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Some of the most prominent names in the global biochemical sensor
market are GE Healthcare, Thermo Fisher Scientific, Honeywell
International, Inc., Bio-Rad Laboratories, Inc., and Polestar
Technologies, Inc., among others. Besides aforementioned strategies,
many of the market players are also pushing mergers and acquisitions
to capitalize on their expertise and expand their product portfolio.
Overall, the global biochemical sensor market will rise at a robust
CAGR of 14.7% between 2017 and 2025. At this pace, the market is
expected to reach US$58.48 bn by the end of 2025, from its valuation
of US$17.1 bn in 2016. Based on product, electrochemical sensors
constituted the leading segment with a share of 32% in 2016. Besides
this, piezoelectric sensor, thermal sensor, gas sensor, and optical
sensor make other key segments in terms of product.
Regionally, North America held dominant with a share of over 29% in
the global market in 2016. Europe and Asia Pacific followed closely
as the second- and third-leading markets for biochemical in the same
year. However, over the course of the forecast period, North America
is likely to lose its market share, while Asia Pacific and Europe
markets will witness accelerated pace of gains.
Application
across Diverse Industries, Especially Healthcare, to Boost Growth
As biochemical sensors have found a leading end user in the
healthcare sector, growth witnessed in the industry will subsequently
fuel their demand. The healthcare infrastructure is a major
consideration by governments when planning economic growth. Over the
years, the industry has expanded exponentially. Additionally,
investments in research and development are forecast to increase in
the coming years. “Biochemical sensors are used in the qualitative
and quantitative assessment of clinical diagnosis in the healthcare
sector,” said a lead TMR analyst. “The increasing aging
population, coupled with the rising incidence of chronic ailments,
will fuel the demand for precise diagnosis, thus providing
significant impetus to the biochemical sensor market,” he added.
Besides this, government initiatives to ensure superior food quality,
advancements in material chemistry and wireless networks, the rising
demand for advanced wearable biochemical sensors, and the growing
population of point of care diagnostics will create lucrative market
opportunities. TMR also prophesized that the rising oil extraction
worldwide will tip scales in favor of the market. Rise in oil
extraction would result in greater percentage of inflammable and
toxic in the air. Spurred by this, the use of biochemical sensors
will increase to detect the presence of toxic gas.
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