How is Growing Diabetic Population Driving Biosensors Market?

The diabetic population across the globe is surging and the disease has become one of the leading causes of death and increased the risk of developing numerous serious health problems. It is further a primary cause of kidney diseases, stroke, cardiovascular diseases, and eye disorders. As per the World Health Organization, about 108 million people suffered from diabetes in 1980 and the number has risen to 422 million in 2014. In addition to this, approximately 9 billion people across the globe are projected to suffer from diabetes in 2040, according to the International Diabetes Federation. Due to this, the requirement for biosensors is growing for the effective diagnosis of diabetes.

Biosensors are investigative devices comprising transducer and biological elements for providing analytical information. These devices convert biological response into an electrical response for recognizing the function and structure of different molecules. According to a study conducted by P&S Intelligence, the global biosensors market is projected to attain a value of $27.1 billion, advancing at a 9.8% CAGR, in the near future. Biosensors are based on different technologies, namely piezoelectric, thermal, electrochemical, and optical. Among these, the largest demand was created for electrochemical biosensors during 2012–2015 and the situation is expected to be the same in the coming years as well.

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The different applications of biosensors are food toxicity, environment, medical testing, industrial process, agricultural testing, and others. The highest demand for biosensors was created for the medical testing application during 2012–2015. Biosensors are utilized in this application for diagnosing and monitoring different diseases as they are cost effective, reduce errors during the diagnosis, and are easy to use. Furthermore, medical biosensors help in assessing the progression of diseases and monitoring the treatment outcome. Some of the test for which biosensors are mostly used include cerebrospinal, pathogen detection, and cholesterol. Attributed to these reasons, the demand for biosensors for medical testing is projected to be the largest in the near future as well.

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Research laboratories, food industry, point of care testing (POCT), security and bio-defense, and home diagnostics are some of the primary end users of biosensors. Out of these, the largest demand for biosensors was created by POCT during 2012–2015 and the situation is going to be the same in the coming years as well. Biosensors play a significant role in POCT and are utilized in clinics, operating theater, intensive care units, and emergency rooms. These device help improve patient care by remote patient care monitoring. In the near future, the fastest growth in demand for biosensors is projected to be witnessed by security &bio-defense.

This study covers

• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings
• Recent strategic developments by the major players in the market

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