Electrochemical Biosensors Market: Information by Application (Diagnosis, Monitoring and others), End User (Point of Care Testing, Diagnostics Center, Research Laboratories and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) - Forecast till 2030

Electrochemical Biosensors Market Analysis

Electrochemical Biosensor comprises of conductors that conveys the electrical signals which are transformed through the chemical substances and solutions. Electrochemical biosensors diagnose diverse molecules produced within a man such as DNA, glucose, uric acid, cholesterol, hemoglobin, etc. They are used as a therapeutic device that helps in treating several diseases relating to the disproportion of biomolecules.

Some types of electrochemical biosensors are Enzyme-based electrochemical biosensors, DNA electrochemical biosensors, thin-film electrochemical biosensors, aptamer-based biosensors. These biosensors use specimens such as tissues, enzymes, proteins, and whole cells to convert the chemical signals to electrical waves. It is installed in micro-scale devices and is used for the detection of several diseases. Electrochemical biosensors market size is anticipated to observe a growth of CAGR of 6.65% globally. The market is expected to reach USD 26,822.01 Million by the end of the year 2030.

Covid19 Analysis

In the present scenario of the coronavirus, the global pandemic, QRT-PCR, and antigen tests are being conducted for diagnosing the presence of SARS-CoV-2. Electrochemical biosensors are acting as a substitute method for detecting viral infections or antigens inside a person’s body. This method can provide us with immediate results within the time of few minutes to 1 hour. It has increased the electrochemical biosensors market size globally.

Market Dynamics

Drivers

The widespread presence of chronic diseases such as cancer, HIV, Tuberculosis, and diseases such as diabetes and heart problems is directly growing the demand for electrochemical biosensors. Diabetes raises the blood sugar level of a person and can harm the nervous system, kidneys, and eyes. The diabetic population is shooting up with every passing day.  In 2013, a report published by the International Diabetes Federation (IDF) says that approximately 384 million people were ailing from diabetes. It is forecasted that 592 million people will have diabetes by the year 2035. This becomes the major driving force in the electrochemical biosensors market’s growth.

Opportunities

Electrochemical biosensors are being used for the precise detection of diseases. Obesity, cardiovascular diseases, high blood pressure, and other such problems which are caused due to unhealthy practices and lifestyle are increasing with every passing day. The detection of the problem becomes vital. It is, therefore, advancing the electrochemical biosensors market worth.

Restraints

With developing infrastructure in every part of the world, it becomes necessary to provide standardized products for medical diagnosis and treatment. The stringent regulatory frameworks and other quality control policies are working as an obstruction in electrochemical biosensors market growth.

Value Chain Analysis

Electrochemical biosensor’s product development and usage ensure that the results inferred are uniform and consistent. These are also accurate in the diagnosis of cancer and can aim directly at the target area. The monitoring and screening of infectious diseases are also done by the electrochemical biosensors in an error-free manner.

Electrochemical Biosensors Market Size, by Application, 2018 (USD Million)  

Source: MRFR Analysis

Market Segmentation

The electrochemical biosensors market can be classified into various segments. These are: based on application, and based on the end-users.

Based on application

It can be further subdivided into two types, namely, diagnosis and monitoring. The segment related to diagnosis was rated to a market value of USD 8,207.2 million in the year 2018. Diagnosis helps us to recognize the signs and symptoms of a certain disease. It can, thus, be treated accordingly. It also keeps an eye on the growing and decreasing contents in diverse biomolecules produced in the human body. It is, therefore, helping in monitoring the molecules such as DNA, enzymes, blood hemoglobin level, etc.

Based on end-users

Electrochemical biosensors are used by various consumers. They are used at Point of Care Testing (POCT) as they provide us with immediate results of the tests. Biosensors are also used at diagnostics centers and pathological labs. Research laboratories and other academic institutions also provide a market for electrochemical biosensor review.

