From detecting biological substances in the environment to diagnosing specific diseases, biosensors are used in various applications. The emergence of biosensors as a prominent material in various end-user industries has led to considerable advancements in the sector. With the rising demand for biosensors, the growth rate of the global market is estimated to increase extensively in the coming period. The healthcare sector is making use of biosensors on a large scale. Hence, the expanding demand for biosensors in various applications related to the healthcare industry assures promising growth for the biosensors market.
Biosensors can be defined as a device that are responsible for the detection of a chemical substance. These sensors combine a physiochemical detector with a biological component. The first biosensor was invented by Clark and Lyons. This invention can be traced back to the year 1962. It was invented with the intention to measure glucose in biological samples. Since then, biosensors have come a long way. From the healthcare industry to the chemical industry, biosensors have marked their presence everywhere. Thus, the rising influence of biosensors among numerous end-user industries may bring promising growth to the global market.
Research and development activities have a crucial role in the growth of the biosensors market. The players invest extensively in research and development activities for discovering new formulations. Thus, these aspects prove to be beneficial for the overall growth of the biosensors market. Furthermore, the players are also involved in strategic collaborations. Mergers, joint ventures, acquisitions, and partnerships play an important role in increasing the growth rate of the biosensors market. These activities help in expanding the influence of the players, especially in untapped regions. These aspects bode well for the growth of the biosensors market.
COVID-19 Pandemic to Serve as Growth Booster for Biosensors Market
The COVID-19 pandemic has proved to be a boon for the growth of the biosensors market. With the advent of the pandemic, testing became an important aspect for controlling the spread of the virus. Point-of-care testing has become a new normal in this time of pandemic. The use of biosensors to detect COVID-19 brought considerable growth opportunities. Many key players in the biopharmaceutical industry came up with novel techniques for efficiently detecting COVID-19. Research is being carried out to come up with new testing techniques among many renowned brands. A recent study found out that COVID-19 can be detected efficiently through smartphone biosensor. Thus, such developments bode well for the growth of the biosensors market.
Growing Environmental Hazards around the World to Invite Extensive Growth Prospects for Biosensors Market
The rising environmental concerns around the globe have urged many countries to use monitoring for recalibrating the environment conservation strategies accordingly. Environmental monitoring technologies have gained extensive momentum over the years due to their growing popularity. Electrochemical biosensors are prominently used in environmental monitoring systems. Thus, the expanding awareness about the use of environmental monitoring technologies among government bodies and the increasing information spread about environmental conservation among the masses will serve as crucial growth factors for the biosensors market.
Biosensors are used to detect land contaminants and air contaminants too. The growing awareness among the global populace about the existing health hazards and the long-term effects of these diseases is leading to the high usage of contamination detection systems. Therefore, this factor may bring profitable growth avenues for the biosensors market.
Some well-established players in the biosensors market are Agilent Technologies, Inc., ACON Laboratories, Inc., Dynamic Biosensors GmbH, InterAx Biotech AG., and AerBetic.