Since the inception of sensors and various sensing technologies, they have gained ground in multiple industries due to their ability to continuously monitor and deduce certain characteristics. Several scientific advances in nanotechnology, microelectronics, and others have instilled the idea of biochemical sensors that can perceive stimuli and biotic-abiotic stresses. With constant R&D, the next generation of sensors might also detect diseases before the onset of symptoms. These array of factors are regularly driving the biochemical sensors market across the world. As per the latest findings of the National Science Foundation (NSF), the team of researchers is set to take the sweat biochemical sensors to the subsequent level. They are trying to pave a way to obtain and probe data accurately and quickly by constant sweat monitoring. This revolutionary breakthrough will contribute to the healthcare vertical strengthening the business leaders of biochemical sensors market.
The global biochemical sensors market amassed revenue avenue of around $18.36 billion by the end of 2018, which is anticipated to heighten at a lucrative CAGR of 14.92% over the course of the forecast period 2019-2025.
Biochemical Sensors Market Analysis: Key Application
While biochemical sensors are making a mark on various markets, its major implementation can be witnessed in diagnostics. The global sensors in healthcare applications market stood at about $18 billion to $20 billion as of 2018, which is estimated to increase at a CAGR of 8% to 10% until 2025. A substantial part of this data is evincing the flourishment of biochemical sensors in the field of healthcare. Recently, an innovation by the University of Surrey has proved the potential of biochemical sensors to observe lithium levels in bipolar disorder patients. Lithium is extensively used in treating patients with mood conditions such as depression and bipolar disorder. This antipsychotic drug needs to be carefully monitored, as a wrong dosage can affect the patients. These latest new miniature fiber-based biochemical sensors are observed to have immediately and accurately detected the lithium concentration level ranging from clinically affective to toxic concentration. Furthermore, the high concentration of sodium in the blood does not affect the detection. Reports of Mental Health Foundation refers that almost four million cases of mood disorders, including depression and bipolar, were witnessed in the UK. Hence, this new technological innovation will create opportunities for biochemical sensors in the diagnostic field in the upcoming years. Besides, in 2018, Giovanni Maglia and associates at the University of Groningen, in the Netherlands, overcame the lack of selectivity of biochemical sensors for metabolites and used a membrane-spanning nanopore to measure it. This biosensor also functions at single level molecules, ignoring the need for calibration and providing multiple proteins to be addressed by a single nanopore. The new and important contribution to the field of diagnostics will assist in monitoring illnesses such as strokes and Parkinson's disease. The usage of biochemical sensors in diagnosis is projected to grow at a healthy CAGR of 11.27% during the forecast period.
North America Biochemical Sensors Market Overview:
Over the course of the last few years, the selection of biochemical sensors from several end-users has increased exponentially. Growing health concerns, geriatric population, and development of optical fibers, automotive biochemical sensor, silicon microsensor technologies, and others are the few aspects that are driving the biochemical sensors market. In 2018, North America was identified as the leading region in terms of the growing demand. The North America biochemical sensors market size accounted for 39.27% amidst the global business. Here are the multifarious factors supporting the growth –
· Profusa, Inc.'s Profusa Lumee™ Oxygen Platform to Benefit the North America Biochemical Sensors Market –
In 2018, Profusa, Inc. got recognized as the Entrepreneurial Company of the Year in the Continuous Monitoring Biochemical Sensors Industry by Frost & Sullivan. The company's latest innovation to the healthcare segment will continuously monitor tissue oxygen and also reform the command of certain chronic health conditions. This technological advancement will create a demand influx amongst the end-users of biochemical sensors market.
· California Institute of Technology's Latest Finding to Contribute to the Growth of Biochemical Sensors Market –
Pectin derived from fruits such as apples has been known to be temperature sensitive for a long time. However, recently, they have been deployed in the making of a biochemical sensor that can detect the presence of warm bodies. This happening was recently described in the works of Chiara Daraio, a professor of mechanical engineering at the California Institute of Technology. Researchers probe to use this biochemical temperature sensor in robotics and biomedical fields to create artificial skin. Therefore, this innovation will open opportunities for several business leaders of biochemical sensors market.
