Bio-electronics & Biosensors Market size likely to exceed revenue of USD 25 billion by 2023
Global bio-electronics and biosensors market size was valued at USD 11.39 billion in 2013. It is likely to be estimated over USD 25 billion by 2023.and is likely to grow at a CAGR of over 10%. Proliferating prevalence of target diseases is expected to drive industry growth over several forthcoming years.
Escalating demand for diagnostic as well as monitoring devices such as blood glucose level, cardiac pacemakers and other implantable medical devices are likely to fuel bioelectronics market size. Rising pervasiveness of diabetes accompanied by increasing need to measure and monitor blood glucose level is likely to positively impact the biosensors market demand. Proliferating technological improvisation along with increasing innovation is expected to drive the industry growth. For example, Health Patch MD biosensors by Vital connect has received FDA approval in 2014. This patch is applied over the skin and has a capability of capturing biometric measurements.
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The bio-electronics & biosensors market can be segmented on the basis of application, technology and end-use. On the basis of application the industry can be segmented into food toxicity detection, medical applications, industrial process control and agriculture, environment. Based on technology the industry can be segregated into electrochemical biosensors, thermal biosensors, piezoelectric biosensors and optical biosensors. On the basis of end-use the industry can be segmented into point of care testing, home healthcare diagnostics, food industry and research laboratories.
As of 2013, electrochemical biosensors market was valued to be the major technology sector of the industry. Attributes such as robustness, excellent detection limits along with easy miniaturization are expected to fuel demand for these sensors. In addition, these devices play a vital role in research initiatives that involve accurate examination of contents of a organic sample.
Major application of these sensors are contributed in numerous industry sectors such as agriculture, toxicity detection, environmental, industrial process control as well as medical applications among several others. The preliminary thrust for swiftly advancing bio-electronics & biosensors technology was derived from healthcare segment. These sensors allow superior evaluation of the patient’s metabolic state. Flourishing implementation of these sensors in blood glucose monitoring devices is expected to stir the industry demand. For example, The American Diabetes Association recommends the patients suffering from insulin-dependency type 1 diabetes disease are required to monitor blood glucose levels three to four times a day, while, insulin-reliant type 2 diabetic patients are required to monitor blood glucose levels once in a day. Thus, this is highlighting increasing requirement of blood glucose biosensor in recent times.
Optical biosensors market is projected to experience healthy growth over the forecast period. These devices are anticipated to modernize the ecological monitoring as well as untimely warning field by augmenting the capability to calculate and differentiate the environmental contaminants. This is projected to drive the industry growth for bio-electronics & biosensors market over the several upcoming years.
The Point-of-Care (POC) diagnostics market was valued at over USD 14 billion in 2015. The advent of bioelectronics market is likely to initiate a revolution in the swiftly evolving point of care testing industry. Points of care biosensor systems offer real time health monitoring and thus assist in improving patient’s health condition. Use of this equipment also aids in increasing patient’s satisfaction and also leads to lessening the patient waiting time.
North America is expected to gain the dominance due to large number of application in numerous healthcare sectors is expected to boost the demand in the region. Proliferating significance of numerous serious diseases owing to unhealthy lifestyle, presences of many R&D units and increasing adoptability of sophisticated products by scientists, patients and clinicians are forecast to drive the industry growth over coming years. Asia Pacific bio-electronics and biosensors market is likely to witness significant growth owing to improving healthcare infrastructure and rapid economic growth over the forecast period.
Key industry participants occupying major bio-electronics and biosensors market share include, Abbott Point of Care, F. Hoffmann-La Roche Ltd, LifeSensors, AgaMatrix, Nova Biomedical Corporation and Siemens Healthcare. The industry is technology driven and hence, manufacturers are anticipated to continuously engage in research & development focused on development of highly developed biosensors and bio-electronics over the forecast period.
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