Biosensors Market Analysis of Strategies of Major Competitors
Added: (Thu Feb 27 2020)
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The diabetic population across the globe is surging and the disease has become one of the leading causes of death and increased the risk of developing numerous serious health problems. It is further a primary cause of kidney diseases, stroke, cardiovascular diseases, and eye disorders. As per the World Health Organization, about 108 million people suffered from diabetes in 1980 and the number has risen to 422 million in 2014. In addition to this, approximately 9 billion people across the globe are projected to suffer from diabetes in 2040, according to the International Diabetes Federation. Due to this, the requirement for biosensors is growing for the effective diagnosis of diabetes.
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Biosensors are investigative devices comprising transducer and biological elements for providing analytical information. These devices convert biological response into an electrical response for recognizing the function and structure of different molecules. According to a study conducted by P&S Intelligence, the global biosensors market is projected to attain a value of $27.1 billion, advancing at a 9.8% CAGR, in the near future. Biosensors are based on different technologies, namely piezoelectric, thermal, electrochemical, and optical. Among these, the largest demand was created for electrochemical biosensors during 2012–2015 and the situation is expected to be the same in the coming years as well.
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The different applications of biosensors are food toxicity, environment, medical testing, industrial process, agricultural testing, and others. The highest demand for biosensors was created for the medical testing application during 2012–2015. Biosensors are utilized in this application for diagnosing and monitoring different diseases as they are cost effective, reduce errors during the diagnosis, and are easy to use. Furthermore, medical biosensors help in assessing the progression of diseases and monitoring the treatment outcome. Some of the test for which biosensors are mostly used include cerebrospinal, pathogen detection, and cholesterol. Attributed to these reasons, the demand for biosensors for medical testing is projected to be the largest in the near future as well.
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The surging demand for personalized medicine is expected to result in an increased requirement for biosensors in the near future. Personalized medicine involves the provision of appropriate drug at the right time to the patient, and the information obtained can be utilized in the future for maintaining the health and treating diseases of the patient by customizing healthcare using molecular analysis. This will decrease healthcare cost by preventing diseases, reducing trial-and-error therapies, minimizing drug toxicity and side effects, and improving outcomes. Personalized medicine needs biosensor technology to monitor biomarkers, which are indicators for diseases before the symptoms present themselves. Hence, as the adoption of personalized medicine increases, the biosensors market will expand as well.