Projected to grow at a CAGR of above
10%, Bio-electronics & Biosensors market is anticipated to witness a
significant growth over forecast period owing to the increase in demand for
tracking devices and diagnostics, such as cardiac pacemakers, glucose level in
blood and other implantable medical devices.
The increasing prevalence of diseases
is also expected to drive the market growth over the forecast period. As,
according to statistics released by the International Diabetes Federation, one
in 12 people worldwide are diagnosed with diabetes. It is expected that this
increase in the prevalence of diabetes worldwide and the need to constantly
measure the level of glucose in the blood to drive market growth of biosensors
& bio-electronics. Bio-electronics involves applications of principles of
electronic engineering to biology. It helps to come up with advanced concepts,
improves knowledge across molecular to organ systems and helps in developing
enhanced medical devices.
It is expected that the technological
advancement in biosensors would contribute to future market growth of
biosensors. For example, the biosensor E-skin which is a wearable medical
device that can measure blood pressure and heart rate. Also, the paper
diagnostic machines the size of a credit card that gives instant reading on
saliva and blood samples. Moreover, it is expected that the deterioration of
environmental conditions continuously to improve market penetration rates, on
account of its advantages over conventional biosensors analytical methods.
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Furthermore, emergence of
nanotechnology or nanobiosensors such as Fluid-Screen which is a size of
quarter, uses very small nanosensors capable of detecting pathogens in water
for quality screening and bacterial infection in blood is also to fuel the
market over next eight years. Also, the increasing demand for home based Poc
devices such as biosensor devices used to measure blood pressure, heart rate
and diabetes anytime at home are to have a positive impact on the market.
However, slow rate of
commercialization owing to number of factors such as sensitivity, readout
times, life span of a molecule, miniaturization and cost pose a threat to this
industry. Also, high cost in research & development and reluctance towards
adopting a new treatment practices is to pose a challenge to bio-electronics
and biosensors market. Moreover, emerging market in developing countries
and use of biosensors in non-medical applications such as food industry,
environmental monitoring and biodefense provide opportunities to
bio-electronics and biosensors market. The biosensors are used to detect
pathogens on food surfaces, bacteria in water and even explosives in different
places.
The bio-electronic and biosensor
market can be segmented on the basis of product, technology and application. On
the basis of application, the market consists of point-of-care, home
diagnostics, research labs, biodefense, environmental monitoring and food
safety. The point-of-care application dominated the industry in the recent past
owing to increased diseases and capability of providing real-time health
monitoring. The home diagnostics application is also to witness significant
growth over the forecast period on account of increasing diabetic patients and
their need to test the level of insulin 2-3 times a day.
On the basis of product the market can
be divided into wearable and non-wearable biosensors. Wearable biosensors
further include wrist wear, eye wear, foot wear, neck wear and body wear. For
example, Vital Connect introduced HealthPatch MD biosensor which is chest
wearable capable of detecting heart rate, single lead ECG, respiratory rate,
posture and skin temperature. Wearable biosensors are to witness a significant
growth over the forecast period owing to its lost cost, easy access and
miniaturization.
On the basis of technology, the market
includes electrochemical, piezoelectric, optical and thermal biosensors.
Optical biosensors are to witness significant growth over the forecast period
owing to environmental monitoring and its capability to differentiate between
the contaminants present in the environment.
North America is anticipated to grow
over the forecast period owing to large number of applications in health
sectors and in turn increasing demand. The proliferation of various serious
diseases due to the unhealthy living style, presence of R&D units and
increased adoptability of medical devices by patients and doctors are to drive
industry growth in the next eight years. Asia-Pacific market is to witness a
significant growth over the forecast period on account of the improvement of
health infrastructure and rapid economic growth.
Major Players in this industry are
Abbott Point of Care Inc., AgaMatrix, Inc., F. Hoffmann-La Roche Ltd.,
LifeSensors, Inc., Siemens Healthcare, Nova Biomedical Corporation, Bayer AG,
LifeScan Inc., Medtronic Inc., Pharmaco-Kinesis Corporation and Universal
Biosensors. These companies are expanding to encompass advanced products and new
segments.
In May, 2016, Siemens Healthcare
announced the acquisition of Neo New Oncology to expand in molecular
diagnostics and therapeutic as well as add offerings in managed services,
consulting and digital services.
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