Global Biosensors Market is expected to reach USD 31,920.4 million by 2024 from USD 16,153.1 million in 2016, at a CAGR of 8.9% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
The global biosensor market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The Abbott is going to dominate the global biosensor market followed by Johnsons & Johnson Services, Inc., Medtronic and other players operating in this market are include DuPont, Bio-Rad Laboratories, Inc., Universal Biosensors Inc., Sysmex Corporation, Pharmaco-Kinesis, Nova Biomedical, ACON Laboratories, Inc., General Electric, DANAHER (Molecular devices, LLC), Drägerwerk AG & Co. KGaA, Ercon Inc., HMicro Inc. and Xsensio among others.
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Abbott was incorporated in 1900 and headquartered in Illinois, U.S. It is a globally diversified healthcare company focused in discovery, development, manufacture, and marketing of broad line of health care products. It operates its business through four segments, established pharmaceutical products, diagnostic products, nutritional products, and vascular products.
Abbott operates in more than 150 countries across United States, Europe, Western Hemisphere, Africa, and Asia-Pacific. For instance, Abbott Administration Inc. (Delaware), Abbott Home Infusion Services, Inc. (New york), Abbott Laboratories International Co. (Illinois), Abbott Australasia Pty Ltd.(Australia), Murex Diagnostics International, Inc. (Barbados), Abbott S.A. (Belgium).
Johnson & Johnson Services, Inc.:
Johnson & Johnson Services, Inc. founded in 1886 and headquartered at New Jersey, U.S. The company operates through three business segments, namely, Consumer, Pharmaceutical, and Medical Devices. The pharmaceutical segment offers a wide range of products for five major therapeutic applications—immunology, infectious diseases, neuroscience, oncology, and cardiovascular & metabolic diseases. The consumer segment of the company offers various products pertaining to baby care, oral care, skin care, women’s health, and wound care. The medical devices segment of the company offers various devices to be used in therapeutic areas such as orthopedic, surgical care, specialty surgery, cardiovascular care, diagnostics, diabetes care, and vision care.
Ethicon US, LLC., subsidiary of Johnson & Johnson Services, Inc. is engaged in the development and marketing of healthcare products.
Johnson & Johnson has more than 265 operating companies across the United States, Europe, Western Hemisphere, Africa, and Asia-Pacific. Some of its subsidiaries include Janssen Pharmaceuticals (Belgium), Ethicon Inc. (U.S.), DePuy (U.S.), Neutrogena (U.S.), Synthes (Switzerland), Cordis Corporation (U.S.), LifeScan, Inc. (U.S.), Janssen-Cilag (U.S.), McNeil Consumer Healthcare (U.S.), Janssen Biotech, Inc. (U.S.), Ortho Clinical Diagnostics (U.S.), and Mentor Worldwide LLC (U.S.).
Medtronic was founded in 1949 and headquartered in Minneapolis, U.S. It is a global healthcare solutions company and it is the world’s largest standalone medical technology development company. The company operates in cardiac and vascular group, minimally invasive therapies group, restorative therapies group, and diabetes group. It offers absorbable and non-absorbable sutures through its subsidiaries brand name Covidien products.
The company operates in more than 155 countries worldwide with more than 260 locations in research and development, manufacturing and distribution, and education centers. The company’s regional locations are Asia-Pacific, Eastern Europe, Latin America, Middle East and Africa, Central Asia, South Asia, North America, and Western Europe.
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Global Biosensors Market By Technology (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, Nanomechanical Biosensors, Thermal Biosensors, Others), By Product (Wearable Biosensors, Non-Wearable Biosensors), By Application (Point Of Care (POC), Home Diagnostics And Biodefence, Environmental Monitoring, Food & Beverage Industry, Research Labs), By Geography (North America, Europe, Asia-Pacific, South America, Middle East And Africa) – Industry Trends and Forecast to 2024
The major factors driving the growth of this market are significant technological advancements in the field of biosensor, emergence of nanotechnology-based biosensors, increasing use of biosensors to monitor glucose levels in individuals with diabetes, high demand of biosensor in monitoring and diagnostic devices and rising demand for disposable, cost-efficient & user-friendly devices of the market are furthermore boosting the growth of the global biosensor market. On the other hand, slow rate of commercialization and high costs involved in R&D may hinder the growth of the market.
SIGNIFICANT TECHNOLOGICAL ADVANCEMENTS IN THE FIELD OF BIOSENSOR
The biosensor technology is in use over 30 years to perform measurement of a biochemical quantity. The advantages such as rapid and continuous measurement with high specificity of sensors make it simple and cheap component which integrates into numerous sensor systems make those systems smaller and tailored for mass production. Hence, several biosensor industry projects to build microscale technology that will be suitable for performing multiple sample preparation, analysis and diagnosis all with one chip.
