The global biosensors market was valued at $12,963.9 million in 2014, and it is expected to grow at a CAGR of 9.7% during 2015 to 2020, to reach $22,490 million by 2020. The global biosensors market is being driven by increasing prevalence of diabetic population, and rise in geriatric population. Diabetes is a chronic and non-communicable disease, and its global prevalence is increasing enormously. Increasing demand of point of care testing, rising prevalence of chronic and lifestyle associated diseases, and increasing application of biosensors in various industries are some of the other factors driving the global biosensors market.
In addition, rising product innovation in biosensors helps medical device manufacturing company to develop innovative products for advance diagnostic solutions in order to respond to the rising industry demands. In order to reduce the global burden of chronic and lifestyle associated diseases, accurate diagnosis is needed for prevention of such diseases; and biosensors help in detection and monitoring of these diseases. However, strict regulatory requirements and reimbursement policy issues in healthcare system are inhibiting the growth of the global biosensors market.
Based on technology, the global biosensors market has been breakdown into electrochemical, optical, thermal, and piezoelectric. Among all the technologies, electrochemical had a major share in the biosensors market in 2014. The optical technology was the fastest growing technology in biosensors market, with a CAGR of 10.3% during 2011 to 2014. The end-users of the biosensors include point of care, home diagnostic, research laboratories, food industry, security and biodefense and others; where point of care accounted for approximately 50% of the market in 2014 and security and biodefense was the fastest growing market, with a CAGR of 10.6%, during 2011 to 2014.
By application, the biosensors market has been breakdown into medical testing, food toxicity, industrial process, environmental, agricultural testing, and others. The medical testing accounted for the highest share, by application, in the global biosensors market; whereas, environmental applications witnessed the highest growth during the period 2011 to 2014.
The growing aging population, increasing health awareness, rising chronic and lifestyle diseases, technological developments for various home use applications, and appropriate insurance coverage are driving the biosensors market in North America. North America accounted for more than 40% of the global biosensors market. In Europe, according to International Diabetic Federation in 2013, approximately 52 million people are suffering from diabetes. Thus, increasing prevalence of diabetes would increase the usage of biosensor devices for the diagnosis in Europe. The biosensors market in Asia-Pacific is expected to witness the highest growth rate (11.4% CAGR) during 2015 to 2020, due to increasing healthcare awareness and increasing healthcare expenditure. China is one of the fastest growing countries in Asia-Pacific due to increasing awareness of clinical outcomes and large population base.
The global biosensors market has a fragmented structure with number of companies operating in the market. The major companies in the market include Siemens Healthcare, Abbott Laboratories Inc., Johnson and Johnson, Medtronic Inc., F. Hoffmann La Roche, and Bayer AG.
News Courtesy: P&S Market Research