Biosensors Market is Expected to Reach USD 18.9 Billion Globally in 2018: Transparency Market Research
Albany ,NY ,United States. 28 June 2013 -- According to a new market report published by Transparency Market Research 'Biosensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018,' in 2011, the global biosensors market was valued at USD 9.9 billion and it is expected to grow at a CAGR of 9.6% from 2012 to 2018 to reach a market of USD 18.9 billion by 2018.
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A biosensor is made up of two elements: a biological recognition unit which has the ability to interact specifically with a target, and a transducer which is able to change the property of the solution or surface, due to formation, into a recordable signal. This recordable signal can then be analyzed for a variety of applications including but not limited to immunology, detection of specific compounds or specific biological organisms. The key applications for biosensors are found in healthcare, industrial process control and biodefense. New applications are also being discovered as biosensors become smaller, more user-friendly and are able to detect multiple targets.
Since healthcare, more specifically blood glucose testing for diabetics, forms the largest market for biosensors, it is critical for the growth of this segment. The unprecedented growth in the world' saging population has led to a rise in the incidence of chronic diseases such as diabetes, cardiovascular diseases and cancer. According to the World Diabetes Foundation, it is estimated that approximately 285 million people accounting for 6.4% of the world's adult population live with diabetes and the number is expected to grow to 438 million by 2030 corresponding to 7.8% of the adult population. This increase in the aging population, coupled with a rise in the incidence of diabetes, is expected to propel the growth of this market. Blood glucose testing sensors account for the largest share of the global biosensors market and the market for this application was valued at USD 4.7 billion in 2011 and is expected to grow at a CAGR of 10.7% from 2012 to 2018.
Although electrochemical biosensors currently account for the largest market by technology, the market for optical biosensors is the fastest growing segment and is expected to grow at a CAGR of over 10% from 2012 to 2018. The use of biosensors for non-medical applications is on a rise, and the ever increasing defense expenditures will ensure that the bio-defense application of biosensors would have the highest growth in the forecast period.
Geographically, North America constituted the largest market in the year 2011; however, the Asian region is anticipated to grow at the highest CAGR of more than 11% from 2012 to 2018. This is mainly due to the rise in diabetic population, rise in disposable incomes of citizens (thereby leading to a rise in the incidence of lifestyle-related diseases) and increasing awareness about new technologies for disease detection in the region. Favorable reimbursement policies and “research funding” by governments in the region will also provide the required impetus for the growth of the biosensors market.
The global biosensors market is predominantly oligopolistic and ruled by eminent players namely, Roche Diagnostics, Abbott Diagnostics, Bayer Diagnostics and others.
The global biosensors market has been segmented as follows:
Biosensors Market, by Technology
Biosensors Market, by Applications
- Medical Applications
- Blood glucose testing
- Blood gas analyzers
- Cholesterol testing
- Infectious diseases
- Pregnancy testing
- Food Toxicity detection
Biosensors Market, By End-users
- Home diagnostics
- Point of care testing
- Research laboratories
- Security & Bio-defense
Biosensors Market, by Geography
- North America
- Rest of the World (RoW)