U.S. biosensors market to lead the regional hierarchy over 2016-2024, advanced healthcare infrastructure to favor the industry trends
The commercialization scale of Biosensors Market has been commendable since the development of the first oxygen biosensor by Lel and Clark back in 1962. The remarkable penetration of this industry has been witnessed profoundly in the medical space. With the advent of tissue engineering, nanotechnology, and regenerative medicine, the application portfolio of the biosensors industry has expanded by multiple folds in the medical sector. In 2015, the medical applications contributed to approximately 66% of the overall biosensors market, holding a valuation of USD 9.8 billion. The growth is driven by the wide spectrum of biosensor applications in this sector comprising cholesterol monitoring, blood gas analyzer, blood glucose monitoring, drug discovery, and pregnancy testing. Among these, blood glucose monitoring held the largest share of the medical application landscape, driven by the increasing diabetic patient base globally. As per International Diabetes Federation statistics, the diabetic population is estimated to reach 552 million in 2030 which is a rather drastic increase from 366 million in 2011. As per the estimates, blood glucose monitoring segment of the medical biosensors industry is projected to surpass USD 15 billion by 2024.
U.S. Biosensors Market Size, By Application, 2012 – 2024 (USD Million)
With the growing popularity of portable, affordable, and user-friendly devices, biosensors market is witnessing a plethora of opportunities in the point of care (PoC) testing sector. As per the estimates, the PoC testing led the end-use landscape, having accounted for 47% of the overall industry share in 2015. The trend is likely to continue over the years ahead with the PoC testing segment contributing to a major chunk of the overall biosensors market space. Home healthcare segment is estimated to rank second in the end-use landscape of biosensors industry with an estimated CAGR of 8.5% over 2016-2024.
Being at the forefront pertaining to technological advancements, U.S. biosensors industry is projected to lead the global landscape over 2016-2024. The region accounted for 81% of the regional share in 2015. Besides technological developments, increasing prevalence of chronic ailments coupled with the heavy R&D investments and favorable regulatory scenario are the other pivotal factors driving the regional biosensors industry share.
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Asia Pacific will also profoundly influence the global biosensors industry scenario on account of the region witnessing swift economic developments as well as robust advancements in the overall healthcare infrastructure. Estimates claim the APAC biosensors market to register a CAGR of 11% over the period of 2016-2024.
In terms of technology, Electrochemical biosensors led the industry having held 71% of the overall revenue in 2015. The segment is forecast to surpass a revenue of USD 21 billion by 2024. Optical biosensors are also projected to make substantial contributions with a target CAGR of 8.7% over the period of 2016-2024.
The government initiatives are certain to play a significant role in the overall expansion of the biosensors market. The recent developments in the field of proteomics and genomics are likely to offer a huge set of opportunities to the overall industry. The technological intervention in this space is also providing a significant impetus to the biosensors market. Major IT companies such as IBM, TCS, and Infosys are heavily investing in this space to explore the untapped prospects. Some of the major biosensors industry players are Abbott Laboratories, Bayer Healthcare, Ercon Inc., EG & G IC Sensors, Strategic Diagnostics, Lifescan, Inc. Johnson & Johnson, and Sysmex Corporation. Pricing is one of the major parameters defining the hierarchy of these participants on the competitive scale. The industry is characterized by heavy R&D investments for the development of highly-efficient and compact biosensors, which are in sync with the robust technology advancements in this space.
Biosensors market has also established a remarkable footprint in the agriculture sector. As per the estimates, agriculture applications are estimated to record the highest growth rate of 11% over 2016-2024. Analyzing the current scenario and the fast-paced penetration of biosensors across myriad sectors, this industry is certain to witness a phenomenal growth trajectory over the years to come. Global Market Insights, Inc. forecasts the biosensors market to surpass a revenue of USD 29 billion by 2024.
Author Name :Shikha Sinha