New discoveries in the field of medical science, government support, rising demand for point of care testing, and the global occurrence of chronic conditions like diabetes along with rapid & accurate detection of such conditions is anticipated to boost the demand for biosensors market over the coming years. The industry growth is expected to further receive a boost owing to the user-friendly as well as cost-effective nature of these biosensor devices. As per the reports of the international diabetes federation, the number of patients suffering from diabetes globally was 366 million in 2011 and the figure is predicted to touch 552 million by 2030.This enormous increase in the number of diabetic patients is expected to benefit the market over the coming years. As per Global Market Insights Inc. report, “The biosensors market size worth USD 14.8 billion in 2015, is expected to surpass USD 29 billion by 2024, growing at a CAGR of 8% over the period of 2016-2024.”
Due to the interdisciplinary approach from various fields such as nanotechnology, medical science, and chemistry, biosensors have found large scale applications in various industries. The use of these biosensor devices in laboratories as well as self-testing coupled with beneficial government policies favoring expansion of genomics as well as proteomics is predicted to further complement the biosensors market growth over the coming years.
Many of the IT giants such as Infosys, IBM, and TCS are making heavy investments in the industry and this is predicted to contribute significantly towards the revenue growth of the market over the coming years. Furthermore, growing patient awareness coupled with extended application of biosensors in medical, agriculture, food toxicity, environment, and bioreactor industries will boost the industry growth in near future.
U.S. Biosensors Market Size, By Application, 2012 - 2024 (USD Million)
Biosensors find major application in medical segment accounting for nearly 66% of the total revenue of the biosensors market. The largest revenue share can be credited to wide use of biosensors in medical sector. For instance, biosensors help in the diagnosis and monitoring of most of the chronic medical conditions such as cancer, diabetes, etc. Furthermore, the segment which was worth USD 9.8 billion in 2015, is predicted to witness a substantial surge over the coming eight years owing to innovations in optical quantum dots which are used in vaccine development, biopharmaceutical industry, and proteomic analysis. The blood glucose monitoring application held maximum share in medical segment and is projected to contribute over USD 15 billion in terms of revenue by 2024 due to rise in the global occurrence of diabetes. In addition to this, application of biosensors in agriculture segment is predicted to record a CAGR of 11% over the period of 2016-2024.
Various technologies used in biosensors industry include optical biosensor, electrochemical biosensor, piezoelectric biosensor, and thermal biosensor technologies. The optical biosensor technology segment is predicted to grow rapidly at a rate of 8.7% over the period of 2016-2024. The electrochemical biosensor technology segment dominated the market by accounting nearly 71% of the overall revenue in 2015, and is expected to surpass USD 21 billion by 2024. This rapidly advancing biosensor technology makes better prediction of the metabolic state of the patient health.
Biosensors finds its end-use applications in Biodefense, Home healthcare, Food industry, Point of Care testing, Security, and Research Labs. The end-use application of biosensors in point of care testing segment was worth USD 7 billion in 2015 and is predicted to witness a substantial growth over the coming eight years. Technological innovations leading to new products such as ultrasensitive printable biosensors are predicted to boost the segment growth. The biosensor application in the home healthcare segment is predicted to witness a CAGR of 8.5% over the period of 2016-2024.
The Asia Pacific biosensors market is predicted to grow at a CAGR of 11.1% over the period of 2016-2024 due to rising awareness among the patients, growing healthcare access facility, and enhancing healthcare infrastructure. Japan, India, and China are predicted to contribute substantially towards the regional growth owing to rapid economic development and extensive R&D carried out in pharmaceuticals industry coupled with improved healthcare systems.
The Latin America biosensors market is forecast to witness a significant surge over the period of 2016-2024. Mexico and Brazil are expected to be the major revenue pockets of the region. The North America market is projected to witness a substantial growth over the period of 2016-2024, owing to the growing occurrence of diabetes & heart diseases, favorable government policies, large number of clinical trials, and advanced healthcare infrastructure facility. The U.S. market is expected to contribute substantially towards the regional growth.
Key industry participants include Abbott Laboratories, Johnson & Johnson, LifeScan Inc., Bayer Healthcare, EG &G IC Sensors, Ercon Inc., Biosensor International Ltd, Strategic Diagnostics Inc., and Sysmex Corporation. The market players will try to retain their market position by producing compact and effective biosensors over the coming timeframe.