Molecular Biosensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Molecular Biosensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The molecular biosensor market is expected to grow at a CAGR of 6.7% over the forecast period, 2022-2027.

The current pandemic of COVID-19 is expected to shed light on the molecular biosensors market. As most of the centralized laboratories have been employing Polymerase chain reaction (PCR) testing in the diagnosis of SARS-CoV2 viral infection among suspected patients, there has been a significant delay in the clinical outcomes as PCR testing requires more time for accurate and reliable results. This has paved the way for the application of Point-of-care testing in COVID-19 detection. According to the research article published in the Lancet, Respiratory Medicine, 2020, molecular point-of-care testing has attained significant importance in the detection of COVID-19 infection as these are rapid, when compared to the Polymerase chain reaction (PCR) testing. In this study, the patients who were tested positive for COVID-19 through point of-care testing were recruited to further clinical trials 2 days prior than the other patients who were tested using the PCR technique. Thus, given the need for rapid diagnostics, the studied market is expected to witness significant growth during the pandemic.

In recent years, due to the increasing prevalence of chronic diseases, the demand for point-of-care diagnostics has increased. This has led to an increase in demand for molecular biosensors. The increasing application of molecular biosensors in the detections of various cancers, diabetes, pregnancy, along with wide usage in other fields such as environmental safety, food and beverages, and defense and security plays a vital role in the growth of the studied market over the forecast period. According to the Globocan 2020 fact sheet, an estimated 19,292,789 new cancer cases were diagnosed worldwide, with nearly 9,958,133 deaths due to cancers globally. Additionally, according to estimates from the International Agency for Research on Cancer (IARC), by 2040, the global burden of cancers is expected to grow to 27.5 million new cancer cases and 16.3 million deaths worldwide. Furthermore, the increasing burden of infectious disease surges the demand for molecular point-of-care diagnostics, which in turn drives the studied market.

Worldwide potential as a point of care (POC) market was already growing when the coronavirus focused the country’s healthcare system on molecular diagnostics and imaging testing. Point of care diagnostics systems are used for the diagnosis of human immunodeficiency virus, cancers, and hereditary diseases. In addition to suspected infectious cases.​ The adoption of Point of care diagnostics by various health organization such as Clinton Foundation HIV/AIDS Initiative; Roll Back Malaria; United Nations Programme on HIV/AIDS (UNAIDS); United States President’s Emergency Plan for Aids Relief (PEPFAR); the Global Fund to Fight AIDS, Tuberculosis and Malaria; and the WHO increased screening for some of the most burdensome emerging infectious diseases in the developing country. Hence rising the use of molecular biosensor in the point of care diagnosis.

However, high costs involved in research and development and strict regulatory guidelines to be followed for the approval of products by authorities dissuade many manufacturers to enter the market. This is expected to hinder the growth rate of the market over the forecast period.

Key Market TrendsElectrochemical Biosensors Segment is Expected to Have a Significant Market Share Over the Forecast Period

Electrochemical biosensors have emerged as reliable molecular sensing devices suitable for the detection of pathogens in liquid biopsies. Short assay time, simple handling, low cost, small sample requirement, the ability of multiplexing and miniaturization, and good performance in complex samples with minimal pre-treatments justify their increasing growth and suitability for Point-of-care (POC) applications. The electrochemical Biosensors market is predicted to significantly grow during the current COVID-19 pandemic owing to its wide application in SARS-CoV2 virus detection, According to the research article published in Biosensors and Bioelectronics, 2021, electrochemical biosensors-based diagnostics had achieved a significant role during the COVID-19 pandemic as these biosensors can combine the selectivity of the electrochemical signal and molecular specificity for a rapid and accurate diagnosis.

The electrochemical biosensors are widely used in the detection and diagnosis of infectious diseases and thus, the increasing burden of infectious diseases is expected to have a significant impact on the growth of the electrochemical biosensors segment. For instance, according to the October 2021 update of the World Health Organization, globally, 10 million cases of tuberculosis (TB) were recorded in 2020, of which 1.1 million were kids, 3.3 million were women, and 5.6 million were males. Furthermore, the advancements in Electrochemical biosensors technology aids in the development of sophisticated diagnostic products which is expected to have a positive impact on the growth of the studied segment over the forecast period. For instance, according to a research study published in February 2021, titled “A Low-cost Electrochemical Biosensor Platform for C-Reactive Protein Detection”, utilizing two different carbon screen printed electrode (CSPE) electrode types and their associated immobilization techniques, an electrochemical immunoassay for quantifying C-reactive protein (CRP) at clinically relevant amounts has been successfully developed and tested and in terms of sensitivity and repeatability, the electrochemical biosensor was determined to have a sufficient detection range. Therefore, due to the above-mentioned factors, the electrochemical biosensors segment is expected to have a significant market share in the studied market over the forecast period.

North American Region is Expected to Hold a Significant Share in the Molecular Biosensors Market Over the Forecast Period

The North American region is expected to occupy a significant share in the molecular biosensors market owing to the factors such as the high prevalence of chronic diseases, coupled with the rising demand for point-of-care testing and research activities in the area. For instance, according to the Globocan 2020 report, the estimated cancer prevalence in the Northern American region is expected to increase from 2.6 million cases in 2020 to 3.5 million cases by 2040. In addition, according to the 2021 report of the International Diabetes Federation, the estimated number of people with diabetes in Canada and Mexico in 2021 were 3 million and 14 million, respectively and by 2045, this number is projected to reach 3.5 million in Canada and 21.2 million in Mexico. Hence, due to the high prevalence of chronic diseases, the demand for molecular biosensors and point-of-care testing is expected to increase which is anticipated to drive growth in the molecular biosensors market in the North American region.

In the North American region, the United States is expected to have a significant market share over the forecast period owing to the high burden of chronic diseases, high research and development expenditure, and the presence of key market players in the country. For instance, according to the June 2022 update of the Centers for Disease Control and Prevention, one or more chronic diseases, such as diabetes, cancer, heart disease, and stroke, affect six out of ten Americans. These and other chronic illnesses are the main contributors to health care costs as well as the major causes of death and disability in the United States. Further, the market expansion initiatives taken by the key market players and other stakeholders such as new product or technology launches, collaborations, or mergers and acquisitions are expected to boost the market growth in the region. For instance, the United States Air Force Research Laboratory (AFRL) started a USD 2 million partnership with Case Western Reserve University for biosensor development, with an emphasis on the detection of biomarkers for stress and fatigue. Therefore, due to the above-mentioned factors, the North American region is expected to hold a major market share in the molecular biosensors market with the United States being the major country in the region over the forecast period of the study.

Competitive Landscape

The majority of the molecular biosensors are being manufactured by the global key players and is highly consolidated. Market leaders with more funds for research and a better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing the emergence of some small players due to the rise of awareness. This has also helped the market to grow significantly. The key players of the studied market comprise Dynamic Biosensors GmbH, Abbott Laboratories Inc., Bio-Rad Laboratories Inc., Nova Biomedical Corporation, and Siemens Healthcare among others. The key players are evolving through various strategic alliances such as acquisitions, collaborations, and new product launches for the global expansion of the product portfolio.

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