Market Research Report
Biosensors Market, By Product, By Technology, By Application, By End-use, and By Geography - Analysis, Size, Share, Trends, & Forecast from 2021-2027
|Biosensors Market, By Product, By Technology, By Application, By End-use, and By Geography - Analysis, Size, Share, Trends, & Forecast from 2021-2027|
Published: October 1, 2020
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Content info: 223 Pages
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Biosensors Market, By Product (Wearable Biosensor and Nonwearable Biosensor), By Technology (Optical Biosensor, Nanomechanical Biosensor, Electrochemical Biosensor, Thermal Biosensor, Piezoelectric Biosensor, and Others), By Application (Medical, Food Toxicity, Agriculture, Bioreactor, Environment, and Others), By End-use (Home Healthcare Diagnostics, Research Laboratories, Food Industry, PoC Testing, and Security & Bio-defense), and By Geography (EU, NA, APAC, LATAM, and MEA) - Analysis, Size, Share, Trends, & Forecast from 2021-2027.
The global biosensors market was valued at USD 20.5 billion by 2019, growing with 8.1% CAGR during the forecast period, 2021-2027.
A biosensor is a type of device that detects the presence of a particular chemical in the specimen or sample using biological molecules or living organisms especially antibodies or enzymes. This device proved to be very effective in the testing of blood samples, food samples, and various other specimens.
Rising prevalence of diabetes across the globe estimated to be a major factor that drives market growth. As per the World Health Organization (WHO) facts released in June 2020, the total number of people suffering from diabetes was 422 Mn in 2014. In 2016, an estimated 1.6 Mn deaths were majorly due to diabetes. In the wake of the same, several industry manufacturers have introduced advanced testing kits for diabetes. For instance, in September 2020, Abbott Laboratories introduced a glucose blood biosensor particularly for athletes in order to monitor their blood glucose level. Similarly, in 2020, iQ Group Global launched saliva glucose biosensors that will replace the finger-prick glucose testing.
On the basis of product, the industry is bifurcated into wearable and nonwearable biosensors. The nonwearable segment held the largest share; however, the wearable segment estimated to grow at a rapid rate over the analysis period. The major factor attributed to the robust growth of the wearable segment is the lack of physical activity among the young population that results in health impairments, for example, hormonal disorders and excessive weight gain.
Based on technology, the industry is classified into an optical biosensor, nanomechanical biosensor, electrochemical biosensor, thermal biosensor, piezoelectric biosensor, and others. Electrochemical biosensor captured the major revenue share in 2019 owing to a wide range of applications in biological and biochemical processes. It offers numerous benefits such as reproducibility, low detection limits, wide linear response range, and optimum stability. Hence, the aforementioned factors attributed to its high market penetration rate in the present as well as the near future.
In terms of application, the market is categorized into medical, food toxicity, agriculture, bioreactor, environment, and others. The medical segment acquired the major portion of the market revenue because of its numerous application for blood glucose monitoring, cholesterol testing, pregnancy testing, infectious diseases, and many more. However, the agriculture segment predicted to register the highest growth because of its specific and fast detection of the fungus in order to lower the risk of harm to crops and livestock.
In terms of end-use, the market is divided into home healthcare diagnostics, research laboratories, food industry, PoC testing, and security & bio-defense. POC testing segment dominated the global industry with nearly half of the market share in 2019. This is mainly because of technological advancements in the products and devices for detecting or monitoring sweat, blood, saliva, and urine sample from the human body.
Geographically, the global industry classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market with a prominent revenue share and anticipated to grow at a significant rate in the near future owing to the high rate of influence by the target disease coupled with the presence of key players in the region. Recently, research activities in the field of biosensors have significantly surged owing to the increasing need for fast and accurate testing kit for coronavirus test.
On the other hand, the Asia Pacific exhibits rapid growth over the forecast timeframe. This is majorly attributed to the high unmet medical needs for the target diseases such as diabetes, cancer, and other infectious diseases along with constant improvement in the healthcare expenditure in the region.
COVID-19 outbreak in early 2020 has brought disruption in several industries. Some industries seek a positive outlook whereas some seek negative. The Healthcare industry is one of those industries that encountered promising growth in the pandemic situation. In reference to our market, biosensors may open alluring opportunities for the COVID-19 testing and diagnosis procedure, thus expected to witness unprecedented growth in the coming years.
Key Vendor Takeaway
Some of the prominent players operating in the industry include Abbott Laboratories, AZUR Environmental, Biosensor BV, Cranfield Biotechnology Centre, Bayer AG, DuPont Biosensor Materials, Pinnacle Technologies Inc., Ercon, Inc., Johnson & Johnson, EG & IC Sensors Inc., LifeScan, Inc., Innovative Biosensors Inc., and Strategic Diagnostics among others.
The global industry is highly competitive as companies are largely focused on new product launch, partnerships, and agreements. For instance, in May 2018, Abbott Laboratories launched the Afinion test system in the United States. The new system helps in measuring albumin to creatinine ratio (ACR) and hemoglobin A1c (HbA1c) results at a point of care in an accurate manner.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2016 to 2018
Base Year - 2019
Estimated Year - 2020
Projected Year - 2021 to 2027
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL BIOSENSORS MARKET KEY PLAYERS
Cranfield Biotechnology Centre
DuPont Biosensor Materials
Pinnacle Technologies Inc.
Johnson & Johnson
EG & IC Sensors Inc.
Innovative Biosensors Inc.
GLOBAL BIOSENSORS MARKET, BY PRODUCT
GLOBAL BIOSENSORS MARKET, BY TECHNOLOGY
Others (ion-sensitive biosensors and resonant biosensors)
GLOBAL BIOSENSORS MARKET, BY APPLICATION
Blood Gas Analyzer
GLOBAL BIOSENSORS MARKET, BY END-USE
Home Healthcare Diagnostics
Security & Bio-defense
GLOBAL BIOSENSORS MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
The Middle East and Africa
United Arab Emirates
Rest of MEA