ID: MRFR/HC/0720-CR | July 2021 | Region: Global | 106 pages
The biosensors market is expected to cross USD 38,778.80 million by 2027 at a CAGR of 7.95% during the forecast period. Biosensors are devices used to provide analytical information by biological samples, such as tissues, enzymes, and whole cells, to an electrical signal. It is cost-effective, user-friendly, simple, disposable, and convenient. Potentiometric sensors, amperometry sensors, and conduct metric sensors are modes of electrochemical detection. It is used mostly in miniaturized devices and is used for the detection of biological and non-biological matrices.
The growth of the biosensors market is driven by factors such as the rising aging population, technological advancements, increasing diabetic population, and the growing prevalence of chronic and lifestyle-induced diseases. In addition, increasing demand for personalized medicine creates a lucrative opportunity for the market. However, stringent regulatory guidelines coupled with reimbursement challenges are likely to restrain the biosensors market growth.
COVID-19 has not only affected humanity but also has brought economic devastation around the world. This pandemic's effect on the global economy is expected to be far more intense than the global financial crisis between 2008 and 2009. It is affecting the demand and supply chain, which will severely hurt global trade. The supply chain is the key to fulfill customer demands. Due to COVID-19, several countries put on certain restrictions on imports and exports of non-essential goods. However, due to the effectiveuse of biosensors in collecting analytical information, there has been no restriction on the supply and distribution of biosensors across the globe.
Furthermore, due to partial and total lockdowns in different parts of the world, the demand for products has been hit in various industries. However, due to the time-saving and user-friendly nature of biosensors in collecting analytical information, their demand has increased drastically during the pandemic. Being an essential commodity greatly helped the biosensors market evade the COVID-19 impact.
In the initial period, due to complete lockdown, many companies either halted their production or operated with fewer employees. Moreover, product demand decreased in the initial phase, which led to downsizing the number of employees or reducing wages. However, with the demand for biosensors picking up speed, many players such as Siemens Healthcare (Germany), Johnson & Johnson (US), Nova Biomedical Corporation (US), Medtronic (Ireland), and F. Hoffmann La Roche (Switzerland) have started increasing their production capacity. Therefore, the biosensors market is expected to grow at a significant growth rate during the forecast period.
Biosensors Market Dynamics:
According to the United Nations, the population aged 65 years had grown from 6% in 1990 to 9% in 2019. Furthermore, it is projected that this population will account for 16% of the population by 2050. Thus, a rise in the aging population is likely to fuel the demand for biosensors as the senior population is more prone to diseases.
Chronic diseases are most prevalent in the aging population. Biosensors play a crucial role in monitoring the health conditions constantly, thereby becoming popular among the geriatric population. The advent of wearable biosensors has greatly benefitted people who need long-term care. Often, long-term care and physicians 'hefty fees discourage the elderly population from using hospital facilities.
There have been noticeable technological advancements in biosensors in the last few years. These advancements include the determination of multianalyte for environment monitoring and screening. Furthermore, miniaturization in biosensors has led to the development of small, easy-to-use, and compact biosensors, which has improved the conventional testing scenario greatly.
Another significant technological advancement includes Point-Of-Care Testing (POCT), strengthening the overall demand for biosensors. Key players involved in PoC diagnostic are focusing on the development of a new product. Furthermore, the use of instrumentations, such as nanomaterials and fluorescence tags, has increased the sensitivity of the biosensor. Increasing use of affibodies, molecule imprinted polymers, and nucleotides have led to the development of advanced biosensors, which has bolstered biosensors market growth.
Growing prevalence of chronic and lifestyle-induced diseases
China, India, Brazil, and other emerging economiesare heavily investing in the healthcare sector. It is expected that emerging countries would increase their healthcare budgetto over 24% of their GDP by 2040. This growth in their healthcare spending is influenced by the increasing purchasing power, improving healthcare infrastructure, and rising investment by private and government sectors alike. Increasing healthcare expenditure is likely to affect the biosensors market growth positively in countries with emerging economies.
