Biosensors and nanosensors are quickly gaining worldwide popularity in the industrial and medical industries, along with experiencing breakthroughs in militaries and with environmental groups. These devices have the capability of detecting the presence of special compounds through a physical or chemical transducer. Therefore, they can perform tasks such as handling point-of-care diagnostics for patients, monitoring tangible parameters for microelectromechanical systems, transferring nanoparticle information to other devices during surgeries and even foreseeing harmful gases that contribute to pollution.
In a recent webinar, Michael Sullivan, senior editor of BCC Research, discussed this exciting market in greater depth. According to his most recent report, demand for biosensors and nanosensors is expected to reach a combined $31.9 billion by 2023, indicating a compound annual growth rate (CAGR) of 8.6%.
In terms of regional dominance within this industry, North America is the continent to watch, as it has an estimated worth of $12.1 billion by 2023. However, it is closely being trailed by Europe at $10.8 billion and the Asia-Pacific region at $6.1 billion. The reasoning behind why North America, the United States in particular, is doing so well in this field is because its government realizes that nanotechnology is crucial to competing in the global market. “These devices can be connected to almost any sensing case that you could think of,” said Sullivan during the webinar. “We know there are hundreds of thousands of them and taking those to nanoscale to increase accuracy and immediacy of processing is why the world is so excited about nanotechnology.”
Nanosensors to Mature Over Forecast Period
Challenging the nanosensor market has been maturity over the forecast period. It’s scientifically possible to detect and sense changes at submicroscopic levels, but the ability to produce nanoscale devices has proven challenging in recent years. However, significant progress has been made in process integration, the ability to understand the properties that nanoscale production requires, and the ability to package nanomaterial so it can be delivered in a commercially viable way.
“You can imagine being able to see a much greater degree of sensitivity and accuracy operating at the nanoscale. In addition, the size at the nanoscale allows for many form factors and applications, particularly for biosensing,” Sullivan said. According to BCC Research’s report Biosensors and Nanosensors: Global Markets and Technologies, the global market should grow from $21.1 billion in 2018 to reach $31.9 billion by 2023, growing at a compound annual growth rate (CAGR) of 8.6% during the forecast period of 2018-2023.