Albany, New York (PRWEB) July 12, 2013
According to a new market report published by Transparency Market Research “Biosensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018,” in 2011, the global biosensors market was valued at USD 9.9 billion and it is expected to grow at a CAGR of 9.6% from 2012 to 2018 to reach a market of USD 18.9 billion by 2018.
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A biosensor is made up of two elements: a biological recognition unit which has the ability to interact specifically with a target, and a transducer which is able to change the property of the solution or surface, due to formation, into a recordable signal. This recordable signal can then be analyzed for a variety of applications including but not limited to immunology, detection of specific compounds or specific biological organisms. The key applications for biosensors are found in healthcare, industrial process control and biodefense. New applications are also being discovered as biosensors become smaller, more user-friendly and are able to detect multiple targets.
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The biosensors market is expected witness considerable growth owing to its wide array of applications in diabetes monitoring, cardiac monitoring, drug discovery, agriculture, environmental and bio-defense practices. Rise in diabetes population coupled with demand for home care diagnostics and point of care diagnostics have boosted the growth of this market. In addition, use of biosensors in non-medical applications is expected to
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