Biochemical Sensor Market size was valued at $18.36 billion in 2019, and it is estimated to grow at a CAGR of 14.92% during 2020-2025. The growth of the biochemical sensor market is attributed to increasing investments in research and development activities and high adoption of this sensors in industries such as food and beverage, military, healthcare, and other industries set to drive the biochemical sensor industry. Trends and advancements in electroche milumine scence has been further creating opportunities for the development of advanced biochemical sensors for various applications including wearable devices, thereby driving the market during forecast period 2020-2025.
- North America dominateds the Biochemical Sensor market owing to the presence of large number of players and early adoption of advanced technologies.
- Adoption of holographic sensors in medical applications can act as biochemical sensors and can be used to detect diabetes and other diagnosis applications.
- Increasing research and development activities and adoption of piezoelectric sensors for various biomedical applications create opportunities for this industry.
- Complexity in the operation mode of the sensors is the major challenge of biochemical market.
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Geography – Segment Analysis
North America dominated the Biochemical Sensor market in 2019 with a share of 39.27%, followed by Europe and APAC. The major of the market is attributed to early adoption of advanced technologies and high investments. As medical is one of the major economic sector, high adoption of biochemical sensors in this sector set to drive the market growth. In addition to these, high investments in research and development activities has enhanced the adoption of advanced equipment including biochemical sensors in healthcare facilities.
Drivers – Biochemical Sensor Market
- Growing adoption of biochemical sensors in end user industries such as healthcare, military
- Adoption of biochemical sensors for food analysis
Technology launches, acquisitions and R&D activities are the key strategies adopted by players in the Biochemical Sensor market. In 2019, the market of Biochemical Sensor top 10 companies are General Electric, Thermofisher Scientific Inc, Microchip Technology Inc, Honeywell International, Nova Biomedical, Innovative Sensor Technology IST AG, Bio-Rad Laboratories, Inc, AMS AG, Tekscan, TE Connectivity, IDUN Technologies and among others.
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