Biosensors Market (Technologies: Electrochemical, Optical, Thermal, Piezoelectric; Applications: Medical, Food Toxicity Detection, Industrial Process Control, Agriculture, Environment and Others; and End Users: Point of Care Testing, Home Healthcare Diagnostics, Research Laboratories, Security and Bio-defense, and Food Industry) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020
Albany, NY -- (SBWIRE) -- 12/24/2014 -- Biosensors refer to analytical devices used to detect the presence of an analyte. Biosensors are most commonly used in the medical field and growing applications have fueled the global market. The market has been witnessing impressive expansion in recent years as a result of the growth of the worldwide diabetic population. Increase in diabetics means increased demand for diagnostic devices that use biosensor technology. Moreover, there has been a rise in demand for miniature diagnostic devices, which aids the novel biosensors market. In contrast, unfavorable reimbursement policies and increased cost of R&D are likely to challenge the growth of the biosensors market.
Integral components of global biosensors market :
The biosensors market is highly fragmented and can be segmented on the basis of applications, technologies, end users, and geography. The key end users include home healthcare diagnostics, security and bio-defense, point of care testing, research laboratories, and food industry. The major application areas of biosensors include environment, medical, food toxicity detection, agriculture, industrial process control, and others such as drug abuse prevention and bio-defense. By technology, the biosensors market can be segmented into piezoelectric, electrochemical, thermal, and optical. Region-wise, the global market is categorized into Europe, North America, Asia-Pacific, and Rest of the World.
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North America surges ahead in terms of demand :
Based on data published by a leading market intelligence firm, the global biosensors market was worth US$12.46 billion in 2013 and is projected to be worth US$21.64 billion by 2020, registering a CAGR of 8.1% during the forecast period of 2014-2020.
In terms of geography, North America ruled the global biosensors market, accounting for more than 35% of the overall market share in 2013. This impressive growth of the North American market is attributed to technological advancements in medical diagnostics, presence of pharmaceutical R&D facilities, better healthcare infrastructure, growing awareness regarding biosensors among the population, and increasing incidences of chronic diseases. On the other hand, Asia-Pacific is expected to witness considerable growth, expanding at an over 9.5% CAGR from 2014 to 2020. Countries such as India, Australia, China, South Korea, Japan, and Malaysia are largely responsible for this growth owing to easy availability of skilled labor and larger population base. In addition to this, improved healthcare infrastructure, increasing support from governments, and easy penetration of the biosensors market in emerging economies are projected to support the Asia-Pacific market.
Segment analysis of the global biosensors market :
Application-wise, the medical segment accounted for the maximum share of the overall biosensors market in 2013. This is mainly due to the fact that people across the globe have been demanding more accurate, reliable, and speedy results. In addition, the use of portable and user-friendly diagnostic devices to measure life-threatening diseases has grown in recent years, thereby fueling the biosensors market.
In terms of end users, point of care testing was the largest segment of the biosensors market, accounting for over 40% of the total share in 2013. Better patient outcome as well as optimization of care process is credited for this growth. However, owing to the rise in drug screening procedures and drug discovery, the research laboratories segment of the biosensors market is anticipated to register an 8.5% CAGR during the forecast period.
Within the technology segment of the biosensors market, electrochemical biosensors enjoyed more than 70% of the global share in 2013 due to increasing demand for reliable and speedier analytical procedures, and growing prevalence of chronic diseases in the world. However, owing to urgent need to screen and monitor environmental pollutants, optical biosensors are expected to register the highest growth rate of more than 8% during the forecast period.
The biosensors market is predominantly consolidated with a handful of prominent participants such as AgaMatrix, Inc., LifeScan, Inc., F. Hoffmann-La Roche Ltd., LifeSensors, Inc., Siemens Healthcare, Nova Biomedical Corporation, Animas Corporation, Abbott Point of Care, Inc., and Medtronic, Inc.
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