Biosensor Market Trends

Growth Drivers

• Rising Agriculture Industry - Many agricultural applications, including evaluating soil and crop toxins and identifying and diagnosing infectious diseases, can benefit from the use of biosensors as they can detect disease outbreaks early on and provide ongoing monitoring and are considered one of the main advances in human civilization, which produces crops and raises livestock to meet the needs of humans for food sustainably.
• Growing Utilization in the Oil and Gas Sector- Gas and oil are essential to modern living, and their safe production is essential therefore the industry has made extensive use of sensing technology to monitor a range of petroleum production processes, including exploration, fracking, pigging, well drilling, completion, and decommissioning.
• Increasing Need for Environment Monitoring- The kind and concentration of pollutants in an environment can be ascertained with the help of biosensors, which are promising for on-site monitoring and continuous real-time environmental data collection.
• Surging Demand for Food- Biosensor instruments are becoming one of the most important diagnostic tools for food surveillance as they can be utilized to monitor food processing, identify naturally occurring poisons and antinutrients, look for genetically engineered organisms, and are utilized to calculate the number of acids, alcohols, and carbs in fermented foods. For instance, by 2050, the world's food demand will increase by more than 24%.

Challenges

• High Cost of Development - The high cost of biosensors owing to specific equipment needs has hindered the biosensor technology's development in recent years. One of the main factors anticipated to restrain market revenue growth is the high initial cost of research and development which is impeding the adoption of the product. For instance, the R&D expenses for developing a novel biosensor are still very substantial, ranging from USD 45-50 million and requiring over 5 years for development.
• Complex technology can make it challenging to develop efficient biosensors
• A stringent regulatory process may increase the overall cost of the production