According to a recently published TechSci Research report "Global Biochemical Sensors Market Forecast & Opportunities, 2020", the market for biochemical sensors is projected to reach USD23.3 billion by 2020.
Over the last few years, adoption of biochemical sensors from various end use sectors has increased significantly. Medical applications constitute the largest end user segment for biochemical sensors, globally. Growing health concerns, increasing penetration of hand-held biochemical sensing devices, rising use of these sensors in wearable devices and growing miniaturization of devices are driving the use of biochemical sensors in medical applications. Additionally, development of technologically advanced sensors such as nano-biochemical sensors is projected to increase penetration and fuel growth in the global biochemical sensors market through 2020. Though North America is the largest market for biochemical sensors, Asia-Pacific is emerging as a key demand driver for biochemical sensors due to growing demand from developing countries such as China and India.
Development of silicon micro sensors, optical fibers and automotive biochemical sensor technology are few major trends that the industry is experiencing currently. Fast growing wearable electronics market and increasing need for safety testing in agricultural and nutritional applications are being looked upon as major opportunities for biochemical sensors market. In agriculture, biochemical sensors are increasingly being employed to monitor fruit quality and check presence of pesticides and insecticides. Rising use of biochemical sensors in various allied sectors is due to the growing need for quicker analysis of samples to detect presence of contaminants.
"Major end-use applications of biochemical sensors range from clinical and non-clinical healthcare to agriculture, environmental and nutritional segments. Biochemical sensors are being extensively used for the quicker detection of pathogens, contaminants and chemicals. However, high R&D expenditure, lack of awareness, implementation of stringent regulations by governments, slower commercialization and adoption of these products are major challenges confronting the market.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Biochemical Sensors Market Forecast & Opportunities, 2020" has evaluated the future growth potential of biochemical sensors across the globe and provides statistics and information on market size, structure, industry behavior and trends. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in global biochemical sensor market.