Market for biosensors and other bioelectronics to reach $8.2B by 2009
According to a soon-to-be-released updated report from Business Communications Company Inc. -- Biosensors and Bioelectronics, the global market for biosensors and other bioelectronics is projected to grow from $6.1 billion in 2004 to $8.2 billion in 2009, at an AAGR (average annual growth rate) of 6.3%...
NORWALK, CT, Jan. 27, 2005 -- According to a soon-to-be-released updated report from Business Communications Company Inc. -- Biosensors and Bioelectronics, the global market for biosensors and other bioelectronics is projected to grow from $6.1 billion in 2004 to $8.2 billion in 2009, at an AAGR (average annual growth rate) of 6.3%.
Bioelectronics is the science and technology of integrating biomolecules with electronics to form higher-level functional devices such as biosensors, medical prosthetic devices, and a whole range of other devices. Biosensors, as defined by The National Research Council (NRC), is a detection device that incorporates a) a living organism or product derived from living systems (e.g.., an enzyme or an antibody) and b) a transducer to provide an indication, signal, or other form of recognition of the presence of a specific substance in the environment. Biosensors form part of the larger field of bioelectronics.
Biosensors, particularly glucose sensors. accounted for nearly all of the market in 2003. However, sales of other bioelectronic devices such as protein-based data storage and biofuel cells are projected to increase significantly over the next five years, to the point where they are expected to account for about 2.5% of the market in 2009.
The market for biosensors is well-established and is likely to continue to experience steady growth in the years beyond 2009. There is a strong probability that the market for bioelectronic devices other than sensors will grow substantially beyond 2009. However, particularly in the absence of large-scale government financial support, continued success in commercializing non-sensor bioelectronic technologies will depend largely on the extent to which more large companies, with their R&D and marketing muscle, focus their attention on bioelectronic technologies.
Biomedical and life sciences applications dominated the biosensor and other bioelectronics market in 2003, accounting for 99% of the market. By 2009, biomedical and life sciences applications' share of the market is projected to slip slightly, to 97%.
Environmental monitoring and remediation applications were the second-largest market segment in 2003, accounting for 0.5% of the global market for biosensors and other bioelectronics. By 2009, energy production (biofuel cells and bio-solar cells) are expected to move into second place, with 2.1% of the overall market.
About BCC Inc.
Business Communications Co. Inc. (www.bccresearch.com) is based in Norwalk, Conn. Since 1971, BCC Inc. has critically studied the major market, economic and technological developments that characterize various industries to produce reports, newsletters and conferences. In the process, it has focused on advanced materials, high-technology systems and components, and novel processing methods since the development and marketing of these phenomena assert a profound influence on manufacturers and users on a global scale. The above-mentioned report, Biosensors and Bioelectronics (RB-159R), will be released in February 2005.