Biosensors Market : Increasing Use of Biosensors to Monitor Glucose Levels in Individuals With Diabetes

The biosensors market was valued at USD 15.96 billion in 2016 and is expected to reach USD 27.06 billion by 2022, at a CAGR of 8.84% during the forecast period. The market growth can be attributed to the emergence of nanotechnology-based biosensors, increased demand for home-based POC devices, and rising use of biosensors to monitor glucose levels in individuals with diabetes, among others.

For instance, in May 2016, researchers at the University of Cincinnati—supported by the National Science Foundation—developed a blood screening device for people on medications such as Coumadin (warfarin) or other blood thinners who need to monitor their blood-clotting levels on a regular basis. This will help monitor blood coagulation characteristics of individuals from home—quickly and painlessly—before making needless trips to labs or hospitals. Using nanofiber membranes inside paper-based porous materials within a plastic cassette, researchers can quickly determine the blood's ability to clot from the convenience of the patient's living room with a simple finger stick to draw a drop of blood.

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Electrochemical sensors held the largest share of the biosensors market, by technology, in 2016. The market for optical biosensors is expected to grow at the highest rate between 2017 and 2022. Electrochemical and optical biosensors, collectively, accounted for a share of around 75% of the overall biosensors market in 2016.

The biosensors market, on the basis of application, can be segmented into point of care, home diagnostics, research labs, biodefense, environmental monitoring, and the food & beverages industry. POC applications can be

further segmented into glucose monitoring, cardiac markers, infectious diseases, coagulation monitoring, pregnancy and fertility testing, blood gas and electrolytes, tumor or cancers markers, urinalysis testing, and cholesterol tests, and others. Cardiac markers are the most dynamic POC applications and are expected to witness several innovations and investments over the next five years, owing to the increasing number of people suffering from cardiovascular diseases (CVDs) and rising demand for instant diagnosis of these diseases.

APAC is expected to hold the largest share of the biosensors market by 2022. The market in APAC comprises various developed as well as developing economies such as Japan, China and India, which hold huge potential for the biosensors market. The growth of the biosensors market in APAC for POC applications can be attributed to the huge population base, increasing investments in the healthcare sector, growing focus of key industry players on technological advancements, and significant R&D pertaining to biosensors. In the past few years, APAC has received substantial funding by domestic and foreign organizations to support the R&D activities in the POC diagnostics industry.