Introduction - Biosensors and Biosensor Kinetics - page 9

Their biosensor is capable of detecting 64 different analytes. NRL has been working with this
GMR concept for over 10 years. The NRL-based technology has been licensed to Seahawk
Biosystem Corporation in Rockville, Maryland. NRL (2010) reports that GMRs are magnetic
field dependent resistors, that is, their resistance changes when subjected to an externally
applied magnetic field. These GMR devices are constructed of alternating magnetic and
non-magnetic metal thin-film multilayers. These multilayers are nanometers in thickness.
1.2 Biosensor Markets and Economics
Global Industry Analysts, Inc. ( 2010 ) recently indicated that the global chemical biosensor mar-
ket will touch $ 17.3 billion by the year 2015. They credit this to new product applications and to
expanding applications of current biosensors. This, according to them, is in spite of slower
growth in mature markets such as pH testing, industrial safety, and gas monitoring systems.
GIA ( 2010 ) points out that biosensors provide low cost, compact, and low power devices for
environmental monitoring and for POC medical applications. Furthermore, they permit an ease
of application in warfare threat detection and in security applications. GIA further adds that the
demand for DO (dissolved oxygen) biosensors will continue to grow due to poor water quality
control and the urgent need to preserve natural resources. Also, microfabrication and newer
manufacturing techniques will continue to increase newer applications for current biosensors.
The GIA report provides a comprehensive industry overview, product overview, market
trends, and profiles of major players in the biosensor arena. Finally, the GIA report indicates
that, as expected, the United States and Europe account for a major share of the chemical
sensor market, and that the medical diagnostic market continues to exhibit major growth.
Frost and Sullivan ( 2010 ) have recently come out with a report on “Developments in medical
sensors - opportunities for biosensors in medical diagnosis and drug discovery/therapeutics/
(technical insights).” Over the past years Frost and Sullivan have come out almost yearly
with fresh reports that provide a perspective on biosensor economics and markets. In their
present effort Frost and Sullivan (2010) provide an overview of the industry with a complete
analysis of the technology trends, key market drivers, constraints, and challenges faced by the
biosensor industry. Frost and Sullivan (2010) critically examine and analyze medical devices
and diagnostics, and drug discovery and therapeutics.
Some of the biosensor market aspects analyzed in detail include:
(a) noteworthy emerging technologies and applications,
(b) role in healthcare,
(c) analysis of applications,
(d) different technological developments from companies, and analysis of technology
developments,