The overall biosensors market is expected to grow from USD 21.2 billion in 2019 to USD 31.5 billion by 2024, at a CAGR of 8.3%. The growth is likely to be driven by continuous technological advancements in biosensors ecosystem, increase in the use of biosensors for nonmedical applications, lucrative growth in POC diagnostics, and rise in demand for glucose monitoring systems.
Significant efforts have been made since the last few years for advancing biosensors technology and its applications. For instance, the multianalyte determination for environmental monitoring and screening is among the advancements that have been witnessed in the biosensors ecosystem. Miniaturization has helped develop small, compact, easy-to-handle biosensors, which have changed the conventional testing scenario in medical and healthcare sectors. A few examples include compact blood glucose monitoring systems, cholesterol testing systems, and pregnancy testing systems. PoC diagnostics—another technological advancement—contribute to the overall demand for biosensors. Players in the PoC diagnostics market are increasingly focusing on technological advancements and new product developments. Product innovations and product launches are mainly focused on the development of technologically advanced, faster, and easy-to-use devices. Prevalent chronic diseases and conditions, such as heart diseases, stroke, cancer, type 2 diabetes, obesity, and arthritis, are among the most common, costly, and preventable of all health problems that are influencing consumers to adopt biosensors for the regular detection of pathogenic activities.
Biosensors technology has witnessed a slow rate of commercialization in recent years due to the high price of biosensors and demand emanating only from the healthcare industry. Commercializing biosensors for nonmedical applications, such as military, biodefense, fermentation control, environment monitoring, is a challenge for industry players due to limited R&D and positive outcomes. The biosensors market is also witnessing slow commercialization, primarily due to price sensitivity; acceptance from end users; and concerns related to quality, authenticity, and reliability of the products. Only a few practical systems are currently available in the market, of which, the major share is accounted for by medical diagnostics.
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Glucose detecting biosensors currently enjoy the maximum sale. However, there is also a potential market for non-biomedical applications, which needs to be identified by players and promoted to end users. Another reason for slow commercialization is enzyme-based transducers used in biosensors. Enzyme-based transducers are expensive as the cost of sourcing, extraction, isolation, and purification is high. Biosensors also have certain disadvantages, such as heat sterilization not being possible because of denaturization of biological material, stability of biological material (e.g., enzyme, cell, antibody, and tissue) dependent on natural properties of the molecule that can be denaturalized under environmental conditions (pH, temperature, or ions), and cells in biosensors becoming affected by other molecules that are capable of diffusing through the membrane. These factors have led to the slow rate of commercialization.
Optical biosensors are commonly used to analyze biomolecular interactions as these sensors can determine affinity and kinetics of a wide variety of molecular interactions in real time, without requiring a molecular tag or label. Optical sensors are used for several new applications, such as drug discovery, including target identification; ligand fishing; assay development; and quality control. The growth of these applications is helping optical sensors to grow at the highest CAGR.
The nonwearable biosensors segment is expected to hold the larger market share during the forecast period. Nonwearable biosensors comprise biosensor devices that used mostly for nonclinical applications. They offer real-time on-site monitoring of production processes. Apart from on-site monitoring, these biosensors help the food industry in addressing challenges, such as meeting food quality guidelines, by providing analytical accuracy within complex food matrices.
Increasing inclination toward rapid diagnostic testing and rising private investments and venture funding to support new product developments, along with growing government support, have increased the adoption of PoC devices. PoC systems include different types of biosensors that are capable of measuring various parameters, such as heart rate and oxygen saturation, as well as changes in plasma protein profile and patterns of multiple biomarkers, along with their concentration. Cardiac markers are the most dynamic PoC applications and are expected to witness several innovations and investments over the next 5 years owing to the increasing number of people suffering from cardiovascular diseases (CVDs) and rising demand for instant diagnosis of these diseases.
PoC diagnostics is the fastest-growing application for biosensors in North America. The growth is attributed to the increase in addressable patient population. According to the American Medical Association and American Medical Group Association, more than 50% of Americans were living with one or more chronic diseases until 2012. The number of Americans suffering from chronic diseases was about 125 billion in 2000, which is expected to reach ~157 billion by 2022.
F. Hoffman-La Roche Ltd. (Switzerland), Medtronic Inc. (US), LifeScan Inc. (US), Universal Biosensors Inc. (Australia), Abbott Point of Care Inc. (US), DuPont (US), Sysmex Corporation (Japan), Pharmaco-Kinesis Corporation (PKC) (US), ACON Laboratories, Inc. (US), LifeSensors Inc. (US), Bio-Rad laboratories Inc. (US), Biacore (Sweden), Nova Biomedical Corp. (US), and Biosensors International Pte. Ltd. (US) are among the companies operating in the biosensors market.
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