WELLESLEY, Mass, Sept. 26, 2018 (GLOBE NEWSWIRE) -- The biosensors and nanosensors market is being led by growth in Europe and the promise of developing fields such as IoT-enabled biosensors, according to a report by BCC Research.
The industry expects to see a compound annual growth rate (CAGR) of 8.6% through 2023, when it could be worth more than $31.9 billion, according to the report Biosensors and Nanosensors: Global Markets and Technologies.
Watch a clip from Michael Sullivan’s recent webinar on this report.
Major players in the market include Abbott Laboratories, Bayer, Contec Medical Systems, Dexcom, F Hoffman-La Roche, Honeywell International, Kionix, Lifescan, Lockheed Martin, Medtronic, NXP Semiconductors, Omron Industrial Automation, Sensonor, Siemens Healthcare and Sony.
Research Highlights
- North America leads the market by size, with an estimated 2023 value of $12.1 billion, though Europe leads the market by growth, with a CAGR of 9.8% through the period. Latin America will see a CAGR of 4.3%.
- By type, nanosensors lead the market in growth, with a CAGR through 2023 of 12.7%, though biosensors will lead the market by size, with an estimated market value of $30.9 billion.
- MEMS biosensors lead the market by end use, with an estimated 2023 value of 11.0%, though by growth the market will be led by IoT-enabled biosensors (17.4%) and nanosensors (12.7%).
“Tantalized by the market success of simple biosensors, the industry has been focusing on building more robust and less expensive biosensors for specific applications with a focus on ease of use,” the report’s author, Michael Sullivan, said in the report. “Increasingly, these biosensors are part of a sensor system integrated to detect multiple analytes. More recently, miniaturization has enabled improved implementations and broader application.”
Biodefense Application Shows Growth Potential
Biodefense applications are seeing higher adoption rates, with the ongoing war on terror and increasing security concerns driving the need for newer and faster biosensors that can detect biowarfare agents for military and civilian defense applications, the report adds. These units have the ability to detect drugs and explosives using an analysis module with a built-in configuration facility. User groups include police, paramilitary departments, private security agencies, intelligence agencies, the military, and customs and coast guard units.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.