Biosensors Market not Very Far from New High: Expected to Reach US$21.6 bn by 2020

The global biosensors market is progressing at a fast pace as the future is inching in the direction of human optimization. To gain a competitive advantage in the ever-changing global economy, companies are trying to integrate the advantages of wearable technologies to improve performance of their employees. With devices to measure heart rates, blood pressure, and many other biological functions, companies are moving towards achieving human optimization. Previously, biosensors were used by many in the sports sector to observe, gauge, and study the conditions of athletes. Over the years, these high-end analytics have helped several trainers and athletes achieve better results by understanding their own capabilities and scope for improvement.

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Companies Employ Biosensors to Gauge Employee Performance

According to The Independent, biosensor-integrated devices will soon be a part of several professional setups as firms are trying to match biological profiles with periods of top performance. The eventual aim of the companies is to align human performance and biometric data with the performance objectives of the company. However, these devices are not yet a reality, as companies are fighting perspectives and possibilities of intrusion of employee privacy.

Chronic Diseases Boost Electrochemical Biosensors Segment

A research report published by Transparency Market Research stated that the global biosensors market will reach a valuation of US$21.64 billion in 2020 from US$12.46 billion in 2013, growing at a CAGR of 8.1% from 2014 to 2020. The global biosensors market is segmented on the basis of technologies, applications, end users, and geography.

By technology, the global biosensors market is divided into optical, electrochemical, thermal, and piezoelectric. Out of these, the electrochemical biosensors segment held the biggest share of 70% in the global biosensors market in 2013. The key factors driving this segment are the rising number of diabetics, increasing prevalence of several other chronic diseases, and therefore an urgent demand for reliable and quick analytical methods. Furthermore, the optical biosensors segment is expected to grow at a CAGR of 8% from 2014 to 2020 due to the need to screen and monitor environmental pollutants for better human health.

Biosensors Gain Popularity in Medical Sector due to Accuracy of Results

Application-wise, the global biosensors market is segmented into medical, food toxicity detection, industrial process control, environment, agriculture, and others such as drug abuse prevention and bio-defense. Reports suggest that the medical segment will forge ahead as compared to others due to need of quick and accurate results as the number of patients suffering from chronic conditions continues to be on the rise. Additionally, the convenience of easy-to-use and portable diagnostic devices for diagnosing chronic diseases will drive the medical applications of biosensors.

Drug Discovery and Screening Procedures to Fuel Global Biosensors Market

Among the end-use segments, the biggest consumer will be point of care testing. This segment constituted over 40% of the global biosensors market in 2013 due to growing care process optimization and patient care outcomes. However, expert industry analysts predict that the research laboratories segment will grow at a CAGR of 8.5% as activity in drug screening and drug discovering procedure increases.

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In terms of geography, Asia Pacific will lead the global biosensors market with a promising CAGR of 9.5% from 2014 to 2020. The main countries contributing to this growth will be China, Japan, South Korea, Malaysia, Australia, and India. The huge population base and great availability of skilled labor in these countries are majorly responsible for the expected growth of the Asia Pacific biosensors market.

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