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