Boom Expected in Biosensors Market in Future

A biosensor is an analytical device that measures a wide range of analytes, including bacteria, ions, organic compounds, and gases. The device comprises a biological element, such as a nucleic acid, an antibody, or an enzyme, and a transducer. The biological element combines with an analyte and a transducer to convert biological response into an electrical signal. It is portable, easy-to-use equipment that is used in a variety of applications, including medical testing, food toxicity, agricultural testing, industrial process, and environment monitoring, owing to its high accuracy and portability.

Due to these factors, biosensors are widely used for point-of-care testing. In recent years, the demand for this testing has increased significantly, on account of surging requirement for integrated and portable devices. It helps in performing tests near to patient and offers instant results outside laboratory. Biosensors also assist clinicians in diagnosing causes of diseases for immediate management. Thus, increasing penetration of such devices will accelerate the biosensors market at 9.8% CAGR during 2016–2022. The market stood at $14,169.5 million in 2015, which is projected to reach $27.1 billion by 2022.

Thus, the rising application of biosensors has encouraged companies, such as LifeSensors Inc., Nova Biomedical Corporation, TaiDoc Technology Corporation, Siemens AG, Medtronic PLC, Abbott Laboratories Inc., F. Hoffmann La Roche, Johnson and Johnson, ACON Laboratories, and I-SENS Inc., to develop and produce biosensors for multiple applications. These market players offer biosensors that are based on technologies, such as optical, thermal, electrochemical, and piezoelectric. Adoption of these technologies helps in providing accurate and immediate results within the medical, agriculture, and manufacturing industries.

According to P&S Intelligence, North America utilized the highest number of biosensors in 2015 in the biosensors market. Whereas, the Asia-Pacific (APAC) region will be the fastest adopter of such devices in the coming years. The APAC market is expected to grow significantly during the forecast period, due to the booming population, rising prevalence of diabetes, escalating awareness regarding clinical outcomes, and intensifying developments in technologies of medical equipment and devices. Among APAC nations, Japan is the largest consumer of biosensors.   

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Ultrasonic Sensors Market Outlook and Forecast 2020 due to COVID-19 Impact

The increasing need for ultrasonic sensors from manufacturing industries is one of the biggest factors propelling the demand for these sensors across the world. In manufacturing industries, the ultrasonic sensors are used in a plethora of applications such as diameter measurement of roll, tank water level measurement, loop control, distance measurement, and height measurement. Owing to the soaring industrial production in developing nations, the demand for ultrasonic sensors will rise significantly especially in level measurement applications. For instance, it was recorded in September, 2019 that the industrial production in Turkey registered a year-on-year (YoY) growth rate of 3.4%.

The burgeoning utilization of ultrasonic sensors in automobiles is another factor pushing their demand across the world. These sensors are used in a wide array of applications in automobiles such as in object detection and identification, park assistant systems, and level sensing in fuel tanks. 

Due to the above-mentioned factors, the ultrasonic sensor market is expected to increase its value from $4.1 billion in 2019 to $12.1 billion by 2030, demonstrating a CAGR of 10.2% during the forecast period (2020—2030). Ultrasonic sensors are widely used in industrial, automotive, healthcare, food & beverage, and agricultural sectors. Amongst these, the automotive sector is expected to observe the fastest growth in the adoption of ultrasonic sensors during the forecast period, primarily due to the rising demand for these sensors for use in self-driving cars for obstacle detection.

Global Ultrasonic Sensor Market Segmentation

Market Segmentation by Type

• Range Measurement
  • Through beam sensor
  • Retro-reflective sensor
• Proximity Detection
  • Proximity sensor
  • 2 point proximity switch

Market Segmentation by Application

• Level Measurement
• Distance Measurement
• Object & Pallet Detection
• Loop Control
• Diameter Measurement
• Others (Height Measurement and Web Break Detection)

Market Segmentation by End User

• Food & Beverage
• Automotive
• Healthcare
• Agriculture
• Industrial
• Others (Marine and Aerospace & Defense)

Speak to Analyst: https://www.psmarketresearch.com/speak-analyst/ultrasonic-sensor-market

Globally, the Asia-Pacific (APAC) region recorded the highest usage of ultrasonic sensors in 2019. This region is also expected to witness the fastest growth in the adoption of ultrasonic sensors during the forecast period. This is mainly ascribed to the increasing need for these sensors for automation in industries. Additionally, the increasing population level and rising focus on smart agriculture in India and China, is considerably boosting the demand for ultrasonic sensors in APAC. The expansion of food & beverage, chemicals, and automotive manufacturing industries is also fuelling the rising demand for ultrasonic sensors in APAC.

Hence, it is clear that owing to the surging demand for ultrasonic sensors from the manufacturing industries, growing popularity of premium vehicles, and the increasing need for ultrasonic sensors for use in the advanced automotive systems of these vehicles, the demand for ultrasonic sensors will grow consistently over the next few years.

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