Europe Electrochemical Biosensors Market Share, by Country, 2018 (%)  

Source: MRFR Analysis

Regional Analysis

Electrochemical biosensors are leaving their impression in every corner of the world. The regions where they have a stronghold include North America, Europe, Asia-pacific, Middle-East, and Africa.

North America, which includes the region of the US and Canada, has the largest market share because people living in these regions are recognizing the need of adapting to a healthy lifestyle. Due to the widespread infectious, chronic, and lifestyle diseases, the consumption of electrochemical biosensors is highest in these regions. The robust medical infrastructure administers the demand for adequate testing and results.

The European region, which includes Germany, UK, France, Russia, and Italy, holds the position of second-largest market share in the electrochemical biosensors market globally. It is because of the increased geriatric population across the continent. Italy, alone, had a market share of 13.6% in the year 2018.

Asia-Pacific region, which includes China, Japan, India, Australia, and South Korea, provides a huge market for electrochemical biosensors. It is because of a large population and growing concerns for health issues. It is anticipated to grow tremendously throughout the forecast. This region also provides a competitive market for businesses because of fewer restrictions and laws for carrying out operations.

The Electrochemical biosensors market in the Middle East and Africa is expanding at a moderate pace but is full of promises for the coming future. This is because there are many developing nations in this region.

Competitive Landscape

The list of major key players involved in the market are as follows:

• Siemens Healthineers (Germany)


• Abbott Laboratories (US)


• Hoffmann-La Roche Ltd (Switzerland)


• Medtronic PLC (Ireland)


• Bayer AG (Germany)


• I-SENS, Inc. (South Korea)


• Roche (Switzerland)


• Bio-Rad Laboratories, Inc. (US)


• DuPont (US)


• Biosensors International Group, Ltd. (Singapore)


• Dexcom, Inc. (US)


• Lifescan IP Holdings, LLC (US)


• Masimo (US)


• Nova Biomedical (US)


• Universal Biosensors (Australia)

The above-listed companies work on the monitoring and origination of new equipment in the electrochemical biosensors market. They invest in the latest technologies to meet the standards of the medical agencies by providing good quality products. Electrochemical biosensors are proven to increase the accuracy in testing as they change the chemical signals from inside the human body to the electric sequel.

Recent Development

Various developments which are found in the Electrochemical biosensors analysis are as follows:

• In the year 2020, Roche and Sysmex came together and undersigned a Global Partnership Agreement (GBP) to provide a hematology testing solution. They are providing an improved artificial intelligence and monitoring system for increased accuracy and drawing precise conclusions.


• In June of the year 2019,Abbott sent into orbit the first-ever speedy point-of-care HbA1c Test which helps in detecting diabetes. It enables the pathological labs to build a blueprint based on each individual’s specific case.


• In December of the year 2020, Abbott introduced sensor-based glucose observing technology, FreeStyle Libre 2. It was also acclaimed by Health Canada for diagnosing diabetes in adults and children above the age of 4 years.


• In December of 2020, Bio-Rad Laboratories came into a joint venture with Siemens Healthineers, to provide them with a more precise quality control model for their Atellica Solution.

Report Overview

This market research report of the Electrochemical biosensors market includes the following elements:

• Market Overview


• COVID19 Analysis


• Market Dynamics


• Value Chain Analysis


• Market Segmentation


• Regional Analysis


• Competitive Landscape


• Recent Developments

This electrochemical biosensors market research report sets forth the various types of electrochemical biosensors, which are, namely, enzyme-based electrochemical biosensors, DNA electrochemical biosensors, thin-film electrochemical biosensors, aptamer-based biosensors. It also shows how electrochemical biosensors are acting as a substitute method for detecting viral infection or antigens inside a person’s body during the coronavirus, a global pandemic. As obesity, cardiovascular diseases, high blood pressure, and other unhealthy lifestyle diseases are increasing the need for their monitoring and control is also rising. This is leading to market growth.