The COVID-19 pandemic has been unlike any other the planet has faced so far. Since the virus had a much more severe impact than the other viruses such as the common flu, normal medication and detection methods were rendered useless. The detection methods had to be a lot more advanced, which is why biosensors were put to use.
A biosensor is a combination of two main components, one is a biological component and the second is the electronic component. The biological component acts as a sensor that detects the enzymes present in the body and the electronic component acts as a transmitter that can be used to transmit the signal. There are many elements that can be used as the biological component in the biosensor such as enzymes, antibodies, nucleic acid, lectins, or even more complex components such as microorganisms.
The biosensor market rose to popularity in the recent past with the rising developments in the medical industry. The biosensors offer an enhanced way of detection and they are easily portable, making it easy to conduct diagnostic functions with superior results. They offer a real-time method of monitoring health, which is a necessity in today’s day and age. Biosensors are a lightweight,non-invasive and easy method of detection and evaluation, making them game-changers in the medical testing world.
The need for biosensors market today
Besides the COVID-19 pandemic, there are still multiple reasons why biosensors are becoming important in the medical community. The overall lifestyle of human beings has become a lot more sedentary as well as unhealthy, giving rise to various chronic illnesses. Diabetes, problems with cholesterol and high blood pressure, lung diseases such as asthma are some of the most prevalent chronic diseases that exist in today’s society.
We also have a lot of unhealthy lifestyle habits and make a lot of unhealthy lifestyle choices that attribute to this overall lowering of our well-being. Habits such as heavy consumption of alcohol, smoking and consumption of foods with high sugar content are some of the main perpetrators behind this rising number of diseases. Biosensors offer a quick, easy and effortless way to regularly monitor these diseases, especially those like diabetes.
A biosensor gives users a more convenient, affordable, user-friendly and reliable option. They are easily disposable with a quick response rate, making them the preferred option as compared to the older methods in use. Old testing methods are slowly going out of use as these faster diagnostic methods are coming into play today. The market for the biosensor is also growing, with current industry value being held at USD 25.5 billion (Markets and Markets) this year. This number is only expected to grow in the future, and by 2027 the market share should be well over USD 35 billion. An expected growth of USD 10 billion in market size in less than six years is quite high, which is what proves the usability and prospect of the market future of biosensors.
Latest innovations in the biosensors industry so far
The top competitors in the biosensor industry are focused on creating new technological advancements that will help meet all the medical testing needs of today and of the future. Some of the highest ranked medical and pharmaceutical companies in the biosensors market include the following:
- Strados Labs, based in the USA
- Ceribell, based in the USA
- Jülich Research Centre, based in Germany
- Randox Laboratories Limited, based in the UK
- InterAx Biotech AG, based in Switzerland
- Profusa Inc., based in the USA
- EarlySense, based in the USA
- InfoBionic, based in the USA
- ViralTech
- ENDOTRONIX, based in the USA
Most of these companies are fairly new and have been operational in the last decade, although some can be found to be operational from as early as 2004. The expected growth rate of the biosensor industry is projected to be at around 7.5% annually from 2021 to 2027 because of the innovative ways in which they can make the industry more commercialized.
So far the biggest problem with the industry is that there hasn’t been much research and development done in the niche, making it difficult to capitalize on as a market. Currently, the biggest demand of biosensors has been in the healthcare industry, but it can be put to use for non-commercial applications as well to further its growth. Some of the other industries that can use biosensors for their work and benefit from them include the biodefense industry, the military, environmental monitoring and fermentation control. The wider the reach of the products, the more commercial they will become, and the faster the industry will grow.
Industry giants like Abbott are investing in doing more research and development for nanotechnology-based biosensors as well to create nanoelectromechanical systems which can be put to wide usage for lightweight and easily portable devices that can detect the glucose enzymes on a nano scale. It will create a new world of possibilities for the future of the biosensor market. Qualitative research and funding will allow for an increase in the production rate of these biosensors and impact daily lives positively as well.
It will become a lot easier to monitor glucose levels regularly in patients with diabetes, monitoring vital signs in infants, athletes, children, patients, and more. It will also become an easier way to conduct regular checkups for individuals who live in remote areas and do not have easy access to healthcare facilities. Soon, when wearable biosensors become more popular, it will become possible to monitor the vital signs of all patients remotely as well so that patients can manage their care remotely and avoid hospitalization altogether due to early detection.
Some of the other ways in which the biosensors can be put to use can be using patches, 3D printed electronics, leverage conformal and more. Physicians and patients will be able to monitor their health in a more effective way and track their data to improve their overall health. It helps reduce the load on physicians and general practitioners and helps regular users and individuals stay on top of any possible health issues.
These electrochemical biosensors that offer wearable options for users hold the largest market capital share in the biosensor industry as of now, with more than 67% (Global Market Insights) of the total market share. With the ease of use and other benefits that they provide, the biosensors market future is expected to grow even more in the wearable sector.
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The prediction for growth in the market capital for biosensors
Qualitative research towards the market future of the biosensor industry showcases different innovative applications and wide adoption of usage by individuals around the world. Access to healthcare will become predominantly more preemptive instead of it being reactive like it is now. The biosensors will enable individuals like us to stay vigilant of all our vitals and alert us if there is anything amiss. This way the rate of spreading of disease will go down as well.
Those with chronic illnesses like diabetes will be the ones who benefit from this the most. A biosensor will enable them to monitor their health in a much more precise and regular manner, and they will be able to keep constant tabs on their health in real-time. The entire process becomes a lot less time-consuming and significantly easier. For someone who has to keep getting regular check-ups done periodically by visiting the doctor, this is a blessing indeed.
The current expected growth rate of wearable biosensors has been recorded to be at 9.3% (Digital Journal) due to the increasing rate of acceptance in the public mindset. Since the biosensors also have an electronic component to them, they can be easily connected to smartphones, tablets and other electronic devices. Imagine, all you have to do is connect to a mobile application and you get access to real-time insight on what is happening inside your body. It’s like a smartwatch or a FitBit, only a lot more precise and accurate. This is also extremely beneficial to people who are more health conscious and want to maintain a fit and healthy lifestyle.
Now people can take a more active approach to the way they check their health and progress. Instead of relying on annual checkups at the local physician’s office or the nearest hospital, one can have access to all the data they need at their disposal. Market research services have observed this shift in trend to a more health oriented lifestyle and livelihood over time, and the health, wellness and fitness industries will observe a noticeable growth in the usage of wearable biosensors in the near future as well.
Conclusion
All in all, the biosensor market is expected to rise steadily and at a much faster rate than it has so far. By 2027, the industry size will be significantly larger because of the many benefits it provides to the common user as well as to the medical and healthcare industry. Once companies start focusing on doing more research and development into the commercialization of the products, they can change the way the healthcare industry operates altogether and for good.
