Emerging Applications and Greater Health Consciousness Drive World Biosensors Market

global

Frost: Biosensors have achieved a fair degree of market penetration in numerous applications but the market participants have not yet tapped its full potential. Technological advances and rapidly emerging applications promise huge growth for the world biosensors market. However, participants will have to sort out key issues such as an inadequate number of research labs and a low level of commercialization of biosensors developed at the laboratory level. Reveals that revenue in this market totaled $2.34 billion in 2004 and projects to reach $4.38 billion in 2011.

With biosensors making inroads into numerous applications such as biodefense and home diagnostics, investment in new labs is crucial because it allows the manufacturers to conduct extensive application research for checking commercial viability. The slower pace of commercialization of biosensors attributes to the crucial technical issues pertaining to selectivity, reproducibility, reliability and the cost of manufacturing. The techno-commercial considerations delay new product launches and prevent large-scale production of a variety of newly developed biosensors. Market participants will have to correct their development strategies and streamline their manufacturing aspects for successful commercialization of biosensors. High performance miniature biosensors expect to speed up commercialization and increase market penetration in several untapped areas.

High costs involved in research and development of biosensors coupled with limited financial support pose a significant challenge, especially to smaller companies. However, smaller companies are set to benefit from niche and specialized markets springing up from emerging applications and technological advances. Participants also face competition from non-biosensor technologies that form an inexpensive substitute to biosensors. Educating end-users on technological superiority of biosensors increases their competitiveness in the market, such as optical immunoassay technology that can detect targets without the need of instrumentation and portable fiber optic biosensors that can determine safety of essential foods and drinking water. Moreover, collaborative research and development efforts between industry and university research laboratories expects to drive the growth of the global biosensors market in the future.The world biosensors market is poised for growth with increasing state-of–the-art technologies and progression towards miniaturization. Lab-on-the-chip technology is revolutionary and will go a long way in boosting intensive research in biosensors.World Biosensors Market, Publ 200505