Global Industry Analysis (2018 – 2021) – Growth Trends and Market Forecast (2022 – 2026)
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A Wide Range of Medical, and Non-medical Application Areas Accounts for Biosensors Adoption
Biosensors, with their abilities to detect the presence of biological analytes such as biomolecules, find wide applications in medical, as well as non-medical areas like healthcare, food & beverages, environmental monitoring, agriculture, and security. The increasing preference can be attributed to their user-friendly attributes, cost competitiveness, portability, and ability to deliver rapid outcome. While biosensors are capable of assessing the overall health status of a person, they can further aid in understanding the disease onset, as well as progression. Point-of-care (PoC), and home diagnostics will most likely generate significant demand, giving a strong push to the global biosensors market.
Moreover, technological advancements in the fields of drug discovery, blood glucose and cholesterol monitoring, vital signs monitoring, and pregnancy testing are likely to benefit the growth prospects of the biosensors market. Increasing significance of food quality, and safety to comply with regulatory guidelines is also supporting the market growth. Biosensing has also emerged significant in metabolic engineering to enable in-vivo monitoring of cellular metabolism, and in the fermentation industry to detect precise glucose concentrations. This is expected to serve as a strong driving factor for the market in the near future.
Opportunities Abound for Biosensors Market Players as Disease Pandemics Trigger Health Safety Awareness Levels
Over the past couple of decades, the world has witnessed five major disease pandemics, including severe acute respiratory syndrome (SARS), Swine flu, Ebola, Middle East respiratory syndrome (MERS), and COVID-19. This has led to a greater awareness level around the overall personal hygiene, and safety among people worldwide, thereby giving rise to some innovative monitoring mechanisms like wastewater-based epidemiology - for early warning of the outbreak, for rapid, and on-site analysis of SARS-CoV2 in sewage. The COVID-19 outbreak particularly has led to an increase in demand for home diagnostics, highlighting an opportunity arising for biosensors.
As per the International Diabetic Federation, global diabetes prevalence is ~8%, which is in tandem with the rising acceptance of biosensors among the expanding diabetic patient population. This remains among the key contributors to the biosensors market. Their accuracy, and precision of outcomes advocate further adoption. According to recent World Health Organisation (WHO) report, the global elderly population is expected to reach 2 billion by 2050, which further points to a solid incremental opportunity arising for biosensors market players as the need for frequent health monitoring rises with the age.
A Lot of R&D around Biosensors Uplifts Market Outlook; Support from Governments to Boost Revenue Generation
Emergence of nanotechnology-based biosensors, and real-time remote monitoring have paved the way for an enormous growth opportunity in the biosensors space. Miniaturisation of biosensors has led to the ease of integration of nanomaterials with electrical systems, resulting in the development of nanoelectromechanical systems. Thus far, several nanomaterials (nanotubes, nanorods, and nanowires) have been explored to use in improving biological signaling, and transduction mechanism. These sensors can be used in applications of amperometric devices, and bio-conjugated nanomaterials for biomolecular detection. The growing use of biosensors in blood glucose monitoring of diabetic patients will remain a strong booster to the rising adoption of biosensors for home-based point of care devices, especially amid the COVID-19 pandemic.
Wearable biosensors are expected to emerge as a hotbed of revenue generation opportunities for the companies over the foreseeable future. Moreover, the development of implantable biosensors for long-term application is currently one of the key R&D focus areas. Consumer electronics manufacturing companies are thus increasingly involved in R&D activities for biosensors integration into smartphones, and wearables. Several government agencies are bolstering biosensor research activities. For instance, National Institutes of Health (NIH) has funded a research that uses an antibody biosensor to discover the opioids used to treat pain, the outcome of which would ultimately aid in designing effective, no-addiction pain relievers.
