According to Research Solution Insights, the global biochemical sensor market will rise at a CAGR of 14.7% by 2025. At this pace, the market is expected to reach $58.48 billion by the end of 2025, from its valuation of $17.1 billion in 2016. Based on product, electrochemical sensors lead with a share of 32% in 2016.
Other Findings
- Competition prevailing in the global biochemical sensor market is considerably high. Players are concentrating on expanding their regional footprint, especially in Asia.
- 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.
- Regionally, North America held dominant with a share of over 29% in the global market in 2016.
- Application across diverse industries, especially healthcare, to boost growth.
- Rising demand for advanced wearable biochemical sensors, and the growing population of point of care diagnostics will create lucrative market opportunities.
- High cost of biochemical sensors to limit sales.
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