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According to a report published by IDC, investment in advance sensors based on Nanotechnology (semiconductor industry) is projected to exceed US$ 125 Bn by 2024. The biosensor is a device that functions to detect and transfer information about a life process. It is used to measure and convert a biological response into an electrical signal and easily read by an observer or an instrument. These devices have a wide array of applications ranging from clinical, environmental, food and beverage, agricultural industry and others. Biosensors find usage in numerous sensing tools including pressure sensors, microphones, accelerometers, gyroscopes, optical and image sensors, microfluidics, flow meters, and temperature sensors. These devices can be either digital or analog, including those that can measure temperature, flow, motion, speed, light, barometric pressure, physiologic pressure, humidity, sounds, magnetic fields chemicals, and gases.
Adoption of artificial intelligence technology, IoT and cloud-based computing in the healthcare industry, along with ongoing development of the optical quantum market is favoring the market growth. Furthermore, the rising market penetration of electronic medical records (EMR), and technological innovations in the field of bioelectronics, and microfabrication are expected to drive the global biosensors market during the forecast period. Nanotechnology is playing a significant role in driving the growth of the biosensors market as it shortens and increases complex chip designing process.
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Some of the major players in biosensor market include Biosensors International Group, Spectrum Dynamics Medical, Inc., Abbott Laboratories, Alere Inc., Dynamic Biosensors, ABTECH Scientific Inc., Biolan Micro Biosensors S.L., Nova Biomedical Corporation, and Sensor-Kinesis Corporation, among others.
Segmentation of the Global Bio-Sensors market
· Medical diagnostics
· Food toxicity detection
· Industrial process control
· Environmental analysis
· Agricultural testing
By Industry Vertical
· Food and Beverages
· Energy and Utilities
· North America (the USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Globally, North America is anticipated to hold a strong position in the global biosensors market, by capturing maximum market share in terms of market revenue. For example, in 2016-18, in the U.S, the UCLA (University of California, Los Angeles) researchers collaborated with the U.S government and developed a rapid and automated biosensor. These biosensors are based on holography coupling and cosmetic analysis that includes elements which will drive the U.S a step further towards accelerating growths on Bio-sensor. Also, Europe is expected to witness high biosensors implementation, since Abbott Laboratories (i-STAT) is planning to a get into a partnership with Johnson & Johnson Services, Inc. and Medtronic plc to boost the Europe biosensor market.
Key Industry Developments
· In June 2017, Dynamic Biosensors launched switchSENSE, a multi-purpose biosensor embedded with AI chip with 3 Nano lever technology, to test a pre- Bioelectronics standard.
· Partnership between Biosensors International Group and Spectrum Dynamics was completed to set up various research labs across worldwide. This partnership with an aim to identify new implications of non-cardiac and offer cloud-based biosensors services in U.S. As a result, Biosensors International Group solutions witnessed 15% customer addition and 15-18% revenue pipeline expansion during the fiscal year 2014-19.
· In Oct 2017, Abbott Laboratories acquired Alere Inc., with an aim to deploy its Nano technology in the global biosensors market.