ID: MRFR/HC/0720-CR | August 2019 | Region: Global | 93 pages
Biosensor Market CAGR is anticipated to record a 9.7% CAGR and is anticipated to reach USD 35,729.14 Million by 2025. The biosensor is investigative devices that are gaining popularity in medical diagnostics and monitoring. They are composed of a transducer and a biological component for processing analytical data. These gadgets alter the physiological response into an electrical response to identifying numerous molecules' functions and structures.
The diagnosis of coronavirus using biomarkers and indicators at a point-of-care level is crucial to its treatment by correcting symptoms. The transformation of biosensing technologies can intensify the probability of early diagnosis and therapeutic options for controlling the spread of COVID-19 worldwide. Also, the clinically used methods for diagnostics in hospitals involve the use of many biosensor-based technologies, out of which some have already been established to diagnose COVID-19 pneumonia. In order to examine the initial symptoms of COVID-19, diverse techniques are being deployed. The combination with a systematic device allows sensors to detect the chemical compounds being searched for and combine with a biological element with a physicochemical detector. The speedy transmission nature of COVID-19 has distressed society's regular activities, with experts unable to pinpoint a clear time frame for its eradication. This development may contribute to increased development of the global biosensors market as human staff in hospitals are getting exhausted due to surging patient volumes worldwide.
Rising Aging Population Increasing Diabetic Population
The massive population base of the aging population and the mounting diabetic population especially in developed countries worldwide are estimated to add to the medical biosensors market in the upcoming years.
Rising Prevalence of Chronic and Lifestyle-Induced Disease
The intensifying frequency of lasting and lifestyle-induced diseases are creating the need for constant monitoring to keep tabs on fluctuating health parameters. This factor is projected to bolster the biosensor manufacturers to launch relevant products to match this need.
Increasing Demand for POCT
The spread of COVID-19 has spurred demand for POCT thus fast-tracking the non-invasive biosensor market applications in various industries promoting biosensors technology and product development.
Increasing Application of Biosensors
The lower turnaround time in diagnosis helps clinicians to identify numerous diseases in a reduced amount of time. Therefore, these innovations would alter healthcare monitoring, growing the application of biosensors in the forthcoming period.
Opportunity from Increasing Demand of Personalized Medicine
The increasing product inventions are expected to propel the biosensor market growth. The rising product improvement in biosensors is projected to aid medical device manufacturing businesses to progress innovative products for progressive diagnostic solutions to counter the changing biosensor industry demands.
Strict Regulatory Requirements Reimbursement Policies Issues in Healthcare Systems
The severity in regulatory requirements and compensation plans are likely to restrict the biosensor market size's growth.
Based On Technology
The electrochemical biosensors market size development is estimated to spur the technology segment in the forecast period.
Based On End-User
The point of care testing segment was responsible for a market worth of USD 8,428 million in 2017 and is estimated to lead in the forecast period.
Based On Application
The medical testing segment is projected to impel the segment development in the forecast period.
North American Region Reinforces Lead
North America reported for the uppermost market share in the international market. In the North American region, the biosensor market is motivated by growing health awareness, mounting aging population, increasing chronic and lifestyle illnesses, and technological progress for numerous home use uses and suitable insurance coverage.
Lifestyle Diseases to Foster European Region
The Europe molecular biosensors market accounts for the second-largest market share. In Europe, the biosensors market is driven by a rise in the geriatric population, increased lifestyle-associated diseases, growing awareness of various conditions, and advanced diagnostic requirements.
Broad Population Base to Motivate APAC Region
The Asia Pacific regional market is the fastest mounting region and reported for the third main market share. The biosensors market in the Asia Pacific is growing due to the growing understanding of clinical outcomes, huge population base, rising elderly population, augmented diabetic population, and technological development in medical devices and equipment. Furthermore, India reported a market share of 13% in 2017.
The prominent players in the Global Biosensor Market are:
Dec 2020 The Central Drugs Standard Control Organisation (CDSCO), India's top drug and medical device regulator, executed a seven-day ban on the import, transaction, and distribution of the rapid antigen kits mass-produced by South Korean company SD Biosensors for not conforming with the least requirement of sensitivity and specificity. The CDSCO supplied a show-cause notice to the company questioning why their import license should not be canceled or postponed.
Dec 2020 Researchers from the Indian Institute of Technology Bombay (IIT Bombay) present a theoretical method to quantify and improve biosensors' sensitivity in a new study. This technique classifies critical parameters that decree the detection of minute amounts of target molecules suspended in a solution with a huge concentration of other molecules.
Dec 2020 A group of collaborators joined forces to fulfill the expansion and authentication of a prototype and begin testing it in the field to spot yellow fever, dengue fever, and Zika virus infections. Their study group lately added numerous other innovations to attain important sensitivity with a simple, rapid test termed the "ultraSensitive PCR-free Detection (SPeeD)" assay.
Dec 2020 An ultrasensitive test has been established using a paper-based electrochemical sensor to detect the coronavirus's presence in five minutes. The investigators at the University of Illinois Grainger College of Engineering have declared. The novel study shows the option of detecting the virus through a speedy method utilizing a graphene biosensor that is adaptable to other viruses. The investigators showed that the viral RNA's hybridization with these probes causes an alteration in the sensor electrical response.
Nov 2020 Blink Science, a Biotechnology and medical device company, is set to present a new handheld biosensor tool for the immediate detection of COVID-19 and other illness biomarkers in saliva. The new device, called blinkTEST, is intended to offer health reports that can be examined directly to identify acute and continuing conditions. It offers prompt results without needing expensive genetic testing. Blink Science's device uses a patented electronic technology that will notice a range of biomarkers. The blinkTEST biosensor can state the electrical charges between antibodies and an easy-to-use test strip.
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.