Biochemical Sensor Market size was valued at $18.36 billion in 2019, and it is estimated to grow at a CAGR of 14.92% during 2020-2025. The growth of the biochemical sensor market is attributed to increasing investments in research and development activities and high adoption of this sensors in industries such as food and beverage, military, healthcare, and other industries set to drive the biochemical sensor industry. Trends and advancements in electroche milumine scence has been further creating opportunities for the development of advanced biochemical sensors for various applications including wearable devices, thereby driving the market during forecast period 2020-2025.
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Type – Segment Analysis
Electrochemical Sensors held the major share of 23.15% in 2019 is expected to grow at a higher CAGR during forecast period. High application of this sensors in chemical diagnosis have been driving the market growth. Most of this sensors are biochemical and biomedical in nature and can be used in the application of self-monitoring blood glucose meters that are used to aid diabetics in controlling the blood glucose levels. Additionally, they can also be used in food monitoring, medical diagnostics, homeland security, automotive and other industries.
Application – Segment Analysis
Diagnostics is the fastest growing segment in Biochemical market and is estimated to grow at a CAGR of 11.27%. The growth is majorly attributed to the increasing application of this sensor in clinical trials and in the diagnosis of chronic ailments. These sensors used for detection of biomarkers in real samples for diagnostic applications. In addition to these, they are also used in cardiovascular disease diagnostics, detection of cancer biomarkers, detection of biomarkers for autoimmune disorders, neurodegenerative disorders, and many others. Adoption of these sensors for above applications poised to push the biochemical sensor industry.
Geography – Segment Analysis
North America dominated the Biochemical Sensor market in 2019 with a share of 39.27%, followed by Europe and APAC. The major of the market is attributed to early adoption of advanced technologies and high investments. As medical is one of the major economic sector, high adoption of biochemical sensors in this sector set to drive the market growth. In addition to these, high investments in research and development activities has enhanced the adoption of advanced equipment including biochemical sensors in healthcare facilities.
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Drivers – Biochemical Sensor Market
Growing demand for biochemical sensors in healthcare, military and other industries set to drive the market growth. Growing investments in healthcare and military is further fueling the market growth. For instance, according to Stockholm international peace research institute (SIPRI), the worldwide expenditure on military has been increased from $1,715 billion to $1,822 billion during 2016-2018 period. In military, the application of this sensors is increasing for detection of chemical and biological weapons. Additionally, increasing pandemic diseases at global level have created demand for these sensors to detect threats in short span of time and take the required measures, thereby driving the market.
Adoption of biochemical sensors for monitoring food quality and safety in food and bioprocessing industries has been driving the market. These sensors provide quick and reliable performance on the food testing. Use of this sensors has become an alternative chromatography technique as it involves high cost, skilled personnel, and high processing time. These also address the challenges of multifactorial food industry of offering high analytical accuracy which set to drive the market.
Challenges – Biochemical Sensor (TMS) Market
High initial cost and maintenance cost hamper the growth of Biochemical Sensor market. These sensors have complex mode of operation which need high skilled workforce and this restricts the market growth. The long term stability of the biological receptor and the physical transducer limits the adoption of this sensors. Additionally, poor reproducibility between sensors and selectivity in complex matrices is the one of the challenge hampering the growth of the market.
Technology launches, acquisitions and R&D activities are the key strategies adopted by players in the Biochemical Sensor market. In 2019, the market of Biochemical Sensor top 10 companies are General Electric, Thermofisher Scientific Inc, Microchip Technology Inc, Honeywell International, Nova Biomedical, Innovative Sensor Technology IST AG, Bio-Rad Laboratories, Inc, AMS AG, Tekscan, TE Connectivity, IDUN Technologies and among others.
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