The rising demand from the healthcare sector has emerged as one of the chief drivers of the global biochemical sensor market.
This, coupled with the growing awareness among people about wearable
technology, has helped the market record robust growth in the last few
years. With investments in the healthcare sector forecast to scale
higher, the biochemical sensor market is likely to gain from the larger
adoption of technologically advanced medical devices. In addition,
government initiatives aimed towards ascertaining food safety will boost
application of biochemical sensors in the agricultural sector, thus
helping the market gain considerable momentum.
Biochemical sensors are mostly used in
clinical trials and in the diagnosis of chronic ailments. Besides this,
government initiatives encourage their use in agriculture. Considering
this, the rising population will fuel the demand for food products thus
giving impetus to the biochemical sensor market. Furthermore, the rising
aging population and the increasing incidence of chronic ailments will
boost the demand for precise diagnosis, thereby giving impetus to the
global biochemical sensor market. The global biochemical sensor market
is forecast to reach US$58.48 bn by the end of 2025. It stiid at US$17.1
bn in 2016. If these figures hold true, the global biochemical sensor
market will exhibit a CAGR of 14.7% between 2016 and 2025.
On the basis of product, the market for
biochemical sensor is segmented into electrochemical sensors, optical
sensors, gas sensors, thermal sensors, piezoelectric sensors. Based on
film deposition material the market for biochemical sensor is segmented
into titanium oxide, fluorine doped tin oxide, silicon oxide, aluminum
oxide and others. By application the market is classified into clinical
diagnosis, environmental monitoring, food quality control, military and
others. Regionally North America, Europe, Asia Pacific, Middle East and
Africa (MEA) and Latin America make the key market segments.
Asia Pacific Market for Biochemical Sensors to Beat Other Regions Based on CAGR
Regionally, North America has emerged as
the leading market for biochemical sensors in the world. It held over
29% of the global biochemical sensor market in 2016. The region has been
at the fore of research and development, besides which its
sophisticated healthcare infrastructure has provided much needed impetus
to the market. In addition, the region’s substantial investment in the
military and defense sectors will fuel the demand for biochemical
sensors. As food security is a major concern, the application of
biochemical sensors is quite high in North America’s food sector. This
is yet another factor boosting the region’s biochemical sensors market.
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