Biosensor Technologies Market Forecast and CAGR
According to latest research by Persistence Market Research, biosensor technologies market is set to witness positive growth during 2021-2031. Biosensors are widely used by patients in the home because of their ability to assess health, the onset and progression of disease, and hence, are expected to boost market growth over the forecast period.
The term “biosensor” refers to powerful and innovative analytical devices that contain biological sensing elements for a variety of uses, including drug discovery, diagnostics, biomedical, food safety and processing, environmental monitoring, defense, and security.
Abbott introduces Libre sense on 17 September 2020 glucose sport biosensor in Europe, world’s first glucose biosensor designed for athletes.
Advances in technology and various non-medical-based applications are expected to increase the applicability of the biosensor market and fuel its growth. Factors such as continuous technological advances in the biosensor ecosystem, increasing use of biosensors for non-medical applications, favorable growth for POC diagnostics, and increasing demand for glucose monitoring systems are driving the growth of the biosensor market.
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What Is Driving Demand For Biosensor Technologies?
Biosensor devices are emerging as a diagnostic technology for environmental monitoring and the food industry because of their specificity, ease of mass production, economics, field applicability, and ability to provide rapid results. Quality control in the food industry is a major driving force, and the need for a simple way to monitor the quality of food is critical.
Traditional methods are costly, time consuming, and labor intensive. Not only is the process of developing an efficient sensor faster, but it is also more cost effective. Biosensors are gradually replacing existing methods of detecting analytes in the food industry. They provide a faster, more reliable and more versatile method for detecting toxins, allergies, hormones, microorganisms, pesticides and other related compounds.
Increasing demand for biosensors is expected to increase R & D investment by pharmaceutical and biotechnology companies for effective and efficient drug development while minimizing side effects.
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Surge in Adoption for Advancements in Biosensor Technologies Market
Bath-based Somnas Science aims to liberate alternatives to traditional gas-based anesthesia to make anesthesia that is safer for patients, better for the environment, and more cost-effective for healthcare. Biosensor for safer anesthesia receives £600k with Innovate UK EDGE support on 5 July 2021.
LifeSignals announced, rapidly tracking a one-time wireless biosensor patch for early detection and monitoring of symptoms of the coronavirus to be introduced.
US-based start-up company Nix Biosensors uses materials science and bio-inspired engineering to develop disposable sweat-based biosensors. Sensors monitor the water levels of many manual workers, such as athletes and workers. No equipment is required to operate lightly. Their technique also detects subtle changes in biomarkers from other body fluids such as tears, blood, urine, and breast milk.
InnovoGENE Biosciences developed Urasensor, aptamer-based biosensors. By combining experimental data and bioinformatics, developed a molecular biosensor that recognizes a wide range of pathogenic bacteria. Its exclusive solution, the, is an inexpensive sensor that sorts out pathogens and changes color during identification.
Paperdrop Dx develops paper-based biosensors for rapid diagnosis of critical diseases.
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US and Canada Biosensor Technologies Market Outlook
North America is projected to account for the largest share of the global biosensor market. Presence of major industry players and early adoption of new technological advancements, such as nanotechnology, are key factors for the growth of the biosensor market in North America.
Strella Biotechnology is a US-based startup developing a biosensor that detects ethylene produced by the ripening of fruits. Their biosensors provide real-time maturation data on the packaging of fruits
The growth of the market is driven primarily by increasing funding for research and development of medical devices, including biosensors. It relies heavily on research and development funding and grants for medical devices. PoC diagnostics is the fastest growing biosensor application in North America. This growth is due to an increase in the treatable patient population.
Europe Demand Outlook for Biosensor Technologies
Germany has the largest market share in the biosensor industry and monitors food quality parameters due to increased government funding to carry out research for the development of advanced biosensors for a variety of applications. The surge in biosensor use in the region is expected to contribute to market growth. France is the fastest growing country in the biosensor market.
The country section of the Biosensor Market report also presents the factors affecting individual markets and regulatory changes in the domestic market that affect current and future trends in the market.
Conversely, the surge in demand for home care equipment acts as an opportunity to start the germination of the biosensor market during the forecast period described above. However, the high costs associated with these devices and the lack of intent to adopt new treatment devices act as constraints on the growth of the biosensor market.
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Who Are The Key Manufacturers And Suppliers Of Biosensor Technologies?
Some of the leading manufacturers and suppliers of Biosensor Technologies include
- SD Biosensor INC.
- Illumina Inc.
- Hologic Inc.
- ICU Medical Inc.
- NEOGEN Corporation
- Biosensors International Group, Ltd.
Neogen launched wastewater detection screening for COVID-19 on Feb 2021.
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