Global Biochemical Sensor Market is projected to be valued $51 Billion by 2024; with a CAGR of 14.4% from 2017 to 2025. A Biochemical Sensors is used to transfer any biological or chemical sample into analytical or electrical signal by means of the help of transducers. It is broadly used in clinical trials and in the diagnosis of chronic ailments as well as examining food quality, environmental monitoring, medical diagnosis and defense & safety. Growing health awareness among consumers towards wearable technology has increased government initiatives for ensuring food safety which show an increased biochemical sensor market growth trends.
Increased health awareness, advancement in material chemistry and wireless sensor network, rise in oil extraction, and rising incidents of motor vehicle accidents are the major factors driving the global biochemical sensor market. However, limited commercialization due to complex product design and incompatibility in real world application would restrain the market growth in coming years. Increasing application of wearable biochemical sensors in defense and bio surveillance would provide several growth opportunities for the market in coming years.
The global biochemical sensor market has been segmented on the basis of product, film deposition material, application and geography. By product, the market is segmented into piezoelectric sensor, thermal sensor, gas sensor, optical sensor, and electrochemical sensor. The electrochemical sensor segment accounted for the largest market share in 2016, owing to its high sensitivity and huge demand in chemical diagnosis.
By film deposition material, the market is further divided into fluorine doped tin oxide (SnO2:F), titanium oxide (Tio2), aluminium oxide (AL2O3) and silicon oxide (SiO2). The silicon oxide (SiO2) segment accounted for the largest market share in the overall film deposition material segment in 2016, due to its small size and extensive utilization in clinical diagnosis devices and environmental monitoring devices.
By application, the market is bifurcated into environmental monitoring, clinical diagnostics, military, food quality control and others. The clinical diagnostics segment dominated the application segment accounting for more than one-third of the total market share in 2016, driven by its extensive usage during pregnancy test and diagnosis of glucose level in blood sample.
Based on geography, the global biochemical sensor market has been segmented into North America (U.S., Mexico and Canada), Europe (Germany, UK, France, Russia, Italy, and others), Asia-Pacific (China, India, Japan, and others) and RoW (South America, Middle East and Africa).
Major companies operating in the biochemical sensor market are 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.
The key takeaways from the report
Scope of Biochemical Sensor Market
Film Deposition Material Segments