Bioelectronics is a branch of medical science that deals with the application of ideologies of biological sciences in electrical/electronic engineering. In simpler terms, bioelectronics is the combination of biology and electronics. This is an essential emerging field in medicine. Bioelectronics has led to the expansion of various devices such as the pacemaker and a wide variety of therapeutic imaging devices that are easily accessible. The nervous system transmits an endless number of signals to carry out various functions of the human body. This creates a highly lucrative growth prospect for the study of bioelectronics and the related market is projected to flourish over the next few years.

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Some of the major tools associated with bioelectronics are bioelectromagnetics, robotics, sensors, and neural networks. Bioelectronics have been making a huge impact in the medicinal field from its early days, however, bioelectronics’ role in medical science is likely to grow at an incredible pace during the forecast period, touching disparate healthcare specialties such as vision disorders and spinal injuries. Wide-ranging research and development activities related to bioelectronics will aid in the increasing health care market by facilitating on-site diagnosis as well. Apart from life sciences and medical research, it is used in ecological monitoring as well, with requirement for the latter anticipated to rise speedily in the forecast period, owing to growing danger of global warming around the globe.

Growing diabetic population and the increasing prevalence of heart diseases will drive the overall bioelectronics market

According to the Heart Foundation, in 2011, heart and other cardiovascular diseases led to 787 thousand fatalities in the U.S. alone. Moreover, as per International Diabetic Federation (IDF) around 415 million people suffered from diabetes in 2015. Since diabetic monitoring and control as well as heart failure patients need bioelectronics devices in the form of glucose monitoring devices, and artificial pacemakers, respectively, the market for bioelectronics product is likely to experience a huge surge in demand during the forecast period. This is attributed to rise in the number of patients suffering from the aforementioned diseases.

North America held the maximum share of the bioelectronics market, owing to large number of applications in various healthcare segments. Rising occurrence of several grave diseases due to sedentary lifestyle; existence of large number of R&D facilities; and escalating adoptability of refined and advanced products by healthcare professionals, clinicians and patients, the bioelectronics market will see a significant growth momentum in this region. Asia Pacific is expected to observe a considerable growth due to improvement in healthcare infrastructure as well as speedy economic growth in the course of the forecast period.

Top Key Players

Some of the key players operating in the global bioelectronics market are F. Hoffmann-La Roche Ltd, Abbott laboratories, LifeSensors, Siemens Healthcare, Nova Biomedical Corporation and AgaMatrix. Some of the other companies operating in the market are Bioelectronics Corporation, Sotera wireless, Beckman Coulter, Bodymedia, Avago, Danaher Corporation, Medtronics, Omnivision Technologies, and Roche, Sensirion.

Bioelectronics Market Taxonomy

On the basis of product type, the market is classified into:

Electrochemical biosensors

Piezoelectric biosensors

Thermal biosensors

Optical biosensors

On the basis of application, the global market is classified into:

Fabrication Templates

Biochips

Implantable Devices

Prosthetic

Artificial Organs

Pills

Surgical

Biofuel Cells

Molecular Motors

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12 April 2019, The Global Bioelectronics and Biosensors Market is projected to surpass USD 28 billion by 2024 from USD 11.4 billion in 2013. It can register a decent CAGR over 10% from 2016 to 2024 (forecast period). High incidence of target diseases may drive the industry over the next eight years. Demand for diagnostic & monitoring tools, such as cardiac pacemakers, blood sugar level, and other implantable clinical devices, could boost the worldwide market in the near future.

Growing prevalence of diabetes along with the rising need to evaluate and monitor blood glucose levels could positively influence market demand. Technological advancements coupled with focus on innovation is anticipated to fuel global demand. For instance, in 2014 ‘HealthPatch MD’ developed by Vital Connect Inc. received FDA approval. HealthPatch MD is a biosensor that captures biometric measurements when applied to the skin.

Furthermore, the emergence of nanobiosensors will benefit the global market in the long run. For example, Fluid-Screen, a quarter-sized device, employing very small nanosensors is gaining importance in the world of biosensors. This device identifies pathogens in water & bacterial contamination in blood. Moreover, demand for home-based POC devices is anticipated to increase in the years to come. These devices are used to determine heart rate, glucose levels, and blood pressure. Patients can use these devices sitting at home and can monitor their health. Hence, the ‘convenience’ factor associated with home-based POC devices may contribute to the worldwide market significantly.

However, the sluggish pace of commercialization because of readout times, sensitivity, costs, miniaturization, and lifespan of a molecule could hamper demand. Also, high costs in research & development and the low adoption levels of novel treatments are the other market restraints.

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The global market is categorized as applications, technologies, and end-uses. Applications comprise medical applications, food toxicity detection, environment, industrial process control, and agriculture. The surging popularity of biosensors for blood sugar monitoring may fuel global demand in the near future.

On the basis of technologies, the market is divided into thermal biosensors, electrochemical biosensors, optical biosensors, and piezoelectric biosensors. The global demand for optical biosensors can surge substantially over the next eight years. These devices should modernize eco-monitoring by increasing the ability to differentiate & gauge eco-pollutants. This may propel the worldwide bioelectronics and biosensors market in the forecast period.

Based on end-use, the industry is fragmented into the food industry, home healthcare diagnostics, Point-of-Care (POC) testing, and research laboratories. The POC diagnostics segment was estimated at more than USD 14 billion in 2015. The introduction of bioelectronics has revolutionized the rapidly developing POC testing industry. POC biosensor systems provide real-time health monitoring, ensuring better patient health.

Geographically, the North America bioelectronics and biosensors market may witness considerable growth from 2016 to 2024. This would be on account of extensive applications in the healthcare segment. Asia-Pacific could also expand robustly over the forecast period. Major companies in the worldwide bioelectronics and biosensors market are F. Hoffmann-La Roche A.G.; LifeSensors Inc.; Abbott Point of Care Inc.; Nova Biomedical Corp.; and AgaMatrix Inc.

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