Biosensors are used to detect the presence or concentration of a biological analyte, such as a biomolecule, a biological structure or a microorganism. These sensors are largely employed in applications such as drug discovery, disease monitoring, markers, and disease-causing micro-organisms that are indicators of a disease in body fluids such as blood, sweat, saliva, and urine. Biosensors are also used for medical diagnosis and to identify the function and structure of molecules, such as protein and DNA. They can be used to detect the presence of biological material and identify the various stages of life on earth.
The growth of the biosensors market is mainly driven by the increasing prevalence of chronic diseases, such as diabetes, cancer, and heart disease, across the blood. According to the World Health Organization (WHO), chronic diseases, such as heart disease, cancer, and diabetes, are the leading causes of death and disability worldwide. Cardiovascular diseases (CVDs) account for around 17.9 million lives each year worldwide. Self-monitoring with biosensors has the potential to impact the care of any chronic disease virtually. This can help anticipate symptoms and prevent the progression of the disease.
Growth of the biosensors market is also driven by the growing geriatric population worldwide, especially in North America and the Asia Pacific. According to the Rural Health Information Hub, over 46 million older adults age 65 and older living in the United States, and the number is expected to reach around 90 million by 2050. This means by 2030, one in five Americans is projected to be 65 years old and over. Biosensors have a wide range of applications ranging from clinical through to environmental and agricultural, and are also used in the food industry. Moreover, Biosensors are being widely used for the diagnosis of infectious diseases.
The emergence of COVID-19 is also driving the growth of the biosensors market. For example, in May 2020, Royal Philips received 510(k) clearance from the Food and Drug Administration (FDA) for its wearable biosensor (Philips Biosensor BX100) to help manage confirmed and suspected COVID-19 patients in the hospital. Moreover, BX100 has already received CE mark. This in turn is expected to augment the market growth in North America and Europe. However, high cost of the biosensor devices (wearable) and lack of awareness among people about point-of-care diagnostic devices are some major factors expected to restrain the growth of the global biosensors market.
