Market Analysis
The global chemical sensors market size is predicted to touch USD 30.47 billion at a 5.54% CAGR during the forecast period (2020- 2027), states the latest Market Research Future’s (MRFR) chemical sensors market report.
Drivers
Growing Adoption in Healthcare Sector to Boost Market Growth
Chemical sensors have wide applications in the healthcare sector. They are used in diagnosis of alcohol/drug abuse and renal failure, portable glucose monitors, cancer diagnosis, and fertility systems. Besides, the increasing prevalence of diabetes and associated diseases is also likely to increase the demand of the product as chemical sensors are used to manufacture blood sugar testing strips.
Opportunities
Growing Environmental Concerns to offer Positive Market Opportunities
The growing environmental concerns coupled with the need to monitor various levels and types of pollutions with chemical sensors are likely to offer positive market opportunities over the forecast period.
Restraints
Lack of Awareness to act as Market Restraint
The lack of awareness about chemical sensors coupled with less adoption may act as market restraints over the forecast period.
Challenges
Technological Glitches to act as Market Challenge
Technological glitches and poor life span of chemical sensors may act as market challenge over the forecast period.
COVID-19 Analysis
Fortunately, the COVID-19 pandemic had a positive impact on the chemical sensors market.
Researchers are developing a low-cost, rapid and mass manufacturable saliva-based biosensor test for COVID-19 that is inspired by the glucose test strips used for checking blood sugar levels in diabetic patients.
On the other hand, researchers at the University of Washington have developed protein-based biosensors to detect the proteins that make up coronavirus and the antibodies against it.
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Market Segmentation
Solid Type to Lead Chemical Sensors Market
The solid type segment will lead the chemical sensors industry over the forecast period.
Electrochemical Sensors Technology to Dominate Chemical Sensors Market
The electrochemical sensors technology segment will dominate the chemical sensors market over the forecast period and at the highest CAGR for the rapid pace of development in micro-fabrication technologies and microelectronics that call for miniaturized chemical sensors.
Healthcare and Life Sciences Application to Spearhead Chemical Sensors Market
The healthcare and life sciences application segment will spearhead the chemical sensors market over the forecast period and at the highest CAGR for the technological advances in measuring, clinical diagnostic, and monitoring sensors that are used in wearable and implantable devices.
Regional Analysis
North America to Rule Chemical Sensors Market
North America is predicted to rule the chemical sensors market over the forecast period. The growing adoption of direct gasoline injection and turbocharged engines in the automotive industry, the high concentration of market players in the region, the availability of proficient technical expertise, soaring production of vehicles, and increasing research activities are adding to the global chemical sensors market growth in the region. Besides, development of new products, the pressure to reduce pollution levels in the future, and the rising demand for accurate and quick diagnosis in medical sector are also adding market growth. The US holds the utmost market share.
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Key Players
Leading players profiled in the global chemical sensors market report include Abbott Laboratories (US), Emerson Electric Co. (US), Denso Corporation (Japan), Nova Biochemical Corp. (US), Thermo Fisher Scientific Inc. (US), AMETEK, Inc. (US), Alpha MOS (France), Freescale Semiconductor, Inc. (US), Halma PLC (UK), and F. Hoffmann-La Roche AG (Switzerland).
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