Global Biochemical Sensor Market is Estimated to Reach $51 Billion by 2024
Global biochemical sensor market report published by Accurize Market Research forecast that the global market is expected to reach $51 billion by 2024; growing at a CAGR of 14.4% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Increased health awareness, advancement in material chemistry and wireless sensor network across the globe to drive the growth of the market
Increased health awareness, advancement in material chemistry and wireless sensor network fuels the demand for the global biochemical sensor market. Moreover, the rise in oil extraction and rising incidents of motor vehicle accidents also boosts the growth of the market.
The global biochemical sensor market has been bifurcated on the basis of product, film deposition material, application, and geography. By product, the market is segmented into the piezoelectric sensor, thermal sensor, gas sensor, optical sensor, an electrochemical sensor. By film deposition material, the market is further divided into fluorine-doped tin oxide (SnO2F), titanium oxide (Tio2), aluminum oxide (AL2O3) and silicon oxide (SiO2). By application, the market is bifurcated into environmental monitoring, clinical diagnostics, military, food quality control, and others.
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The country-wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico wherein Europe covers Germany, UK, France, Russia, Italy, and others. China, India, Japan, and Rest of Asia-Pacific are covered under the Asia-Pacific. Rest of the World (RoW) includes South America, Middle East, and Africa.
“Silicon Oxide (SiO2) accounted for the largest market share in the deposition material segment", says Accurize
By deposition material segment, the silicon oxide (SiO2) segment accounted for the largest market share in the overall film deposition material segment in 2017, due to its small size and extensive utilization in clinical diagnosis devices and environmental monitoring devices.
“Clinical diagnostics segment accounted for the largest market share in the application segment", says Accurize
By application segment, clinical diagnostics segment dominated the application segment accounting for more than one-third of the total market share in 2017, driven by its extensive usage during pregnancy test and diagnosis of glucose level in blood sample. Moreover, electrochemical sensor segment accounted for the largest market share in 2017, owing to its high sensitivity and huge demand in chemical diagnosis.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America accounted for the largest market share of 28.8%, owing to increased demand from the medical and healthcare industry, and substantial investment in military and defense. Europe accounted for the second-largest market share of 25.0%, driven by increased awareness towards food security. Asia-Pacific is to attain the fastest CAGR of 15.8% during the forecast period 2017-2025, driven by increasing health awareness and rising investment in healthcare, majorly in developing economies such as China and India.
Top players in the market
The key market players include Polestar Technologies Inc., Melexis, Universal Biosensor Inc., Honeywell International Inc., Texas Instrument Inc., Thermo Fisher Scientific., GE Healthcare, Bio-Rad Laboratories Inc., Nova Biomedical Corporation, and Microchip Technology Inc.,among others.