Biomedical Engineering Reference
In-Depth Information
to Frost and Sullivan (2008) this high development cost constrains the development of
biosensors for other applications.
This report indicates that the demand for biodefense biosensors is expected o grow at a
double-digit annual rate. Precision and the time taken for detection still remains a major
handicap. By the year 2013, this report estimates that the annual growth rate will be around
16.9%. The CAGR (compound annual growth rate) of 14.6% is projected for the years 2007
till the year 2013.
The report also provides some market share for biosensor applications (a) West Nile virus
12.9%, (b) SARS 12.7%, and (c)
Escherichia coli
12.1%. Though no numbers are provided,
at least some sort of perspective has been provided. It should be noted that these numbers were
given for the year 2006. The report emphasizes that the biosensor market for the detection of
West Nile virus is estimated to increase till the year 2013. Similarly, the report estimates that
the biosensor market for anthrax detection will also increase till the year 2013. The report
also provides biosensor market estimates for drugs such as cocaine and ecstasy. Finally,
as expected, with the general continuous deterioration of geopolitical conditions, the report
concludes that the highest growth market will be in the security and biodefense areas.
In a recent theoretical analysis with regard to a biosensor commercialization strategy the
Graduate Institute of Management Science in Taiwan (2009)
,
has estimated the total original
biosensor market in the year 2007 at $10.8 billon. This analysis was originally published on
January 1, 2005. These authors emphasize that the emerging biosensor market presents both
opportunities as well as obstacles to biosensor entrepreneurs who are willing to start new bio-
sensor companies. Technology is the key issue according to these authors: how does one
effectively (a) predict the emerging biosensor market, and (b) apply new technology to a
simple biosensor commercialization network. These authors were careful enough to present
alternative commercialization strategies, including how to select the optimum strategy for
one's particular environment and application. The authors point out that their approach is,
in general, a good starting point for start-up biosensor companies. It is presumed that, as in
an iterative solution, using suitable algorithms (or relevant biosensor information, in this
case), helps converge to the best solution. In the biosensor case, presumably, the “optimum”
solution is a dynamic one and by its very nature, continuously changing.
In a 2006 article entitled, “BioMarket trends: Market expectations outperform expectations,”
Genetic and Engineering News (2006)
reports that biosensors have significantly penetrated
the nonmedical applications market. Medical applications traditionally include glucose, cho-
lesterol, and coagulation monitoring. Rapidly advancing technologies have resulted in a
wider variety of applications, besides changing the definition of what a biosensor is.
According to these authors biosensors have evolved to become more optics-based and less
electrochemical-based than projected. Advances in surface characterization, molecular
markers, and nanotechnology have further impacted biosensor R&D.