Market Trends of Global Molecular Biosensors Industry
This section covers the major market trends shaping the Molecular Biosensors Market according to our research experts:
Electrochemical Biosensors Segment is Expected to Have a Significant Market Share Over the Forecast Period
Electrochemical biosensors have emerged as reliable molecular sensing devices suitable for the detection of pathogens in liquid biopsies. Short assay time, simple handling, low cost, small sample requirement, the ability of multiplexing and miniaturization, and good performance in complex samples with minimal pre-treatments justify their increasing growth and suitability for Point-of-care (POC) applications. The electrochemical Biosensors market is predicted to significantly grow during the current COVID-19 pandemic owing to its wide application in SARS-CoV2 virus detection, According to the research article published in Biosensors and Bioelectronics, 2021, electrochemical biosensors-based diagnostics had achieved a significant role during the COVID-19 pandemic as these biosensors can combine the selectivity of the electrochemical signal and molecular specificity for a rapid and accurate diagnosis.
The electrochemical biosensors are widely used in the detection and diagnosis of infectious diseases and thus, the increasing burden of infectious diseases is expected to have a significant impact on the growth of the electrochemical biosensors segment. For instance, according to the October 2021 update of the World Health Organization, globally, 10 million cases of tuberculosis (TB) were recorded in 2020, of which 1.1 million were kids, 3.3 million were women, and 5.6 million were males. Furthermore, the advancements in Electrochemical biosensors technology aids in the development of sophisticated diagnostic products which is expected to have a positive impact on the growth of the studied segment over the forecast period. For instance, according to a research study published in February 2021, titled 'A Low-cost Electrochemical Biosensor Platform for C-Reactive Protein Detection', utilizing two different carbon screen printed electrode (CSPE) electrode types and their associated immobilization techniques, an electrochemical immunoassay for quantifying C-reactive protein (CRP) at clinically relevant amounts has been successfully developed and tested and in terms of sensitivity and repeatability, the electrochemical biosensor was determined to have a sufficient detection range. Therefore, due to the above-mentioned factors, the electrochemical biosensors segment is expected to have a significant market share in the studied market over the forecast period.
North American Region is Expected to Hold a Significant Share in the Molecular Biosensors Market Over the Forecast Period
The North American region is expected to occupy a significant share in the molecular biosensors market owing to the factors such as the high prevalence of chronic diseases, coupled with the rising demand for point-of-care testing and research activities in the area. For instance, according to the Globocan 2020 report, the estimated cancer prevalence in the Northern American region is expected to increase from 2.6 million cases in 2020 to 3.5 million cases by 2040. In addition, according to the 2021 report of the International Diabetes Federation, the estimated number of people with diabetes in Canada and Mexico in 2021 were 3 million and 14 million, respectively and by 2045, this number is projected to reach 3.5 million in Canada and 21.2 million in Mexico. Hence, due to the high prevalence of chronic diseases, the demand for molecular biosensors and point-of-care testing is expected to increase which is anticipated to drive growth in the molecular biosensors market in the North American region.
In the North American region, the United States is expected to have a significant market share over the forecast period owing to the high burden of chronic diseases, high research and development expenditure, and the presence of key market players in the country. For instance, according to the June 2022 update of the Centers for Disease Control and Prevention, one or more chronic diseases, such as diabetes, cancer, heart disease, and stroke, affect six out of ten Americans. These and other chronic illnesses are the main contributors to health care costs as well as the major causes of death and disability in the United States. Further, the market expansion initiatives taken by the key market players and other stakeholders such as new product or technology launches, collaborations, or mergers and acquisitions are expected to boost the market growth in the region. For instance, the United States Air Force Research Laboratory (AFRL) started a USD 2 million partnership with Case Western Reserve University for biosensor development, with an emphasis on the detection of biomarkers for stress and fatigue. Therefore, due to the above-mentioned factors, the North American region is expected to hold a major market share in the molecular biosensors market with the United States being the major country in the region over the forecast period of the study.
