Global Advanced Biosensor Material Market Research Report: Forecast (2021-2026)

Biosensors are powerful & innovative analytical devices that identify changes in biological processes and transform them into electrical signals. Biosensors have gained significant importance across different verticals like biomedicine, drug discovery, defense, food sector, environmental monitoring, etc. 

According to Markntel Advisors, "Global Advanced Biosensor Material Market" is projected to grow at a CAGR of 8.23% through 2026. The market growth owes principally to biosensors displaying their expanding applications due to various benefits, including precise & powerful analytical tools. Besides, consistent technological advancements entwined with rapid research & development activities initiated by the market giants to develop advanced biosensors shall also boost the market in the coming years.

Covid-19 Positively Impacted the Global Advanced Biosensor Material Market

• Last year, the Covid-19 pandemic had a decelerating impact on most industries, yet the Global Advanced Biosensor Material Market underwent a positive effect.
• Of all the sectors, the healthcare sector observed immense pressure to control the virus spread and treat people, especially when the symptoms were unidentified. 
• WHO declared Covid-19 an ongoing pandemic since the virus spread is airborne and can get transmitted from person to person.
• Hence the need for technology to detect & monitor public health became a prime focus, which further surged the requirement for biosensors worldwide to get early notification about health status & symptoms & control the spread of this dreadful disease up to some extent.
• Due to this, the demand for advanced biosensor materials observed a significant hike, which, in turn, augmented the market growth amidst the crisis.

Market Segmentation:

Based on the End-User, the Global Advanced Biosensor Material Market segments into:

• Agriculture
• Healthcare
• Food Industry
• Biodefense & Security
• Research Laboratories

Of them all, the Healthcare sector grasped a significant market share in recent years, primarily due to the rapidly increasing developments across the healthcare sector, especially the bio-medical industry, coupled with the growing adoption of modern diagnostics techniques. In addition, the burgeoning healthcare costs have urged the need to monitor patients’ health conditions remotely through point-of-care testing. Hence, the convenience of using biosensors at home has further boosted the market across the healthcare sector.

On the other hand, the Agriculture sector is observing considerable adoption of these materials owing to the rising technological advancements soaring the requirement for advanced biosensor materials for non-medical applications like environmental monitoring. In addition, the increasing deployment of biosensors owing to their cost-effectiveness, optimal application, and refined output quality in agriculture is another prominent aspect surging the demand for advanced biosensor materials and fueling the overall market growth.

The Food Industry is expected to demonstrate considerable growth during 2021-26 owing to the extensive use of biosensors in smart packaging, having in-built sensors & indicators to detect the freshness, quality, and safety of food products.

Besides, the rising emphasis of the industry is to detect contaminants like biological toxins, pathogenic microbes, food allergens, pesticides, and antibiotic residues in food items. Hence, it drives the need for biosensors to analyze nutritional constituents & verify the production process, states MarkNtel Advisors in their research report, “Global Advanced Biosensor Material Market Analysis, 2021.”

Regional Landscape

Based on the Geography, the Global Advanced Biosensor Material Market expands across:

• North America
• South America
• Europe
• Asia-Pacific
• Middle East & Africa

Of them all, Asia-Pacific is anticipated to display the highest growth rate in the coming period. It owes primarily to the foreign investments in the healthcare sector of China, coupled with growing government funding in R&D to produce advanced biosensors for multiple applications. Additionally, the mounting penetration of health insurance facilities, up-gradation of medical systems, and favorable reimbursement policies shall also encourage market expansion across Asia-Pacific in the years to come.

On the other hand, Europe is likely to emerge as an opportunistic region for the market in the coming period. The increasing enactment of biosensors for diagnostics is the prime aspect making Europe profitable for the market expansion. Besides, various health disorders due to mounting lifestyle changes among people are also surging the adoption of biosensors among consumers & medical professionals to monitor health remotely & on-demand.

Nonetheless, North America attained the highest market share in the previous few years. Increasing government initiatives toward technological progressions to develop advanced biosensor materials through rapid research & development is the most prominent factor that backed the market expansion across the region. Besides, the enactment of these biosensors to monitor chronic diseases entwined with the adoption of home-based Point-of-Care (POC) devices are the other aspects that augmented the regional market growth.

POC biosensors are low-coat & user-friendly devices that enable medical diagnosis remotely. These sensors are alternatives to conventional technologies like qRT-PCR. Across North America, the US & Canada are observing an increasing adoption of biosensors owing to the availability of advanced healthcare infrastructure entwined with the growing prevalence of chronic diseases like diabetes & cardiac disorders in these countries that demand timely monitoring. 

Market Dynamics:

Key Drivers

• Progressions in nanotechnology-based materials to promote developments in biosensors
• Increasing investments in R&D by market players for enhanced biosensors
• Extensive application of biosensors to remain a constant factor boosting their requirement

Market Restraints

• Reluctance in adopting new treatment practices subduing the demand for biosensors & their materials
• The high initial investment in the manufacturing of biosensors
• Technical challenges like the miniaturization of biosensing devices using micro & nano-fabrication

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the Global Advanced Biosensor Material Market?
2. What are the region-wise industry size, drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Advanced Biosensor Material Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the Global Advanced Biosensor Material Market based on the competitive benchmarking matrix?
5. What are the key results derived from the surveys conducted during the Global Advanced Biosensor Material Market study?