Market Trends of Nano Biosensors Industry
This section covers the major market trends shaping the Nano Biosensors Market according to our research experts:
Healthcare Industry Holds the Significant Share in the Market
- The healthcare and the biomedical sectors are the largest initial market for nano biosensors due to the increasing requirement for rapid, compact, accurate, and portable diagnostic sensing systems. Urgent care centers (UCC) and retail clinics centers (RC) have become popular, as the need for convenient care continues to grow because of the long waits seen by the Emergency Departments.
- Owing to the growing requirement for compact, rapid, accurate, and portable diagnostic sensing systems, the healthcare industry has been one of the major adopters for nanosensors. Nano biosensors have the capabilities to fulfill these requirements, which can be used to treat various chronic diseases. The aging population further increases the need for nanotechnology in healthcare. Nanotechnology has been used to treat various chronic diseases, like diabetes, hypertension, cardiovascular diseases, and asthma.
- The rising pace of nanosensors innovations in healthcare and life sciences will further bolster this segment's growth in the coming years. For example, Nanowear Inc. takes an innovative approach and embeds its sensors into its products. The company has developed a cloth-based diagnostic monitoring nanosensor technology. Its first developed product, an FDA-approved device called SimplECG, is a remote cardiac monitoring undergarment that collects continuous multichannel ECG, heart rate, and respiratory rate data from the garment and transfers it to a web-based portal for review by a physician, by way of a mobile application.
- The European Commission has prompted a quick response to focus research efforts on the diagnosis and treatment of the COVID-19 disease. In March 2020, both the European Commission and the Spanish Ministry of Science and Innovation have announced the awarding of 17 research projects through this special call.
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North America Dominates the Market
- North America occupies the highest market share due to innovation activities unddertaken by the government and research institutions. According to the World Health Organization, diabetes has been rising alarmingly in recent decades, with the fastest increase in lower and middle-income countries that could affect 580 million people by 2035.
- Thus, in November 2019, US and Brazilian scientists developed a glasses-based biosensor capable of measuring blood glucose levels through a person’s tears, offering a less invasive test for diabetics.
- In May 2020, San Diego-based Roswell Biotechnologies and nano innovator Imec collaborated to make the first molecular electronics biosensors chips commercially available in 2021. Such chips would be useful in detecting COVID-19 and other diseases and for precision medicine, as well as low-cost genome sequencing, on portable or even handheld devices.
- Furthermore, in November 2019, a team of researchers at Iowa State University (ISU) has made significant progress in the development of a graphene-enhanced sensor that can identify organophosphates (e.g., pesticides) at levels 40 times beneath the United States Environmental Protection Agency (EPA) recommendations. The sensors created by the technology can detect contaminants as small as 0.6 nanometres in length, which is remarkably low, coming in lower than the EPA standard of 24 nanometres and Canada’s standard of 170 nanometres.
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