Biomedical Engineering Reference
In-Depth Information
medical and medical sensor systems. Once again, it has to be borne in mind that this is a rel-
atively old report. The biosensor market is such a dynamic and changing field, that even a
report that is 1 or 2 years old, may be out of date, especially in certain areas. This is primarily
because of the rapidly expanding research in areas such as nanotechnology, and
microfabrication techniques, which have and will continue to have a very direct impact on
biosensor development, and subsequent commercialization.
Takeda Pacific (2005)
in a 81-page, $1995 report on medical biosensor applications predicts
the condition of the market up to the year 2008. The report is relatively old. Nevertheless, the
report presents key information, analysis, and developments that were driving the biosensor
market. The report points out the key medical applications that biosensors are involved in.
This includes home blood glucose monitoring used for diabetes management as well as
clinical applications for POC devices.
This report also points out that the increase in obesity in the developed world is exacerbating
the increasing number of prediabetics and diabetics, and is driving the need for better diabe-
tes management devices. In hospitals, this report notes that biosensor based devices are
required for monitoring blood gases, other vital signs, and related clinical applications. The
report estimated the biosensor market growth rate at 9.7% from the year 2004 to the year
2008. In the year 2004, the estimated market size was $7.1 billon. For the years 2005,
2006, 2007, and 2008 the global biosensor market was estimated to be $7.8, $8.5, $9.3,
and $10.2 billion, respectively.
With the advent of modern technology, such as nanotechnology and nanobiotechnology, and
its direct impact on biosensor development, and the increasing obesity worldwide, the
assumption that the biosensor market will exhibit at least a 10% growth rate for the next
5 years, from the years 2009 through 2013 is probably a conservative estimate. Thus, for
the years 2009, 2010, 2011, 2012, and 2013, the global medical biosensor market may be
estimated to be $11.2, $12.3, $13.5, $14.9, and $16.4 billion, respectively.
The report also provides insights into products and trends. Even though the report is old, nev-
ertheless, it is useful in providing some general trends which are presumably inherent to the
biosensor market and its development. Finally, the report should be useful for CEOs, vice-
presidents, directors of business development, research directors, entrepreneurs, etc.
In an earlier report by
Business Communications Company, Inc. (2005)
(bccreseach.com),
RB-159R titled, “Biosensors and Bioelectronics,” the estimated global market was expected
to grow from $6.1 billion to $8.2 billion in the AAGR (average annual growth rate) of 6.3%.
This is lower than the expected growth rate mentioned in the above report. This is not
entirely unexpected, as these growth rates are based on the assumptions and the biosensor
considered by each author Nevertheless, these sets of numbers provide one with a reasonable
estimate of the market size. Surely, if more predictions are available of the global market size
