Biosensors are the devices used for the detection of analyte and combines physiological detector with biological components. There are certain types of biosensors that include resonant mirror, electrochemical, surface plasmon resonance and light addressable potentiometric.The biosensors market is expected to witness the growth owning to wide range of applications in cardiac monitoring, diabetes monitoring, agriculture, drug recovery, environmental practices and others.
Biosensors market is segmented into three aspects include- by applications, technologies and end use industries. The biosensor technology market include optical, electrochemical, thermistors and piezoelectric. The application segment covers wide range of biosensors applications such as medical testing, environmental, food toxicity, agriculture, industrial and others. The end user chapter include biosensors devices practiced by research laboratories, security and bio defense, home care diagnostic and others.
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This market is expected to show the single digit growth in CAGR by 2019. Different companies are collaborating with universities to develop biosensors that are affordable, offer high precision and easy to use that acts as driving force for this market.In coming years, companies are investing and discovering non evasive decease monitors that are based on bio-sensing technologies.
Some of the key drivers for this market include rise in diabetic and aging population leading to chronic decease, increasing demand in point of care testing, miniaturization of sensors in healthcare.Diabetes testing is the largest market for biosensors in medical applications. However, the challenge for this technology is high cost involvement in research and development.
Some of the market players in this industry are, Abbott Diagnostics, Roche Diagnostics, Nova Medical, M-Biotech, Hoffmann-La Roche, Medtronic Diabetes, Life sensors Inc., Agamatrix Inc., Bayer Diagnostics and Biacore among others.