The market for biosensors is attributed to witness growth in the long run. The demand for miniature diagnostic devices, surging scope of application of wearable devices in medical industry and rapid technological advancements in biosensors is expected to boost market growth.
Biosensor is a device which is used to detect the concentration or presence of biological analyte, like a biological structure or a microorganism. These sensors consist of a component which recognizes the analyte & produces a signal, a reader device and a signal transducer.
The market for biosensors is attributed to witness growth in the long run. The demand for miniature diagnostic devices, surging scope of application of wearable devices in medical industry and rapid technological advancements in biosensors is expected to boost market growth. The increasing unhealthy lifestyle, rising chronic diseases along with early and precise diagnosis of diseases is anticipated to propel market growth in the long run. Moreover, in the recent past, the increasing demand for cost-efficient, user-friendly and disposable devices with fast response has increased. Owing to the requirement of accurate and timely diagnosis of disease to successful operation them is anticipated to propel growth.
Additionally, miniaturization of these biosensors have changed the conventional testing scenario healthcare and in medical sectors. Medical biosensors are used to diagnose blood glucose monitoring, cholesterol testing, drug discovery, pregnancy testing systems and infectious diseases. These sensors are considered to be a vital tool in the monitoring and detection of large variety medical situations such as cancer and diabetes.
The use of biosensors in agriculture to provide specific and rapid detection of numerous funguses as compared to the older techniques is anticipated to foster growth for biosensors in the forecast time frame. These sensors are adopted to diminish the loss of crops and livestock by bioterrorism and natural threats. The dives are also used to measure pesticides concentrations, herbicides and heavy metals. It can also be used to forecast the occurrence of soil disease, which is not possible with current technology and therefore it providing advanced and reliable ways for prevention and decontamination of soil disease at the initial phase. factors like these are likely to contribute market growth.
Global biosensor market is segmented on the basis of end use the into Home Healthcare Diagnostics, PoC Testing, Food Industry, Research Laboratories and Security & Bio-defense. PoC Testing biosensor had a significant market share in 2018. Advancement in technology related to original product developments like ultrasensitive printable biosensors for PoC application to help in monitoring biological fluids like blood, urine, saliva and sweat are among significant drivers are key rendering drivers attributing to the growth of biosensors in point of care diagnostics market over the forecast period.
On the basis of geography, Asia pacific is anticipated to unveil the significant growth opportunity during the forecast period. Due to the presence of unmet medical needs relating to target disease like diabetes and cancer along with other infectious diseases and continuously improving healthcare expenditure in the region, are some factors likely to support market growth of Asia Pacific market.
Prominent Global biosensors market players such as Infosys,TCS , Medtronic Inc., IBM, Universal Biosensors Inc., LifeScan Inc, DuPont , Abbott Point of Care Inc., Pharmaco-Kinesis Corporation and LifeSensors Inc. among others