Biosensors will grow to a $33 billion market by 2027, reports IDTechEx Research
Utilised as effective medical tools for diagnosing and quantifying biological material associated with chronic diseases, also known as biomarkers, IDTechEx Research has recently reported that the biosensor market is set to grow into a $33 billion market in industry by 2027.
The report Biosensors for Point-of-Care Testing: Technologies, Applications, Forecasts 2017-2027, highlights that molecular diagnostic devices is the main driver for growth, especially with regards to ‘point-of-care’ delivery for patients.
“‘Point-of-care' is defined as being portable and able to gives results in under one hour,” a recent press release has stated. “Commercial biosensors are split in four categories: Lateral flow assays; Electrochemical test strips; Integrated cartridges; and Molecular Diagnostics.”
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With patients’ expectations getting higher, there is a growing need the delivery of patient care that is not only high quality, but is personalised and efficient, reducing waiting times and ensuring high quality across the board. This is in alignment with the growing number of chronic diseases as a result of increased sedentary lifestyles, heavily impacting on the provision of healthcare services.
Technology companies are beginning to see how they can further support this growing industry. Easy examples are Amazon and Apple, as well as drones which are supporting healthcare services in Africa. Apple’s partnership with Cochlear Ltd and Amazon’s decision to sell medical products in Japan, only highlights how this lucrative market is attracting other sectors. Consequently, Asia has become one of the largest markets for medical device companies.
Nonetheless, regulatory requirements could limit further development of new medical technologies.