The global healthcare expenditure accounted approximately $7 trillion in 2015 and is expected to reach $8.5 trillion, by the year 2020. Increase in the geriatric population has escalated the need for devices, which can monitor the disease, continuously. The biosensing technologies are anticipated to address the healthcare expenditure problem. According to the latest market intelligence report by BIS Healthcare titled, ‘Global Biosensors Market- Analysis and Forecast (2018-2027),’ the biosensors market was estimated $ 1.46 billion in the year 2017. The biosensors market is expected to reach on a niche level by the year 2027 owing to the growing point of care testing services, aided by rising geriatric population, and rapid incorporation of biosensing technologies in non-medical applications.
Biosensors can cater to diversified applications such as clinical diagnosis, environmental testing, biodefense, research laboratory testing, and process industries, among others. Biosensors provide cost-effective, highly accurate and sensitive detection devices, which are easy to use and can be used in various commercial and research applications. The development of point of care testing (POCT) based biosensing technologies has facilitated the continuous monitoring of diseases and further can reduce monetary burdens imposed on patients, significantly. The extensive use of biosensors has led the development of biosensing technologies for various non-medical applications such as environmental monitoring, food control, forensics, process industries, and biomedical research
The biosensors market on the global level is dominated by electrochemical biosensors, among the types of sensors. This dominance is attributed to the widespread adoption of electrochemical biosensors in glucose monitoring system, which enjoys the highest market demands, globally. The success of glucose monitoring based on biosensing technology has significantly expanded the application areas of biosensors such as in cardiac marker analysis, infectious disease, coagulation analysis, and in cancer marker analysis. Moreover, the optical biosensors are expected to register the highest CAGR during the forecast period. Biosensing technologies specific to the biodefence applications are anticipated to grow at a CAGR of 14.26% from 2018-2027. However, biosensors of the point of care application witnessed the high industry demands in the year 2017, owing to the high prevalence of chronic diseases.
Geographically, the biosensors market can be segmented into North America, Europe, Asia-Pacific, Latin America and Rest of the World (RoW). North America is dominating the market for biosensors on the global scale and accounted a share of 40% in the total market, in the year 2017. Moreover, the Asia-Pacific is expected to grow at a CAGR of double-digit during the forecast period. Owing to the Trans-Pacific Partnership (TPP), in the Asia-Pacific, the demand for medical devices have increased, considerably.
BIS Healthcare has conducted extensive research on the global biosensors market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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