Future Opportunities and Key Players of Biosensors Market
The biosensors market is valued at USD 25.5 billion in 2021 and is projected to reach USD 36.7 billion by 2026; it is expected to grow at a CAGR of 7.5% from 2021 to 2026.The emergence of nanotechnology-based biosensors, significant technological advancements in the last few years, increasing use of biosensors to monitor glucose levels in individuals with diabetes, surging demand for home-based point of care devices due to the COVID-19 pandemic, and rising government initiatives toward diagnostics are driving the growth of the biosensors market.
Extensive
R&D activities are being carried out in the biosensors technology space.
This involves a high cost for developing application-specific advanced
biosensors. Due to the slow rate of commercialization and low sales volume,
companies in this market find it difficult to deliver products at a low price.
This affects the overall revenue of companies. Instances such as product recall
also create pressure to develop strong R&D facilities to deliver
high-quality products—ensuring reliability among end users. Apart from this,
stringent government regulations have led to the rise in R&D expenses as
companies need to adhere to the norms and accordingly develop products to enter
a region.
Wearable biosensors are usually a combination of wearable
electronics and biosensors. The wearable biosensor is among the recent
technologies in the field of health that provides the monitoring of vital signs
in patients; athletes; the elderly; children, premature infants; as well as
people requiring long-term care. Advantages provided by wearable biosensors
help reduce healthcare costs in aging communities, as well as aid in the
improvement of wearable biosensor systems that potentially transform the healthcare
future. The wearable biosensor ecosystem comprises companies from different
verticals, including IT, such as Google (US); consumer electronics, such as
Apple (US), Samsung Electronics (South Korea), LG Electronics (South Korea),
Sony Corporation (Japan), and others; and fitness and sport, such as Nike (US),
Adidas (Germany), Reebok (US), and others.
Optical biosensors are widely adopted because of their high
specifications, sensitivity, compact size, and cost-effectiveness. The R&D
of optical biosensors has increased significantly during the last decade
because it has huge potential for direct, real-time, and label-free detection
of many chemical and biological substances. The selectivity of biological
sensing elements offers an opportunity for the development of devices for
real-time analysis in complex mixtures, without the need for extensive sample
pretreatment or large sample volumes. Optical biosensors are highly sensitive,
rapid, and simple-to-operate analytical tools.
POC systems include different types of biosensors that can measure
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. Electrochemical biosensors have played an important
role in the evolution of POC diagnostics devices. These biosensors are widely
used for cancer diagnosis and also in therapy mapping as they offer a
considerably fast, simple, and low-cost solution to indicate problems during
analysis. Electrochemical sensors are expected to speed up the diagnosis
process for individuals suffering from cancer. Point-of-care biosensor systems
can potentially improve patient care through real-time and remote health
monitoring. Over the past few decades, research has been conducted in the field
of biosensors to detect patterns of biomarkers and provide information on their
concentration in biological samples for robust diagnosis.
North America is projected to account for the largest size of the
global biosensors market from 2021 to 2026. PoC diagnostics is the
fastest-growing application for biosensors in North America. The growth is
attributed to the increase in the addressable patient population. According to
the American Medical Association, 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.
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