Albany - New York, Oct. 9, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research's new market research report, titled 'Biosensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020', studies the current as well as future prospects of the market globally. According to the study report, biosensors are widely used in the global market due to their wide range of applications in the fields of food and beverages, medical diagnostics, bio-defense, pharmaceuticals, and various industrial processes. These devices are now primarily being utilized for cancer detection and personalized medicines due to effective and accurate detection for specific biological imaging of cancer cells. Due to such factors, the global biosensors market is expected to grow and reach US$21.6 bn by 2020 from a market value of US$12.4 bn in 2013. Overall, the market is expected to expand at a CAGR of 8.1% from 2014 to 2020.
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The report comprises a comprehensive executive summary, which includes a market snapshot and elaborate comparative analysis providing information about various segments, types of biosensor technology, applications, end users, and their geographical markets. The analysis in the study report helps estimate the growth trajectory and magnitude of the market during the forecast period from 2014 to 2020. The growth of the market is due to the increasing number of recent scientific and technological advances, and the need for analytical information in various sectors such as environmental monitoring, healthcare, food quality analysis, defense, and agriculture. Biosensors have become an analytical device of choice in all the above mentioned sectors and is continuously playing an imperative role in overcoming global health threats such as the rapid spread of chronic diseases.
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By technology, the biosensors market is divided into thermal, piezoelectric, optical, and electrochemical. Of all these segments, the electrochemical biosensors segment took up more than 70% of the global biosensors market in 2013. The prevalence of diabetes and other chronic diseases among the population as well as the growing demand for reliable and effective analytical methods are some of the key factors pushing the growth of this segment.
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Similarly, the growing need for rapid screening and monitoring of environmental pollutants, as well as the increasing use of easy-to-use and portable diagnostic devices for the detection and monitoring of various chronic diseases is also pushing the growth of the optical biosensors during the forecast period. This segment is expected to expand at a compound annual growth rate of more than 8% from 2014 to 2020.
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Based on application analysis, the market is segmented into industrial process control, food toxicity detection, medical, environment, and agriculture, and others (bio-defense, drug abuse prevention, etc.). In the next few years, the rise in consumer awareness about environmental hazards, health issues, and food toxicity is a factor expected to drive the global biosensors market. While North America took up more than 35% of the market in 2013, Asia Pacific is now witnessing remarkable growth due to the large population and availability of a skilled workforce. The biosensors market in this region is anticipated to expand at a CAGR of 9.50% during the forecast period from 2014 to 2020.
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The global biosensors market is segmented as follows:
Biosensors Market, by Technologies
Biosensors Market, by Applications
- Food Toxicity Detection
- Industrial Process Control
- Others (Bio-defense, drug abuse prevention etc.)
Biosensors Market, by End Users
- Point of Care Testing
- Home Healthcare Diagnostics
- Research Laboratories
- Security and Bio-defense
- Food Industry
Biosensors Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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