Biosensors Market across Diagnostic Application to Grow at the Highest Rate during the Forecast Period
Biosensors’ role in rapid detection of human papilloma virus, and the early-stage detection of human interleukin-10 causing heart diseases have been instrumental to the build-up of the global biosensors space. The potential role of fluorescent biosensors in drug discovery, and oncology is also a significant aspect that makes biosensors an essential tool in the detection of a wide range of conditions from diabetes to cancers. The high rate of new technology adoption, and convenience of using home-based medical devices are fueling the market growth. As lifestyle chronic diseases become more prevalent, the growth potential for the biosensors market continues to rise up.
Technological advancements in novel product development, viz. ultrasensitive printable biosensors for PoC are the applications that help in detecting, or monitoring blood, urine, and saliva are amongst the key drivers behind the growth of the PoC segment of the market. In other application areas, the market will witness robust expansion in demand within the agriculture segment as biosensors are widely used in quality check of pesticides, and herbicides in the soil, and ground water. Biosensors are better equipped in detecting fungi vis-à-vis conventional methods adopted to reduce the loss of crops, and livestock from bio threats.
Electrochemical Technology to Dominate the Global Biosensors Market
On the technology front, nano-mechanical biosensors continue to hold a strong market position when compared with their electrochemical, optical, piezoelectric, and thermal counterparts. Applications of electrochemical biosensors are, however, growing in non-medical applications, viz. environmental monitoring, and food & beverages quality control. Electrochemical transduction presents considerable advantages over other segments, thereby leading to high consumption, and greater market penetration. The widely used type of electrochemical biosensors is the glucose sensor across home diagnostics, and PoC screening. Indirect monitoring through electrochemical biosensors can be applied to monitor fluoride, cyanide, and heavy metals. The optical segment is anticipated to witness high growth rate during the forecast period as they find a broad application base in areas like fermentation monitoring, structural studies, receptor-cell interactions, and kinetic and equilibrium analysis.
Embedded Devices Leading Segment; Wearable Biosensors High in Demand
Based on the type, biosensors in form of embedded devices are widely utilised in a range of applications, viz. diagnostics, food & beverages, environmental monitoring, and biodefence. With the proliferation of the Internet of Things (IoT)-enabled devices, numerous healthcare facilities have started adopting embedded solutions for medical devices enabled with IoT. These devices help in disease identification, and conduct different tests to provide precise, and accurate treatment options to patients in remote locations. Growing adoption of embedded devices will thus drive the biosensors market growth.
Wearable biosensors are being looked up to as highly potential to bring a change to the diagnostics horizon, and the remote health monitoring concepts. It pursues the shift of centralised hospital-based care systems to home-based personal medicines. The most convenient part of wearable devices can lead to a new level of engagement to a patient’s real-time health status. This ultimately results in better clinical decisions, and faster health outcomes. Wearable biosensors help in the early detection of health events, and the avoidance of hospitalisation, resulting in high adoption rate, and market penetration.
Market Leaders Explore Competitive Benefits Through Product Innovations, and Strategic Collaborations
Biosensor marketers are continuously strengthening their product portfolios to present technologically advanced products to the market. For example, in September, 2020, Abbott introduced Libre Sense glucose sports biosensors in Europe. The world-leading CGM technology-enabled product is supposed to help athletes to better understand the correlation of glucose levels with their athletic performance. Moreover, technological collaborations, M&A, and distribution partnerships will remain the prime growth strategies of the key market participants to augment their market growth. This way, companies are increasing capabilities and thereby, improving their competencies. For instance, Medtronic, and Philips entered a collaboration to develop a Patient Management Platform-LungGPS-that helps in the diagnosis and treatment of patients suffering from lung cancer in early 2018.
Some of the key market players in the global biosensors landscape include AZUR Environmental, Abbott Laboratories, Biosensor BV, Cranfield Biotechnology Centre, Pinnacle Technologies Inc., DuPont Biosensor Materials, EG & IC Sensors, Inc., Innovative Biosensors Inc., LifeScan, Inc., Strategic Diagnostics, Sysmex Corporation, Molecular Devices Corp., QTL Biosystems, and Roche Diagnostics.