A biosensor is an analytical device which is a combination of biological detecting elements such as a sensor system and a transducer. It is principally used to detect biological or chemical reactions generating signals proportional to the concentration of an analyte in the reaction. They are basically used across application such as drug discovery, disease-causing micro-organisms, disease monitoring, and markers that are indicators of a disease in body fluids such as urine, blood, saliva, and sweat. The two successful examples of biosensor device are pregnancy tests and glucose monitoring sensors. Technological advancement of biotechnology in terms of genetics, medicine, and bioinformatics is boosting the market growth of biosensor, which has enabled the opportunity for early diagnosis and improved treatment outcomes of various chronic disease such as diabetes and cancer. Moreover, point-of-care biosensor offers sensitive and rapid detection of target analytes, which is necessary for the diagnosis of disease such as cardiovascular, diabetes, and infectious disease such as cardiovascular disease, cancer, and infectious disease and it is also cost-effective option.
Market – Drivers
Rising prevalence of cardiovascular and diabetes disease coupled with the rising demand for cost-effective, user-friendly and disposable devices are the major factor fueling the market growth of the biosensor market. A biosensor is used by diabetic patients on a routine basis to monitor the blood sugar level as these devices offer easy monitoring and self-testing, hence supporting in diabetic management. According to the Global Diabetes Community, 2017, around 422 million adults are living with diabetes globally, where the number is expected to escalate to around 642 million by 2040. Also, according to the American Heart Association, 2016, cardiovascular diseases account for 17.3 million deaths every year globally, where an estimated 23.3 million people are expected to die from CVD by 2030, thus illustrating the rising need to adopt devices offering a timely diagnosis of craniological disorders.
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Additionally, vendors and researchers are producing more advanced system such as real-time biosensor for providing instant result about health status, hence offering significant opportunities in improving personalized care devices. For instance, in 2016, VitalConnect, Inc. launched FDA approved Vital Connect platform to achieve better health and economic outcomes. The platform includes HealthPatch MD biosensor and the single-use VitalPatch biosensor. Also, in February 2018, Nanomedical Diagnostics launched Graphene Biosensor- FLEX, which can be easily integrated with company’s Agile R100 protein assay system to increase the efficiency of the drug discovery process. Moreover, advanced biosensor such as wearable devices are cost-effective, affordable, and personalized healthcare monitoring devices which are widely used across commercial applications. Beside, advanced technology, the rising popularity of point-of-care diagnostic devices along with the growing application of biosensors in medical science are a major factor fueling the market growth of global biosensor market. Moreover, wearable biosensors have provided cost-effective, affordable, and personalized healthcare monitoring devices in various commercial applications. Furthermore, the advent of nanotechnology, chemistry, and medical science, and rising geriatric population base rate has fueled the growth of the global biosensors market. On the contrary, lack of awareness regarding the point-of-care diagnostic devices and high-cost associated with the wearable biosensor devices are projected to curb the market growth.
Regional Insights
Based on geography, the global biosensor market has been studied across the regions of North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America held a leading position in the global biosensor market and this can be attributed to the rising adoption of advanced technologies and the advent of point-of-care analytical platforms, which offer early diagnostic and increase the probability of patient recovery soon. According to the National Health Council, 2015, diabetes and chronic diseases affect over 70 million individuals in the U.S., which accounts for over 75% of the healthcare expenditures equaling to around US$ 2 trillion. Also, the growing economic burden with increasing cases of chronic disease is further anticipated to raise the adoption of a biosensor for improving the treatment of disease. According to the Center for Advanced Life Cycle Engineering, University of Maryland, 2015, the treatment expenditure and loss of productivity is projected to be around US$ 790 billion and US$ 3.363 trillion, respectively in the U.S. in 2023. Various organization is adopting undertaking research activities to offer real-time alcohol monitoring devices, subjected to the rising cases of fatal associated with drunk and driving. For instance, in 2016, the University of California, San Diego, with funding from the National Institute of Biomedical Imaging and Bioengineering (NIBIB), has created a wearable sensor that detects alcohol levels in perspiration and sends information to a smartphone. According to the Center of Disease Control and Prevention, around 88,000 people in the U.S. die every year from alcohol-related causes and according to the National Highway Traffic Safety Administration, over 9,900 people are killed in drunk driving crashes.
The Asia Pacific is projected to gain significant momentum in the global biosensors market over the forecast timeline and this can be attributed to the changing lifestyle leading to the rising number of chronic disease, growing investment in healthcare sector coupled with the reduced overall cost of medical assistance devices. Additionally, favorable government reimbursement policies, the advent of healthcare insurance facilities along with the increasing adoption of advanced medical systems in the region are some of the major factors driving regional market growth.
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Competitive Landscape
Key players in the global biosensors market are adopting novel strategies for launching innovative biosensors with enhanced product quality to cater to the demand of consumers for various types of biosensor products. For instance, in 2016, Profusa, Inc. received a US$ 7.5 Mn grant from Defense Advanced Research Projects Agency (DARPA) and the U.S. Army Research Office (ARO) to develop implantable biosensors for continuous monitoring of chemical constituents.
Some of the key players operating in the global biosensors market include Abbott Point of Care Inc., F. Hoffman-La Roche Ltd., Medtronic, Inc., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, and Sysmex Corporation.
Market Segmnetation
By Product Type
- Wearable Devices
- Non-wearable Devices
By Technology
- Optical
- Thermal
- Electrochemical
- Piezoelectric
- Others
By Application
- Drug Development
- Medical Diagnosis
- Research
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
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