The biosensors market focused on drug discovery and development is projected to grow at an annualized rate of 9% during the period 2022-2035, claims Roots Analysis
In recent years, the use of biosensors in drug discovery has been on the rise, driven by several technological advancements and the growing demand for inexpensive and effective techniques for analyzing potential drug candidates.
Roots Analysis has announced the addition of “Biosensors Market: Focus on Drug Discovery and Drug Development, 2022 - 2035” report to its list of offerings.
A number of drug developers are already using novel biosensors for various drug discovery applications to address the concerns associated with high rate of failures of drug development programs and requirement of high capital investments. As the adoption of biosensors, specifically for drug discovery, increases amongst innovators in the pharma and biopharma industry, lucrative opportunities are expected to be created for players engaged in the biosensors for drug discovery market.
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Key Market Insights
Currently, more than 80 biosensors are being developed by various stakeholders, across the world
Majority of the biosensors (64%) engaged in this domain are optical biosensors, followed by electrochemical biosensors (25%), quartz crystal microbalance biosensors (5%) and thermal biosensors (5%). Close to 95% of the biosensors are used for lead identification step in drug discovery. Further, 15% of the biosensors claim to support all the steps in drug discovery.
Over USD 1.2 billion invested in various domain focused initiatives, since 2018
Specifically, in 2021, industry players raised close to USD 600 billion. In addition, majority of the companies (66%) primarily received funding through venture capital rounds. Further, around 60% of the total funding instances were reported by players headquartered in the US.
In recent years, several global events related to biosensors in drug discovery were organized
Majority of the events related to biosensors in drug discovery were organized in Europe (45%). It is worth highlighting that the main agenda of these events was to discuss the development and challenges associated with the biosensors in drug discovery domain.
370+ patents related to biosensors in drug discovery have been granted / filed between 2018-2022
R&D activity related to biosensors in drug discovery is largely concentrated in North America, considering the fact that 70% of the total number of patents were filed in this region. In addition, most of the patents in this domain are granted patents (55%), followed by patent applications (44%).
North America and Europe are anticipated to capture over 70% of the market share, by 2035
In addition, the market in Asia Pacific is likely to grow at a relatively faster pace (10%) in the long term. Further, in 2035, biosensors market for drug discovery applications for academic / research institutes is expected to capture the majority share (~60%) of the total market.
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About Roots Analysis
Roots Analysis is one of the fastest growing market research companies, sharing fresh and independent perspectives in the bio-pharmaceutical industry. The in-depth research, analysis and insights are driven by an experienced leadership team which has gained many years of significant experience in this sector.
Contact:
Ben Johnson
+1 (415) 800 3415
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Ben.johnson@rootsanalysis.com