· Texas Instruments Incorporated's (TII) latest BAW Sensors Innovation to Give Profitable Returns –
The most used quartz crystal microbalance sometimes reveal some limitations when applied as biochemical or chemical sensors. However, TII has brought a revolutionary change that would impact the market in the next years. In February 2019, the company announced a new bulk acoustic wave (BAW)-based installed processing and analog chip, enhancing the next age of communication and connectivity foundation. SimpleLink CC2652RB wireless microcontroller (MCU) and the LMK05318 network synchronizer will enable simplified, high-performance, and stable data delivery coupled with faster designing of logistics. This development is going to attract various end-users, and therefore, the biochemical sensors market will expand exponentially.
Biochemical Sensors Market Trends & Growth Drivers:
The desire for a more advanced biochemical sensor is everlasting. Fast expanding wearable biochemical sensors coupled with the governmental policies for a flourishing agricultural and nutritional society are increasing and creating robust opportunities for the biochemical sensors business leaders. Here are several incites that would showcase the growth of the industry –
· Nanosensors for Imaging Applications in Biological Systems to Create an Impact –
Recently, researchers have seen unprecedented advancement in imaging-based nanosensors. These biochemical sensors have shown developments in the application category by their signal transduction mechanisms, such as plasmonics, fluorescence, photoacoustic, and MRI. This shift will result in the increasing growth of the biochemical sensors market.
· Macrocyclic Receptors to Boost the Biochemical Sensors Marketplace –
The growing geriatric society and ubiquity of several diseases are creating a demand for the upsurge of low-cost, non-invasive, and precise sensor devices. While several techniques such as MRI, PET, and others are expensive and prone to side-effects, researchers have identified synthetic supramolecular receptors for the evolution of selective, specific, and cheap sensor devices for biological sensing of particular target molecules in compound blends of organic substances. This groundbreaking innovation will encourage various end-use manufacturers to use this, resulting in the growth of the biochemical sensors market.
· Photonic Crystal Cavity Devices to Stimulate Biochemical Sensors –
When photonic crystal cavities are coupled with newly proposed optofluidic technology, they produce a novel miniaturized and label-free biochemical sensors. This innovation will bring a tectonic shift in various industries, and thus, biochemical market players will be making a profit in the upcoming years.
· Novel 2D nanomaterial sensors to Drive the Biochemical Sensors Market –
As per the latest development, a new 2D-layered materials integrated fiber optic configurations opened the path for several biochemical applications such as GO dual-peak LPG (GO-dLPG) based label-free immunosensors, GO-long period grating (GO-LPG) based Hemoglobin sensor and the first BP fiber optic chemical sensor based on BP-tilted fiber grating (BP-TFG). This highly sensitive biophotonic platform will ensure biomedical applications, environmental monitoring, food safety, and clinical diagnostic. So, biochemical sensors market will experience heightening in the next years.
· Alcohol Consumption Monitoring by the Wearable Biochemical Sensor –
In 2016, a team of researchers presented a wearable biochemical sensor, which can observe alcohol consumption by detecting and quantifying ethyl glucuronide (EtG). The chemiresistive sensing mechanism detected EtG from the human sweat, and therefore, identify alcohol consumption of up to 11 standard drinks. As per the annual updates of the New Zealand Health Survey, one in five adults (20%) took alcohol that would cause harm. Therefore, this new biochemical sensor will help the world to keep the alcohol consumption rate in check and will support the expansion of the biochemical sensors market.
Biochemical Sensors Market: Competitive Landscape
The principal business leaders who are currently holding maximum biochemical sensors market shares and are focusing on the expansion of their manufacturing capacity to gain an edge over other players are General Electric Company, Thermo Fisher Scientific, Microchip Technology Inc., Honeywell International Inc., Melexis, Texas Instruments (TI), Bio-Rad Laboratories, Inc., Innovative Sensor Technology IST AG, and Nova Biomedical.
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