- Neurosky’s CardioChip ECG biosensor is developed for wearable and mobile device manufacturers, as it is added with biometric algorithms which capture and translate it into an easy-to-understand heart-health index.
- NeuroSky’s EEG biosensor is featured with low-cost OEM solution which is a high-performance bio-signal on a single chip for accurate brain activity detection and processing.
EMERGENCE OF NANOTECHNOLOGY-BASED BIOSENSORS
Nanotechnology-based biosensors are made out of semiconductors, metal oxides and inorganic materials, to detect the variety of biomolecules in numerous applications. Nanomaterials such as gold nanoparticles, magnetic nanoparticles, quantum dots and carbon nanotubes are steadily applied to biosensors due to their unique physical, chemical, mechanical, magnetic and optical properties which enhance the sensitivity and specificity of detection.
The initiation of microarray and nanotechnology based biosensors has been developed to detect the DNA and proteins. The nanomaterials used in biosensors transforming the fields of chemical and biological analysis which enables rapid analysis of multiple substances in vivo.
Nanomaterials used in nanotechnology-based biosensors are easily taken up by cells and hence proving promising for in vivo sensing applications.
Nanotechnology is envisioned as a rapidly evolving field with high potential to revolutionize agricultural and food systems. Nanobiosensors are also implied in agriculture as it is used for sensing a wide variety of fertilizers, herbicide, pesticide, insecticide, pathogens, moisture, and soil pH.
INCREASING USE OF BIOSENSORS TO MONITOR GLUCOSE LEVELS IN INDIVIDUALS WITH DIABETES
Diabetes is one of the most prevalent diseases occurring worldwide in all age groups. Blood glucose monitoring has been recognized as the most prominent tool in the management of diabetes. Nowadays as maintaining normal blood glucose levels is recommended, wide range of glucose biosensors have been developed.
Glucose biosensor detects the interactions of enzymes, hexokinase, glucose oxidase (GOx) or glucose-1-dehydrogenase (GDH). Glucose biosensors for self-monitoring blood glucose (SMBG) are generally based on glucose oxidase (GOx) or glucose-1-dehydrogenase (GDH).
The fast and compact biosensor which gives effective and rapid results are proved boon to the patients with diabetes, as it can be carried anywhere and the effective results of glucose level can be checked anytime. For instance, according to National Center for Biotechnology Information (NCBI), Diabetes Forecast Resource Guide, focus on the US market, lists 56 different POC glucose sensors from 18 different companies. However, over 90% of the market consists of products manufactured by four major companies, including Abbott, Bayer, LifeScan, and Roche.
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HIGH DEMAND OF BIOSENSOR IN MONITORING AND DIAGNOSTIC DEVICES
The advances in biosensors are appealing researchers to develop point-of-care (POC) diagnostic and monitoring devices as it offers continuous monitoring of biologically relevant parameters, metabolites and other bio-molecules, relevant to diseases such as diabetes, cancer, ischemia, and Alzheimer’s.
Biosensors are devices which are designed to detect a specific biological analyte by converting biological units (i.e., protein, DNA, RNA) into an electrical signal that can be detected and analyzed.
The use of biosensors in cancer detection and monitoring holds massive potential. They are designed to detect emerging cancer biomarkers and to determine drug effectiveness at various target sites.
- According to National Center for Biotechnology Information (NCBI), cancer is the second leading cause of death in the U.S. and is expected to claim the lives of nearly 570,000 people in 2010. Cancer can take over 200 distinct forms, including lung, prostate, breast, ovarian, hematologic, skin, and colon cancer, and leukemia.
- According to National Center for Biotechnology Information (NCBI), most common type of cancer in men and women is prostate and breast cancer, respectively, with 192,000 new cases of each reported annually. 77% of cases are diagnosed in individuals aged 55 years and older and approximately 11,000 cases will be diagnosed in children aged 0-14 years.
RISING DEMAND FOR DISPOSABLE, COST-EFFICIENT, AND USER-FRIENDLY DEVICES
The need of medical diagnostics devices for reliable and accurate information on the desired biochemical parameters is an essential requirement for effective healthcare, inexpensive devices which are commonly used. Biosensors devices offer advantages such as specificity, small size faster response and cost. Hence, they are proving practical solution to the problems posed by the contemporary healthcare industry.
The use of disposable electrochemical biosensors is raised as it is used to detect innumerous diseases. It focuses on the various applications of point-of-care diagnostics. Biosensors are integrated with biological components such as enzyme, antibody, DNA or the whole cell etc. The enzymes are specific, easy to isolate and relatively cost effective, and hence widely used as a bio-component to construct a biosensor. Hence, cost-efficient and user-friendly disposable biosensors devices are in demand.
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