Global Biosensors Market Revenue, Comparative Analysis, by Technology 2020
The global market for biosensors is highly consolidated with five players accounting for 75.2% of the market as of 2013. The five companies are F. Hoffmann-La Roche Ltd., Abbott Point of Care, Inc., LifeScan, Inc., Siemens Healthcare, and Medtronic, Inc. Most of these players constantly innovate and develop technologically advanced and/or improved programs and software to maintain their position in the global market.
These market players also collaborate with pharmaceutical, life science, and medical device companies, and various other organizations through long-term agreements in order to provide innovative biosensor-based devices so as to help them achieve their market potential and experience meteoric growth. For instance, recently, Abbott Laboratories announced a collaboration with the United States Department of Defense (DoD) in order to boost their medical diagnostic sales. The global biosensors market is estimated to expand at a CAGR of 8.1% during the forecast period of 2014 to 2020, reaching a valuation of US$ 21.6 bn by 2020.
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Increasing Government Support Driving Demand in Asia Pacific
The report segments the global biosensors market on the basis of technology, application, and geography. Based on technology, the market has been categorized into four major segments: electrochemical, optical, thermal, and piezoelectric. Electrochemical biosensors contributes to the most significant demand, owing to factors such as the increasing prevalence of diabetes and cardiovascular diseases and the growing demand for R&D activities in the field of pharmaceuticals.
Based on application, the global biosensors market is segmented into medical, food toxicity detection, industrial process control, agriculture, environment, and others, which includes bio-defense and drug abuse prevention. The medical application segment is projected to increase at the most robust rate during the forecast period, reaching a valuation of US$16.0 bn by 2020.
Geographically, North America dominates the market for biosensors and is projected to experience a healthy CAGR of 7.2% during the forecast period of 2014 to 2020. However, Asia Pacific is estimated for a stronger growth rate due to factors such as an increasing number of pharmaceutical and biotechnology companies conducting R&D in the region, the presence of a vast population base, and increasing government support.
Rising Diabetic Population Fueling Demand for Biosensors
As per the International Diabetes Federation (IDF), the number of diabetics in the world is projected to reach 642 million by 2040, rising from 415 million in 2015. This can be attributed to the change in lifestyle, as well as malnutrition, genetic mutations, and other factors. Biosensors find frequent application in glucose monitoring devices and diabetes management solutions. Additionally, a large number of medical applications of biosensors and the high demand for the miniaturization of diagnostic devices is fueling the global market for biosensors. Conversely, the report observes that high costs involved in R&D are likely to hinder market growth, along with unfavorable reimbursement policies in several emerging economies.
According to the author of the report, “Diabetes diagnostic devices based on biosensor technology are invasive and could cause discomfort to the patients. Hence, the introduction of non-invasive biosensors is expected to reduce the use of lancets and pinpricks for diabetes monitoring, thereby presenting a major opportunity for players in the global market for biosensors.”
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