The global bioelectronics and biosensors market is projected to surpass USD 28 billion by 2024 from USD 11.4 billion in 2013. It can register a decent CAGR over 10% from 2016 to 2024 (forecast period). High incidence of target diseases may drive the industry over the next eight years. Demand for diagnostic & monitoring tools, such as cardiac pacemakers, blood sugar level, and other implantable clinical devices, could boost the worldwide market in the near future.
Growing prevalence of diabetes along with the rising need to evaluate and monitor blood glucose levels could positively influence market demand. Technological advancements coupled with focus on innovation is anticipated to fuel global demand. For instance, in 2014 ‘HealthPatch MD’ developed by Vital Connect Inc. received FDA approval. HealthPatch MD is a biosensor that captures biometric measurements when applied to the skin.
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Furthermore, the emergence of nanobiosensors will benefit the global market in the long run. For example, Fluid-Screen, a quarter-sized device, employing very small nanosensors is gaining importance in the world of biosensors. This device identifies pathogens in water & bacterial contamination in blood. Moreover, demand for home-based POC devices is anticipated to increase in the years to come. These devices are used to determine heart rate, glucose levels, and blood pressure. Patients can use these devices sitting at home and can monitor their health. Hence, the ‘convenience’ factor associated with home-based POC devices may contribute to the worldwide market significantly.
However, the sluggish pace of commercialization because of readout times, sensitivity, costs, miniaturization, and lifespan of a molecule could hamper demand. Also, high costs in research & development and the low adoption levels of novel treatments are the other market restraints.
The global market is categorized as applications, technologies, and end-uses. Applications comprise medical applications, food toxicity detection, environment, industrial process control, and agriculture. The surging popularity of biosensors for blood sugar monitoring may fuel global demand in the near future.
On the basis of technologies, the market is divided into thermal biosensors, electrochemical biosensors, optical biosensors, and piezoelectric biosensors. The global demand for optical biosensors can surge substantially over the next eight years. These devices should modernize eco-monitoring by increasing the ability to differentiate & gauge eco-pollutants. This may propel the worldwide bioelectronics and biosensors market in the forecast period.
Based on end-use, the industry is fragmented into the food industry, home healthcare diagnostics, Point-of-Care (POC) testing, and research laboratories. The POC diagnostics segment was estimated at more than USD 14 billion in 2015. The introduction of bioelectronics has revolutionized the rapidly developing POC testing industry. POC biosensor systems provide real-time health monitoring, ensuring better patient health.
Geographically, the North America bioelectronics and biosensors market may witness considerable growth from 2016 to 2024. This would be on account of extensive applications in the healthcare segment. Asia-Pacific could also expand robustly over the forecast period. Major companies in the worldwide bioelectronics and biosensors market are F. Hoffmann-La Roche A.G.; LifeSensors Inc.; Abbott Point of Care Inc.; Nova Biomedical Corp.; and AgaMatrix Inc.