The market for biochemical sensors is estimated to reach nearly $59 billion in 2026, growing at an annual rate of nearly 15%, according to Trends Market Research.
The market was valued at $17 billion in 2017, the company said in a recent release.
The various products in the category include gas, optical, electrochemical and thermal sensors. Electrochemical sensors are in the highest demand of all the categories for use in chemical diagnoses.
Another product category, piezoelectric sensors, are devices that measure changes in pressure, acceleration, temperature, strain or force and convert them to an electrical charge. The prefix “piezo” is Greek for “press” or “squeeze”.
Biochemical sensors will see a boost in demand because of the rising interest in wellness and healthcare applications and use of wearable technologies for monitoring body systems.
Trends Market Research also found that North America will have the largest share of the biochemical sensors market due to investments by the defense sector and rising healthcare demands.
The company studied nearly 30 companies in the biochemical sensor market, including Abbott Laboratories, Microchip Technology, Texas Instruments, Honeywell International, GE Healthcare, AMTEK, NXP Semiconductors and NovaSensor.
A sample of the firm’s research is online.