Electrochemical Sensor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Electrochemical Sensor Market was valued at USD 6.19 billion in 2020 and is expected to reach USD 11.83 billion by 2026 and work at a CAGR of 11.4% over the forecast period (2021-2026). The market has been buoyed by the advent of MEMS technology, miniaturization of gas detection circuitry, and the development of solid-state sensors that have increased the popularity of sensor modules to detect gases.

• Increasing focus on the safety of hazardous locations, due to the rise in the number of explosions occurred in the extreme environment of the manufacturing and chemical industries, because of the presence of toxic and combustible gases, has prompted an increased focus on explosion prevention through implicit monitoring across the hazardous zones of these end-user industries to achieve a safer working environment.
• Furthermore, government regulations, such as COSHH and OSHA regulations, toward offshore oil and gas exploration and production, and storage activities, impose strict limits on the exposure to carbon monoxide and other toxic gases fumes. This has been a significant driver for the adoption of electrochemical technology-based gas sensors.
• The automotive sector has witnessed favorable gains, primarily driven by emerging applications such as cabin air quality and fuel emission detectors. Aligning trends such as improving fuel efficiency and air quality control has been a significant driver for the electrochemical-based gas sensor market.
• Medical and diagnostics are lucrative market segments, driven by a strong interest in fast point-of-care testing and monitoring devices. Furthermore, the integration of bio-sensors into multiple diagnostic medical equipments is set to offer a plethora of opportunities for the market over the forecast period.
• The recent outbreak of the COVID-19 pandemic caused by a novel severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) has posed a threat to public health worldwide. Thus, the development of a rapid, accurate, and easy-to-implement diagnostic system for virus detection has become crucial for controlling the infection sources and monitoring the illness progression.
• In Jun 2020, the Northeastern University College of Engineering Professor Nian Sun was awarded a USD 200,000 NSF RAPID grant for the COVID-19 new handheld gas sensor for Airborne SARS-CoV-2 Virus instant COVID-19 diagnosis from exhaled breath. In collaboration with Jeremy Luban from UMass Medical School, the project aims to streamline the COVID-19 detection and diagnosis process. Both the professors will be developing a handheld gas sensor for the SARS-CoV-2 virus in air detection, using each of their fields of expertise.

Key Market Trends

Application in Medical Sector to Contribute Significantly in the Market Growth

• The market in this segment has been augmented by the demand for modern methods for diagnosis and the advances in microfabrication methodology that have led to the development of sensitive, selective, and effective electrochemical sensors for clinical analysis. Billions of dollars are spending on research & development to improve medical technology.
• The proliferation of bio-sensors employing electrochemical sensing technology has been gaining traction owing to strong demand for point of care applications, such as self -monitoring blood glucose meter.
• Also, molecular point-of-care (POC) diagnostics use electrochemical sensors, which helped improve the sensitivity and specificity of existing near-patient and rapid tests and expand the diagnostic capabilities at points of care such as hospital critical care units, physician offices, and outpatient clinics across the world.
• Further, advancements in precise printing and processing technology and next-generation medical and diagnostic electrochemical biosensor product designs in developing implantable glucose sensors for treating diabetes have been developed for intravascular and subcutaneous applications.

North America to Account for a Significant Market Share

• North America is one of the largest markets for advanced research industries, globally. The huge demand in the region is mainly due to growing R&D activities in biomedical, automotive, building automation, and other verticals.Additionally, North America is one of the largest markets for advanced electronic devices and control, globally. This significant market share is a result of large-scale domestic manufacturing, government initiative toward disruptive technologies, and technological innovation in information technology.
• Moreover, the future growth in the smart cities market to move on for energy-efficient and conservation-related solutions in North America will possibly directly influence the market of electrochemical sensors from the early adoption phase to mass-adoption.
• The market in the region will further benefit from the continued growth of light vehicle production, coupled with advancements towards fuel efficiency and performance with the usage of advanced, high-cost universal exhaust gas oxygen sensors (UEGO).
• Moreover, with the incidences of industrial explosions increasing in recent times, US safety organizations are trying to implement the regulations strictly, contributing to the increased demand for electrochemical gas sensors for monitoring and quality control.
• The consumer segment is small, but one of the fastest-growing market segments. Consumer applications are driving the development of new electrochemical sensors to reduce cost, power consumption, and size with MEMS technologies. The medical and clinical research laboratories present a plethora of opportunity in the country for point of care applications and enhance safety monitors of patients.in the region.

Competitive Landscape

The electrochemical sensor market is fragmented since there is major competition between major players. The companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. Some of the recent developments in the market are:

• September 2020 - Thermo Fisher Scientific Inc. announced the opening of its new bioprocessing collaboration center (BCC) in St. Louis, Missouri. The facility is adjacent to the company's biologics manufacturing facility, that recently doubled its production capacity with a USD 50 million expansion. The combined expertise from the company’s bioproduction and pharma services businesses will accelerate innovation and enhance productivity for biopharma companies, enabling them to meet the growing need for more flexible, scalable biologics development and manufacturing solutions.
• July 2020 - The university of Tehran’s researchers developed a novel electrochemical sensor that was modified with multi-walled carbon nanotubes. This sensor is specifically designed for the real- time detection of COVID-19 using ROS/H2O2 species in less than 30 seconds. The product is currently introduced in the commercialization phase, after being tested on more than 600 cases.

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