Biochemical Sensor Market - Electrochemical Sensors to Continue Witnessing High Demand
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Some of the most prominent names in the global biochemical sensor market are GE Healthcare, Thermo Fisher Scientific, Honeywell International, Inc., Bio-Rad Laboratories, Inc., and Polestar Technologies, Inc., among others. Besides aforementioned strategies, many of the market players are also pushing mergers and acquisitions to capitalize on their expertise and expand their product portfolio.
Overall, the global biochemical sensor market will rise at a robust CAGR of 14.7% between 2017 and 2025. At this pace, the market is expected to reach US$58.48 bn by the end of 2025, from its valuation of US$17.1 bn in 2016. Based on product, electrochemical sensors constituted the leading segment with a share of 32% in 2016. Besides this, piezoelectric sensor, thermal sensor, gas sensor, and optical sensor make other key segments in terms of product.
Regionally, North America held dominant with a share of over 29% in the global market in 2016. Europe and Asia Pacific followed closely as the second- and third-leading markets for biochemical in the same year. However, over the course of the forecast period, North America is likely to lose its market share, while Asia Pacific and Europe markets will witness accelerated pace of gains.
Application across Diverse Industries, Especially Healthcare, to Boost Growth
As biochemical sensors have found a leading end user in the healthcare sector, growth witnessed in the industry will subsequently fuel their demand. The healthcare infrastructure is a major consideration by governments when planning economic growth. Over the years, the industry has expanded exponentially. Additionally, investments in research and development are forecast to increase in the coming years. “Biochemical sensors are used in the qualitative and quantitative assessment of clinical diagnosis in the healthcare sector,” said a lead TMR analyst. “The increasing aging population, coupled with the rising incidence of chronic ailments, will fuel the demand for precise diagnosis, thus providing significant impetus to the biochemical sensor market,” he added.
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Besides this, government initiatives to ensure superior food quality, advancements in material chemistry and wireless networks, the rising demand for advanced wearable biochemical sensors, and the growing population of point of care diagnostics will create lucrative market opportunities. TMR also prophesized that the rising oil extraction worldwide will tip scales in favor of the market. Rise in oil extraction would result in greater percentage of inflammable and toxic in the air. Spurred by this, the use of biochemical sensors will increase to detect the presence of toxic gas.
High Cost of Biochemical Sensors to Limit Sales
On the downside, high cost of biochemical sensors will hinder the sales to an extent. In addition, complex product design and incompatibility with real-world application portend hard-time for the market. Nevertheless, advancements in the wireless technology will help reduce the impact of aforementioned bottlenecks. The market will also gain from the rapid proliferation of wearable technology.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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