The demand for low-cost biosensors is projected to rise in the African and East Asian countries. Developing countries extensively use biosensors at point-of-care diagnostics. These countries provide a lucrative opportunity for the leading market players to invest and consolidate their position in the biosensors market.
Dueto the high cost involved in the research &development of biosensors, the overall cost of the technology increases. R&D expenditure of biosensors can range as high as USD 40-50 million. Due to this, only larger companies invest in their development. The high cost of biosensors has slackened its commercialization. Healthcare is one of the leading sectors where biosensors are used, as the high cost has limited its application in other sectors such as food, industrial process, agriculture, and environment.
In addition, introducing technically advanced biosensors take a significant amount of time. It can take up to five years for a company to get approval and commercialize biosensors. Other factors such as the quality and reliability of biosensors have led to low acceptance, thereby restraining the biosensors market growth.
Value Chain Analysis
The biosensors market is growing steadily due to the rising number of players coming forward with new and better products. The value chain analysis of the biosensors market comprises four major components starting with the R&D and designing, followed by manufacturing the products, distribution & sales, and post-sales services.
R&D start with conceptualizing, followed by design, then development, and lastly testing. The R&D segment comprises 25-30% of the value chain. After the product designs are final, the manufacturing starts. Manufacturing consists of 45-50% of the value chain. Then comes distribution and sales, which are essential for any industry. Here, awareness about the products is spread across the biosensors market to attract interested customers for the product. It consists of 10-15% of the value chain. Lastly comes thepost-sales services.The post-marketing monitoring stage begins with a periodic safety update report of the product, which is to be submitted to the FDA after the device comes into the biosensors market and accounts for around 5% of the value chain.
Biosensors Market Segment Overview:
Electrochemical biosensors function using an electrochemical transducer. This type of biosensor is used to detect biological materials, such as enzymes, whole cells, specific ligands, and tissues, as well as non-biological matrixes.
In an electrochemical biosensor, electrodes are bound in the sensor housing in contact with a liquid electrolyte. The gas is diffused into the sensor with the membrane attached to the working electrode. Once the gas reaches the working electrode, then an electrochemical reaction such as oxidation and reduction occur.
An optical biosensor is a compact analytical device that contains a biorecognition sensing element combined with an optical transducer system. An optical biosensor's main objective is generating a signal, which is equivalent to the concentration of a measured substance. This type of biosensors can use different biological materials such as enzymes, antibodies, antigens, receptors, nucleic acids, and tissues as biorecognition elements.
Moreover, in particular, optical detection is based on the measurement of fluorescence, luminescence,and color changes by measuring absorbance and reflectance which occur in the ultraviolet (UV), visible, and near-infrared spectral regions.
Thermal biosensors measure the heat energy released and absorbed in a biochemical reaction. This type of biosensor is universally used. Due to the universal detection principle, there are multiple applications of thermal biosensors.
In the healthcare sector, the use of this type of biosensor has increased the interest of chemists. In homecare settings, thermal biosensors are suitable for monitoring metabolites such as glucose in diabetic control. At present, thermal biosensors are gaining popularity due to their simple and easy mechanism and low maintenance.
Piezoelectric biosensors are also known as mass sensors. The working principle of this type of biosensor involves affinity interaction related to the amount of analyte with the sensing element, generally a vibrating piezoelectric quartz crystal. When an analyte of interest combines with the piezoelectric sensing element, then the resonant frequency of the piezoelectric crystal change. This is generating an oscillating voltage that is marked by the acoustic wave sensor.
This type of biosensor is used in the healthcare industry for measuring the pulse of the patient. It is also useful in studying sleep disorders by measuring the muscle movement of patients in the leg, chest, and eyelid.
Medical testing supports determining, diagnosing, treating, and planning for patients within a specific time. Biosensors are used in medical testing to measure blood metabolites, such as lactate, glucose, urea, and creatinine.
