Updated date - Oct 24, 2019

The overall biosensors market is expected to grow from USD 21.2 billion in 2019 to USD 31.5 billion by 2024, at a CAGR of 8.3% during the forecast period.

The growth is likely to be driven by continuous technological advancements in biosensors ecosystem, increase in the use of biosensors for nonmedical applications, lucrative growth in POC diagnostics, and rise in demand for glucose monitoring systems.

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� Identification of biosensor manufacturers across consumer segments such as POC, Home Diagnostics, Research Lab, Food & Beverages

� Product benchmarking for identified companies

� Company specific analysis wrt activeness in the market and list of potential experts to connect within the company Revenue Impact (RI) Revenue Impact- This has helped client to target opportunities worth ~USD 20 billion in the said geographies. Consult our Analyst now

Key Market Dynamics in Biosensors Market

Significant technological advancements in last few years

Significant efforts have been made since the last few years for advancing biosensors technology and its applications. For instance, the multianalyte determination for environmental monitoring and screening is among the advancements that have been witnessed in the biosensors ecosystem. Miniaturization has helped develop small, compact, easy-to-handle biosensors, which have changed the conventional testing scenario in medical and healthcare sectors. A few examples include compact blood glucose monitoring systems, cholesterol testing systems, and pregnancy testing systems. PoC diagnostics�another technological advancement�contribute to the overall demand for biosensors. Players in the PoC diagnostics market are increasingly focusing on technological advancements and new product developments. Product innovations and product launches are mainly focused on the development of technologically advanced, faster, and easy-to-use devices. Prevalent chronic diseases and conditions, such as heart diseases, stroke, cancer, type 2 diabetes, obesity, and arthritis, are among the most common, costly, and preventable of all health problems that are influencing consumers to adopt biosensors for the regular detection of pathogenic activities.

Slow rate of commercialization

Biosensors technology has witnessed a slow rate of commercialization in recent years due to the high price of biosensors and demand emanating only from the healthcare industry. Commercializing biosensors for nonmedical applications, such as military, biodefense, fermentation control, environment monitoring, is a challenge for industry players due to limited R&D and positive outcomes. The biosensors market is also witnessing slow commercialization, primarily due to price sensitivity; acceptance from end users; and concerns related to quality, authenticity, and reliability of the products. Only a few practical systems are currently available in the market, of which, the major share is accounted for by medical diagnostics. Glucose detecting biosensors currently enjoy the maximum sale. However, there is also a potential market for non-biomedical applications, which needs to be identified by players and promoted to end users. Another reason for slow commercialization is enzyme-based transducers used in biosensors. Enzyme-based transducers are expensive as the cost of sourcing, extraction, isolation, and purification is high. Biosensors also have certain disadvantages, such as heat sterilization not being possible because of denaturization of biological material, stability of biological material (e.g., enzyme, cell, antibody, and tissue) dependent on natural properties of the molecule that can be denaturalized under environmental conditions (pH, temperature, or ions), and cells in biosensors becoming affected by other molecules that are capable of diffusing through the membrane. These factors have led to the slow rate of commercialization.

Biosensors market for optical biosensor technology to grow at highest rate during forecast period

Optical biosensors are commonly used to analyze biomolecular interactions as these sensors can determine affinity and kinetics of a wide variety of molecular interactions in real time, without requiring a molecular tag or label. Optical sensors are used for several new applications, such as drug discovery, including target identification; ligand fishing; assay development; and quality control. The growth of these applications is helping optical sensors to grow at the highest CAGR.

�Nonwearable biosensors market to witness highest growth rate during forecast period�

The nonwearable biosensors segment is expected to hold the larger market share during the forecast period. Nonwearable biosensors comprise biosensor devices that used mostly for nonclinical applications. They offer real-time on-site monitoring of production processes. Apart from on-site monitoring, these biosensors help the food industry in addressing challenges, such as meeting food quality guidelines, by providing analytical accuracy within complex food matrices.

�Biosensors market for point of care applications to hold largest share during forecast period�

Increasing inclination toward rapid diagnostic testing and rising private investments and venture funding to support new product developments, along with growing government support, have increased the adoption of PoC devices. PoC systems include different types of biosensors that are capable of measuring various parameters, such as heart rate and oxygen saturation, as well as changes in plasma protein profile and patterns of multiple biomarkers, along with their concentration. Cardiac markers are the most dynamic PoC applications and are expected to witness several innovations and investments over the next 5 years owing to the increasing number of people suffering from cardiovascular diseases (CVDs) and rising demand for instant diagnosis of these diseases.

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Biosensors Market in North America to account for largest share during forecast period�

PoC diagnostics is the fastest-growing application for biosensors in North America. The growth is attributed to the increase in addressable patient population. According to the American Medical Association and American Medical Group Association, more than 50% of Americans were living with one or more chronic diseases until 2012. The number of Americans suffering from chronic diseases was about 125 billion in 2000, which is expected to reach ~157 billion by 2022.

The increase in the waiver of Clinical Laboratory Improvement Amendments (CLIA) for certain PoC diagnostic devices, such as coagulation, glucose monitoring, and hematology devices, is further driving the growth of the biosensors market in North America. For instance, the number of waived tests has increased from 9 in 1988 to more than 100 in January 2012 (Source: Medical Education Resources, LLC). As a result, these tests are exempted from various lab regulations, such as mandate device validation, operator training/competency, and continuous quality management and documentation. This, in turn, eases the entry of new PoC products in the North American market.

