Biosensors Market by Application (POC, Home Diagnostics, Research Labs, Biodefense, Environmental Monitoring) worth 27.06 Billion USD by 2022
[182 Pages Report] The biosensors market was valued at USD 15.96 billion in 2016 and is estimated to reach USD 27.06 billion by 2022, at a CAGR of 8.84% during the forecast period. The growing demand for biosensors in industries such as healthcare, biodefense, environmental monitoring, and food & beverages worldwide is driving the growth of the biosensors market.
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 growth of this market is being propelled by the technological advancements over the last few years.
The report covers the biosensors market on the basis of application, type, product, and geography. The market is expected to be led by POC segment during the forecast period. The development of accurate and rapid testing kits is propelling the growth of the POC diagnostics market.
Among wearable biosensors, wrist-wear biosensors accounted for the largest market size in 2016. Wrist wearable devices for fitness and wellness are already commonly available in the market and are gaining popularity. It includes devices such as smart watches and wrist bands. The constant technological innovations, easy to use user interface, real-time health monitoring, and cost effectiveness are the major factors driving the market for the wrist wear applications. The point-of-care application accounted for the largest share of the total wrist-wear market.
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Optical biosensors are expected to lead the overall biosensor market due to the highest growth rate during the forecast period. Optical biosensors are commonly used to analyses biomolecular interactions, since these sensors determine affinity and kinetics of a wide variety of molecular interactions in real time, without the need for a molecular tag or label. New applications are being discovered for optical sensors such as drug discovery, including target identification, ligand fishing, assay development, and manufacturing quality control. All these factors have led to the highest growth of the optical sensor market during the forecast period.
The North American region is estimated to account for the largest share of the global biosensors market in 2017. The POC diagnostics is the fastest-growing application in the market in North America. The increase in the waiver of CLIA for certain POC diagnostic devices such as coagulation devices, glucose monitoring devices, and hematology devices is further driving the growth of the market in North America.
According to International Diabetes Federation, globally the number of patients suffering from diabetes is expected to grow from 415 million in 2015 to almost 642 million by 2040, which would increase the demand for biosensor used in monitoring glucose. The emergence of the nano biosensors, rapid technological advancements, growing demand for glucose monitoring in diabetic patients, and rising demand for home based POC devices are the significant growth drivers of the biosensors market.
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