The electrochemical and optical modes of transduction are widely used in the laboratory, in the point-of-care setting, and self-testing of glucose in the blood. Moreover, biosensors are gaining popularity in diagnosing cancers, genetic testing, infectious diseases, pregnancy testing, etc.
Food toxicity is a rising concern that threatens human health. It is considered one of the grave public concerns worldwide due to the expansion of mass catering establishments, changing food habits, and the globalization of food supply chains. As food supply chains are becoming global, there is a requirement to identify food toxicity in every country. Moreover, food quality control is needed for consumer protection as well as for the food industry. Thus, screening of food contaminants and quantification of food constituents is becoming dynamic for food industries and consumers.
Biosensors are also used in monitoring a wide range of bioprocesses in the industry. They are gaining popularity in monitoring glucose, penicillin, ethanol, lactate, and acetic acid in different industries, like penicillin production, fermentation, cell cultivation, and bioprocess monitoring.
Biosensors are useful in determining the type and concentration of contaminants present in an environment. The initial step in environmental monitoring deals with water, air, and soil which is attained through biosensors. Biosensors effectively determine heavy metals levels, organophosphorus, phenolic compounds, and carbamate pesticides, which are major concerns, considering they aremajor causes of increased pollution levels and hence are used extensively for environmental monitoring purposes.
Agriculture testing is anticipated to witness the fastest growth over the forecast period,at a CAGR of 8.96%. Compared to earlier approaches used to minimize losses from livestock and crops by natural hazards and biological fear, biosensors include fast and precise identification of different species. It is used to measure levels in the soil and groundwater of pesticides, heavy metals, and herbicides.
By End User
The point-of-care segment held the largest share of 48.9% in 2019. The technological advancements relating to the product, such as ultrasensitive printable biosensors for point-of-care applications that detect biological fluids, such as urine, blood, sweat, and saliva, are expected to drive this segment's growth in the biosensors market over the forecast period.
Tests performed on patient body samples, such as blood, saliva, and urine, are used to identify diseases and medical conditions at home. Demand for home diagnostics is increasing due to the growing prevalence of cardiovascular diseases and diabetes. For example, as per the American Diabetes Association, in 2018,34.2 million Americans had diabetes, 10.5% of the population.
Biosensors are used in research laboratories to detect food toxicity and toxicity levels of wastewater in the environment. It is used in the microbial analysis of food pathogens, such as Staphylococcus aureus, Listeria monocytogenes, and Salmonella in research laboratories. It is also used for the R&D of the treatment of various diseases.
Biosensors are used in the food industry to control food quality and measure amino acids, carbohydrates, amides, amines, heterocyclic compounds, carboxylic acids, gases, inorganic ions, cofactors, alcohols, and phenols. They are also used in the quality assessment of products such as beer, wine, and yogurt.
Different types of biosensors are used in the food industry, such as electrochemical biosensors used for the measurement of at least 90 substances like amino acids and gases, and cofactors, e.g., ATP, NAD(P)H, and H202; amines and amides, carboxylic acids, antibiotics, and others.
Biosensors also play a key role in security and biodefence. They easily diagnose bioterrorism weapons such as microbes, pathogens, toxins, viruses, or nerve gases. The rising concern of war or terrorism and increasing security issues drive up the demand for more efficient biosensors in the military and civil defense applications for providing protection.
Biosensors Market Regional Analysis
North America is likely to hold the largest biosensors market share during the period. In North America, the biosensors market is driven by increasing health awareness, rising chronic and lifestyle diseases, technological developments in healthcare applications, and appropriate insurance coverage. Since the healthcare expenditure is high in North America, biosensors devices are used extensively for accurate, reliable, and quick results for the early detection and prevention of diseases.
In addition, key players are continuously focusing on expanding their biosensors market presence and product portfolio by strategic alliances and launching new products. For instance, in 2020, Nova Biomedical (US) received US FDA approval for its product, Stat Profile Prime Plus, in point-of-care use. This product approval allows point-of-care personnel to perform bedside critical care testing with lab-quality results within one minute.
