Increasing awareness about bioelectronics is one of the key factors that will drive the growth of the market. High prevalence of cardiovascular diseases and rising usage of artificial pacemakers will propel the growth of bioelectronics market in the coming years. Additionally, increasing demand for home care and customized medicine are some of the other key drivers of the bioelectronics market. Moreover, sensors industrialized by bioelectronics research are responsible for the rise in demand for the bioelectronics products.
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Bioelectronics Market Taxonomy
On the basis of product type, the market is classified into:
Electrochemical biosensors,Piezoelectric biosensors,Thermal biosensors,Optical biosensors
On the basis of application, the global market is classified into:
Fabrication Templates,Biochips,Implantable Devices,Prosthetic,Artificial Organs,Pills,Surgical,Biofuel Cells,Molecular Motors
Rising demand for diagnostic tests and monitoring devices like cardiac pacemakers, devices for measuring blood glucose level, and other medical devices are expected to increase the market size. Increasing incidence of diabetes along with rising need to monitor blood glucose level is expected to impact the market optimistically. Advances in technology and growing innovation in the field are some of the other reasons that will drive the growth of the bioelectronics market over the forecast period.
Growing diabetic population and the increasing prevalence of heart diseases will drive the overall bioelectronics market
According to the Heart Foundation, in 2011, heart and other cardiovascular diseases led to 787 thousand fatalities in the U.S. alone. Moreover, as per International Diabetic Federation (IDF) around 415 million people suffered from diabetes in 2015. Since diabetic monitoring and control as well as heart failure patients need bioelectronics devices in the form of glucose monitoring devices, and artificial pacemakers, respectively, the market for bioelectronics product is likely to experience a huge surge in demand during the forecast period. This is attributed to rise in the number of patients suffering from the aforementioned diseases.
North America held the maximum share of the bioelectronics market, owing to large number of applications in various healthcare segments. Rising occurrence of several grave diseases due to sedentary lifestyle; existence of large number of R&D facilities; and escalating adoptability of refined and advanced products by healthcare professionals, clinicians and patients, the bioelectronics market will see a significant growth momentum in this region. Asia Pacific is expected to observe a considerable growth due to improvement in healthcare infrastructure as well as speedy economic growth in the course of the forecast period.
Some of the key players operating in the global bioelectronics market are F. Hoffmann-La Roche Ltd, Abbott laboratories, LifeSensors, Siemens Healthcare, Nova Biomedical Corporation and AgaMatrix. Some of the other companies operating in the market are Bioelectronics Corporation, Sotera wireless, Beckman Coulter, Bodymedia, Avago, Danaher Corporation, Medtronics, Omnivision Technologies, and Roche, Sensirion.
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