Easy-to-use and low cost, biosensors offer tremendous flexibility when it comes to monitoring certain underlying physiological conditions. Applications are already being found monitoring vital signs and metabolism, diagnosing diseases and detecting specific biomarkers. Before reaching full adoption, however, issues regarding precision, accuracy and commercialization need to be addressed, according to Lux Research.
In “Emerging Biosensor Technologies: Landscape and Market Forecast,” Lux identifies five main health conditions impacting modern-day consumers on a daily basis and the innovations in biosensors addressing cardiovascular diseases, diabetes, stress, hydration and sleep disturbance. While continuous monitoring is available for these key conditions, the report points out that many gaps remain for innovators to develop more comprehensive solutions.
“Patients today face enormous financial and psychological burdens because of rapidly rising healthcare costs. The rising prevalence of various health conditions in the population is placing tremendous pressure on already-overburdened healthcare systems,” states Lisheng Gao, Ph.D., Analyst at Lux Research and lead author of the report. “On the flip side, this offers substantial business opportunities, particularly in the area of consumer-centric healthcare technologies.”
It’s All About Easing the Burden on Monitoring
Incumbent testing and diagnostic technologies greatly contribute to these costs, often proving to be expensive, unwieldy and supremely taxing in extended, on-demand use-cases. Wearable electronics, conversely provide bionsensing capabilities that puts health into the hands of the consumer at a far more affordable price.
This is exceptionally important as the population suffering from various health conditions continues to grow alongside an increased awareness around the importance of monitoring these conditions. Under these conditions, Lux believes the market is primed for innovative companies to step in and fill in the current gaps, triggering a wide proliferation of these technologies, with favorable regulations and insurance policies further stimulating their adoption.
By 2030, Lux predicts that the total market for biosensors targeting the five specific health conditions outlined in the report for EU, APAC and North America together will total nearly $25 billion, with a compound annual growth rate (CAGR) of 23%.