Key Market Players

F. Hoffman-La Roche Ltd. (Switzerland), Medtronic Inc. (US), LifeScan Inc. (US), Universal Biosensors Inc. (Australia), Abbott Point of Care Inc. (US), DuPont (US), Sysmex Corporation (Japan), Pharmaco-Kinesis Corporation (PKC) (US), ACON Laboratories, Inc. (US), LifeSensors Inc. (US), Bio-Rad laboratories Inc. (US), Biacore (Sweden), Nova Biomedical Corp. (US), and Biosensors International Pte. Ltd. (US) are among the companies operating in the biosensors market.

Scope of the Report:

Report Metric Details Report Name Biosensors Market Base year 2018 Forecast period 2019�2024 Units Value (USD) Segments covered Type, End User, Offerings, and Region Geographic regions covered North America, APAC, Europe, and RoW Companies covered Abbott Point of Care Inc. (US), Medtronic Inc. (US), LifeScan Inc. (US), Universal Biosensors Inc. (Australia), F. Hoffman-La Roche Ltd. (Switzerland), DuPont (US), Sysmex Corporation (Japan), Bio-Rad laboratories Inc. (US), Pharmaco-Kinesis Corporation (PKC) (US), Nova Biomedical Corp. (US), ACON Laboratories, Inc. (US), LifeSensors Inc. (US), Biacore (Sweden), and Biosensors International Pte. Ltd. (US). A total of 25 major players are covered.

Biosensors Market, by Type:

Embedded Device

Sensor Patch

Biosensors Market, by Product:

Wearable Biosensor

Nonwearable Biosensor

Biosensors Market, by Technology:

Electrochemical Biosensor

Optical Biosensor

Piezoelectric Biosensor

Thermal Biosensor

Nanomechanical Biosensor

Others (ion-sensitive biosensors and resonant biosensors)

Biosensors Market, by Application:

Point of Care

Home Diagnostics

Research Lab

Biodefense

Environmental Monitoring

Food & Beverages

Biosensors Market, by Region:

North America

Europe

APAC

RoW

Medtronic, Inc. (US) is a leading developer and manufacturer of medical devices, therapies, and services used for treating heart, spinal, neurological, vascular, and diabetic conditions. It operates in 4 business segments�Minimally Invasive Therapy Group, Cardiac and Vascular Group, Restorative Therapies Group, and Diabetes Group. The company offers a wide range of products and has operations in North America, APAC, and Europe. To increase production efficiency and gain a competition edge, Medtronic, Inc. adopts mergers and acquisitions as its growth strategy. For instance, in October 2015, Medtronic, Inc. (US) acquired Twelve, Inc. (US), a medical device company that develops transcatheter mitral valve replacement devices. It was acquired by Medtronic�s Coronary & Structural Heart division.

LifeScan Inc. (US) is a subsidiary of Johnson & Johnson, which accounted for a market share of 11%, in 2015. The company offers a comprehensive range of products in the field of medical diabetes. It manufactures and markets blood glucose monitoring solutions for hospitals and consumer use.

The company adopts product launches, agreements, and partnerships as its key growth strategies. For instance, in March 2016, the company signed an agreement with WellDoc Inc. (US) to integrate LifeScan�s OneTouch Verio Flex blood glucose monitoring system and OneTouch Reveal mobile application with WellDoc�s BlueStar diabetes management platform and mobile app. In January 2015, the company launched the OneTouch Verio blood glucose monitoring system that helps people with diabetes to measure their blood glucose level.

Recent Developments

In February 2018, Medtronic received FDA approval for new arm indication for the Guardian(TM) Sensor 3. This enabled patients to wear the sensor on the upper arm, delivering more flexibility and enhanced performance for users, as well as improved accuracy, with a MARD of 8.7% following typical calibration methods used with the MiniMed(TM) 670G system.

In May 2018, Abbott announced the launch of Afinion test system (Afinion 2 analyzer) in the US. The Afinion 2 analyzer is a compact rapid, multi-assay platform that streamlines and simplifies the delivery of actionable, accurate measurements of hemoglobin A1c (HbA1c) and albumin to creatinine ratio (ACR) results at the point of care. The Afinion 2 builds on Abbott's heritage in diabetes care by empowering patients with information about their health that they can discuss with their healthcare providers.

In May 2017, Universal Biosensors announced that Siemens Healthineers (US) had commenced sales activities of the Xprecia Stride Coagulation Analyser, which includes stripes manufactured by UBI, in the US market.

Key questions addressed in the report

Where will all the developments take the industry in the mid-to-long term?

What are the upcoming products and technologies in the biosensors market?

Who are the key players and what are the strategies adopted by them?

What are the fastest- or highest-growing areas in the market?

What are the major drivers, restraints, opportunities, and challenges pertaining to the biosensors market?

Frequently Asked Questions (FAQ):

What are the different types of biosensors available in the market Different types of biosensors are Single and electrochemical Biosensor, Amperometric Biosensor, Potentiometric biosensor, Impedimetric biosensor and voltammetric biosensors. Which are the major companies in the biosensor market? The major companies in the biosensors industry include AZUR Environmental; Abbott Laboratories; Biosensor BV; Bayer AG; Cranfield Biotechnology Centre; Pinnacle Technologies, Inc What are the opportunities for new market entrants? Growing need of measuring different parameters in human body and also while production of food and beverages. What are the different applications of biosensor market? Different applications for biosensor include measuring carbohydrates, alcohols and acids, it can also be used to check fermentation during production of beer and yoghurt. What are the growing geographies for biosensor market? The growth of the biosensor market in Europe is expected to grow primarily due to increasing demand in the food manufacturing industry. .

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