High prevalence of chronic diseases has escalated the need for better clinical diagnostic services. The economic impact of the leading chronic diseases, cancer, diabetes, heart and respiratory diseases, is expected to reach the $47 trillion mark soon. Current disadvantages of traditional laboratory procedures, such as their invasive nature, the increased financial burden on the patient, and the inconvenience of frequent return visits to hospitals for monitoring, makes affordable devices enabling continuous monitoring with short turnaround time even more desirable.
Ease of use, cost-effective and highly accurate
Biosensing technology facilitates continuous disease monitoring at reduced cost and has become an essential tool for healthcare companies and laboratories answering the demand for point-of-care testing devices and home diagnostics. It is expected that areas such as glucose monitoring, cardiac marker analysis, coagulation analysis, urinalysis, and cancer marker analysis will adopt the biosensing technology in the near future. Apart from healthcare related applications, the market for biosensors and developments of biosensing technology expands to environmental monitoring, food control, drug discovery, forensics, to name but a few.
Different types of biosensing technologies currently in use are electrochemical, optical, piezoelectric, and thermal. They are not only easy to use and cost-effective but also highly accurate. This and the advent of biosensing technologies in R&D procedures have enabled companies to meet the regulatory compliance as well as manage their profit margins and remain competitive in the market.
Highest growth for optical biosensors and biodefense applications
According to the latest market intelligence report ‘Global Biosensors Market- Analysis and Forecast (2018-2027)’ the global biosensors market was valued $1.46 billion in 2017 and is expected to rise. At present, the global market for biosensors is dominated by electrochemical biosensors, but optical biosensors are anticipated to witness their highest CAGR 2018-2027. Biosensing technologies specific to biodefense applications are anticipated to reach their highest CAGR of 14.26% during the forecast period.
Currently, North America is leading the market accounting for a market share of 40% in 2017 globally. Asia-Pacific is expected to witness a tremendous growth rate during the forecast period owing to the active function of Trans-Pacific Partnership (TPP) in the region. This, in turn, will boost the growth of medical devices industry in the Asia-Pacific and thus further elevate the demands for biosensors in the region.