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    Breaking News

    Global Biosensors Market to Register 8.1% CAGR through 2026: Grand View Research

    Valued at USD $18.2 billion in 2018.

    Global Biosensors Market to Register 8.1% CAGR through 2026: Grand View Research
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    07.09.19
    The global biosensors market size was valued at USD $18.2 billion in 2018 and is expected to register a CAGR of 8.1% during the forecast period. The market growth can be attributed to the high demand for miniature diagnostic devices, rapid technological advancements, and increasing scope of application for wearable biosensors in the medical field.
     
    Early and precise disease diagnosis is essential for the successful prognosis of the disease and survival of the patient. In recent years, the demand for disposable, cost-efficient, and user-friendly devices with fast response time has increased. These devices, owing to their potential to fulfill these criteria through an interdisciplinary combination of approaches from medical science, chemistry, and nanotechnology , have paved their way in the medical sector.

     
    Moreover, government initiatives aimed at the development of proteomics and genomics are expected to drive the global market. For instance, National Information and Communication Technology Australia (NICTA) is expected to advance its research on data mining, networks , and embedded systems to be used in this field. Most of the IT companies are also significantly investing in this industry.
     
    Investments from major IT players such as IBM, Infosys, and TCS are expected to boost biosensors market growth. In addition, the Chinese Government is also investing heavily on its computing infrastructure majorly via the China Grid initiated by Chinese Academy of Sciences and Ministry of Education and the China National Grid (CNGrid) supported by the Ministry of Science and Technology. Presence of such favorable initiatives is expected to have a positive impact on the market.
     
    Based on the applications, the market is segmented into medical, food toxicity, bioreactor, agriculture, environment, and others. In 2018, the medical segment led the market. Medical biosensors are used in the field of cholesterol testing, blood glucose monitoring, pregnancy testing, drug discovery, and infectious diseases. It is considered as an essential tool in the detection and monitoring of a wide range of medical conditions from diabetes to cancer.
     
    Agriculture is anticipated to witness the fastest growth over the forecast period. Biosensors provide rapid and specific detection of various fungi as compared to the older techniques that are adopted to reduce the loss of livestock and crops by natural threats and bioterrorism. This device is used to measure the concentrations of pesticides, heavy metals and herbicides, and pesticides in the ground and soil water. These are also used to forecast the possible occurrence of soil disease, which was not feasible with the conventional technology and hence providing reliable, advanced ways for the decontamination and prevention of soil disease at an early stage. Such factors are contributing towards the growth of the market.
     
    Based on technology, the market is categorized into thermal, electrochemical, piezoelectric , and optical. Electrochemical technology captured the largest market share in 2018owing to its widespread applications for quantification and analysis in biochemical & biological processes. Electrochemical biosensors have advantages such as wide linear response range, low detection limits, reproducibility, and optimum stability. Electrochemical transduction presents considerable advantages over thermal, piezoelectric or optical detection, thereby leading to high consumption and greater market penetration. These advantages include robustness, compatibility with new microfabrication technologies, disposability, low cost, ease-of-operation, independence from sample turbidity, and minimal power requirements.
     
    The optical segment is expected to witness the fastest growth over the forecast period. Rising demand for optical biosensors in analysis owing to their versatile analytical coverage is expected to boost the growth of the segment over the forecast period. Optical biosensors are applicable for structural studies, fermentation monitoring, receptor-cell interactions, concentration, kinetic, and equilibrium analysis. Such factors are anticipated to boost the growth of optical biosensors market.
     
    The end use segment includes home healthcare diagnostics, PoC testing, food industry, research laboratories, and security and bio-defense. Biosensors in PoC testing dominated the market in 2018. Technological advancements pertaining to novel product development such as ultrasensitive printable biosensors for point of care applications that help in detecting or monitoring biological fluids such as urine, blood, sweat, and saliva are amongst key rendering drivers attributing to the growth of biosensors in point of care diagnostics market over the forecast period.
     
    Biosensors in food industry is anticipated to witness the fastest growth over the forecast period. Key factors attributing to its rapid growth include its ability to overcome various challenges in food processing industries, which includes minimization of costs incurred during the hygiene analysis by providing rapid and accurate test results. Rising concerns for detection of allergic components and pathogens in food and biosensors have paved the way for rapid food analysis to maintain product freshness and routine monitoring of raw materials, which are some of the potential application areas of biosensors in the food industry.


     
    North America held the largest market share of around 40.0% in 2018 and will maintain its leading position over the forecast years. This can be attributed to the growing prevalence of targeted diseases and the presence of key companies in the region. Technological advancements, such as the introduction of miniaturized diagnostic equipment rendering rapid and accurate results and rising market penetration of Electronic Medical Records (EMR) are also expected to drive the market. In addition, the Clean Air Act, Clean Water Act, and National Environmental Policy Act in the U.S. continuously monitor environmental pollution and are expected to offer lucrative growth opportunities to the regional market.
     
    Asia Pacific is expected to exhibit the fastest growth during the forecast period. Presence of high unmet medical needs pertaining to target disease, such as cancer, diabetes and other infectious diseases, growing patient awareness levels, and constantly improving healthcare expenditure in the region, are some of the key factors attributing to the growth of the Asia Pacific market. Rising demand for point-of-care, home healthcare, and other healthcare establishments catering to the adult population and initiatives undertaken by governments to shorten hospital stays by establishing outpatient care models are also expected to drive market growth over the forecast period.
     
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