Global Biochemical Sensor Market was valued at $17 billion by 2016 and is expected to reach $51 billion by 2024, growing at a CAGR of 14.6% from 2016 to 2024. In geographical segment, Asia-pacific and Rest of the World (RoW) anticipated to grow at a CAGR of 15.8% and 15%, respectively, during the forecast period 2016-2024.

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Huge application of biochemical sensors in healthcare sector is the major driving factor propelling the growth of biochemical sensor market. However, limited commercialization due to complex product design and incompatibility in real world application may hinder the growth of the market. Additionally, immense investments in research and development would provide several growth opportunities for the market in coming years.

The global biochemical sensor market has been categorized on the basis of product, film deposition material, and application. By product, the market is segmented into piezoelectric sensor, electrochemical sensor, thermal sensor, optical sensor, and gas sensor. In the year 2016, the electrochemical sensor segment accounted for the largest market share, owing to its high sensitivity and huge demand in chemical diagnosis.

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By film deposition material, the market is bifurcated into fluorine doped tin oxide (SnO2:F), aluminium oxide (AL2O3), titanium oxide (Tio2), and silicon oxide (SiO2). The silicon oxide (SiO2) segment accounted for the largest market share in the overall film deposition material segment in 2016, due to its small size and extensive utilization in clinical diagnosis devices and environmental monitoring devices.

By application, the market is bifurcated into environmental monitoring, clinical diagnostics, military, food quality control, and others. The clinical diagnostics segment dominated the application segment accounting for more than one-third of the total market share in 2016, driven by its extensive usage during pregnancy test and diagnosis of glucose level in blood sample.

By Geography, the global biochemical sensor has been segmented into North America, Europe, Asia-Pacific and Rest of the World. North America accounted for the largest market share of 28.8% in 2016, owing to increased demand from medical and healthcare industry, and substantial investment in military and defense. Europe accounted for the second largest market share of 25.0%, driven by increased awareness towards food security. Asia-Pacific is to attain the fastest CAGR of 15.8% during the forecast period 2016-2024, driven by increasing health awareness and rising investment in healthcare, majorly in developing economies such as China and India.

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Major companies operating in the biochemical sensor market are GE Healthcare, Texas Instrument Inc., Polestar Technologies Inc., Thermo Fisher Scientific., Honeywell International Inc. Bio-Rad Laboratories Inc., Microchip Technology Inc., Melexis, and Nova Biomedical Corporation, Universal Biosensor Inc., among others.

Scope of Biochemical Sensor Market
Product Segments
• Piezoelectric Sensor
• Thermal Sensor
• Gas Sensor
• Optical Sensor
• Electrochemical Sensor
Film Deposition Material Segments
• Aluminium Oxide (AL2O3)
• Titanium Oxide (Tio2)
• Fluorine Doped Tin Oxide (SnO2:F)
• Silicon Oxide (SiO2)
Application Segments
• Environmental Monitoring
• Clinical Diagnostics
• Military
• Food Quality Control
• Others
Geographical Segments
o North America
 US
 Canada
 Mexico
o Europe
 Germany
 France
 United Kingdom
 Spain
 Others
o Asia-Pacific
 China
 India
 Japan
 South Korea
 Others
o RoW
 South America
 Middle East
 Africa

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