The Asia-Pacific is anticipated to register the highest growth rate during the forecast period from 2020 to 2027. This is due to increasing awareness of clinical outcomes, a large population base, a rise in the geriatric population, increased diabetic population, and rising environmental pollution concerns. The awareness of various diseases and the requirement of high-quality care are growing day by day.
In addition, technological advancements in medical devices and equipment such as biosensors for the effective treatment of patients suffering from chronic disease drive the demand for biosensors in these countries. Thus, the increasing adoption of biosensors is anticipated to boost the market growth.
Europe accounted for a biosensors market size of USD 1,438.04 million in 2020 and is expected to exhibit a CAGR of 7.42% during the forecast period. The market growth is attributed to the rise in the geriatric population, increased lifestyle-associated diseases, the rise in diagnostic requirements, and the growing awareness of various diseases. For instance, according to the International Diabetes Federation (IDF), in 2018, approximately 32.7 million people had diabetes in Europe.
The Rest of the World is segmented into the Middle East, Africa, and Latin America. The biosensors market growth is less due to slowly improving economies. In the Middle East and Africa growing aging population, rise in the diabetic population, and increasing prevalence of lifestyle-associated diseases drive the growth of the biosensors market. Further more, rising awareness about food toxicity and environmental pollution, improving health care facilities, and rising disposable income are likely to boost the market growth.
Biosensors Market Competitive Landscape
The biosensors market is characterized by many global, regional, and local vendors catering to the demand for biosensors. The availability of innovative products is increasing the lucrativeness of the biosensors market. The key players have adopted signing contracts and agreements to expand the geographical reach and optimize operational costs.
Abbott Laboratories (US) is a key player in the c. With a global presence in over 160 countries, Abbott is a leading manufacturer of products for blood screening, point-of-care portfolios, HIV testing, and infectiousdisease testing. Around 60% of the world’s blood donated and plasma are screened by Abbot products. The product portfolio of Abbot includes products such as the FreeStyleOptium Blood Glucose Test Strips and FreeStyleOptium β Ketone Test Strips. Furthermore, the company also launched a new biosensor in September 2020 called the 'Libre Sense Glucose Sport Biosensor' specifically to cater to theneeds of athletes.
List of Key Companies Covered in Biosensors Market Report:
The study covers the existing short-term and long-term market effects. It helps decision-makers to draught short-term and long-term business plans by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market
Biosensors market, By Technology
Biosensors market, By Application
Biosensors market, By End User
Biosensors market, by Region
|Market Size||2027 USD 38,778.80 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, End User and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Johnson & Johnson (US), Abbott (US), Bayer AG (Germany), Siemens (Germany), Life Sensors, Inc. (US), Nova Biomedical Corporation (US), Medtronic plc (Ireland), F. Hoffmann Roche (Switzerland), i-Sens, Inc. (South Korea), Pinnacle Technologies Pvt. Ltd. (US)|
|Key Market Opportunities||Growing demand in emerging economies|
|Key Market Drivers||Growing aging population worldwide, technological advancements in biosensors technology, and growing prevalence of chronic and lifestyle-induced diseases|
Frequently Asked Questions (FAQ) :
The global biosensor market is projected to reach a valuation of USD 35,729.14 MN by 2025.
The global biosensor market is projected to grow at approximately 9.7% CAGR during forecast period (2020-2027).
Rising prevalence of chronic and lifestyle-induced diseases.
North America holds the largest share in the global biosensor market followed by Europe and Asia Pacific, respectively.
Abbott (US), Siemens Healthineers AG (Germany), LifeSensors (US), Nova Biomedical (US), Johnson & Johnson Services, Inc. (US), Medtronic (US), Bayer AG (Germany), F. Hoffmann-La Roche Ltd (Switzerland), i-SENS, Inc. (South Korea), and TiaDoc Technology Corporation (Taiwan), are some of the major players operating in the biosensor market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.