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.
