Global Biochemical Sensor Market Report, published by Variant Market Research, forecast that the global market is expected to reach $51 billion by 2024 from $17 billion in 2016, growing at a CAGR of 14.6% from 2016 to 2024. By geography, Asia-pacific and Rest of the World are expected to grow at a CAGR of 15.8% and 15%, respectively, during the forecast period.
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, and application. 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. Geographically, the market is categorised into North America, Europe, Asia-Pacific and Rest of the World (RoW).
North America accounted for the largest market share of 28.8% in 2016, owing to increased demand from 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 2016-2024, driven by increasing health awareness and rising investment in healthcare, majorly in developing economies such as China and India.
Major companies operating in the biochemical sensor market are Texas Instrument Inc., Thermo Fisher Scientific., GE Healthcare, Bio-Rad Laboratories Inc., Microchip Technology Inc., Polestar Technologies Inc., Melexis, Universal Biosensor Inc., Honeywell International Inc. and Nova Biomedical Corporation, among others.