A biosensor is an analytical device which is used to detect the analyte and gathers biological components with the help of a physicochemical detector. Biosensors converts biochemical signals into physicochemical signals which help in measuring the sample. A biosensor is made up of two components, namely, a transducer and a biological element such as antibody, enzyme or nucleic acid. The transducer detects and transmits the signals. On the other hand, biological element acts as a sensor. There are four types of biosensors, optical, electrochemical, thermal, and piezoelectric biosensors. Biosensors are used in medical diagnostics, forensic, and drug target discovery. In medical diagnostics they are used to monitor lactose, glucose levels in the body, identification of molecular markers, and measurement of vitamin B12 and folic acid. In diabetic patients, blood g
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The major factor that drives the biosensor market is increase in prevalence of diabetes. According to International Diabetes Federation, in 2015, diabetes affected 415 million people worldwide and this number is expected to reach up to 642 million by 2040. Additionally, increase in the prevalence of geriatric population is also an important factor which will drive this market. According to WHO, in 2015, 900 million people were 60 years of age or older and this number is expected to reach up to 2 billion by 2050. Moreover, technological advancements are also set to drive this market. For instance, in May 2016, Nova Biomedical launched BioProfile FLEX 2 cell culture analyzer. It is an extension of the Bioprofile line of cell culture analyzers which also provides 16 cell culture chemistries. Furthermore, growing need for point of care diagnostics, cardiac pacemakers, blood glucose level will also boost the growth of this market. However, stringent regulatory requirements and complicated reimbursement policies will hamper the growth of biosensors market.
The key strategy followed by the major players in the biosensors market is product launch. For instance, in March 2016, Vital Connect, Inc. launched VitalPatch biosensor. It is a single use biosensor which continuously monitors and records skin temperature, electrocardiogram and heart rate. With the launch VitalPatch biosensor, Vital Connect, Inc. will gain more market share.
The major players in the biosensors market are Siemens Healthcare GmbH, LifeSensors, Inc., F. Hoffmann-La Roche Ltd., AgaMatrix, Inc., Abbott Laboratories, and Nova Biomedical.
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