by Electrochemical sensors detect target analytes by measuring the electrochemical reactions between the analyte and an electrode. The most common types of electrochemical sensors are potentiometric sensors which measure voltage and amperometric sensors which measure currents. Electrochemical sensors are low cost, easily portable and provide real-time results. They find major applications in healthcare including blood glucose monitoring, diagnostic testing kits, breathalyzers and environment monitoring sensors for detecting gases.
The Global Electrochemical Sensors Market is estimated to be valued at US$ 11.87 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Electrochemical Sensors are Ametek Inc., Abbott, Alphasense, Conductive Technologies Inc., Delphian Corporation, Dragerwerk AG, Emerson Electric Co., Figaro USA Inc., Metrohm AG, MSA Safety, Membrapor AG, SGX Sensortech Ltd, Siemens Healthineers, Thermo Fisher Scientific, Inc., and Zimmer & Peacock AS.
The growing demand for point-of-care testing and home healthcare devices is fueling the demand for electrochemical sensors. Electrochemical sensors help enable devices for frequent testing and monitoring of various biomarkers and vital parameters. Furthermore, the increasing awareness regarding environment monitoring is also propelling the need for electrochemical based gas and analyte detection sensors.
The major players are focusing on expanding their reach globally especially in emerging economies of Asia Pacific and Latin America. The companies are investing in research and development to develop application-specific electrochemical sensor platforms for various industries. Various strategic collaborations and partnerships are also being formed for technology advancements.
Market Key Trends
Miniaturization of Electrochemical Sensors Market Size has been a key trend seen in the market. Major players have been developing micro and nanoscale electrochemical sensor platforms usingMicro-Electro-Mechanical System (MEMS) technology for applications needing miniature devices. These miniaturized sensors provide advantages such as reduced reagent consumption, higher surface area to volume ratio, portability and Integration into wearable and IoT devices. Furthermore, developments in nano-structured electrodes, probes and mediator materials has enhanced the sensitivity, selectivity and detection limits of electrochemical biosensors.
Porter’s Analysis
Threat of new entrants: High costs of R&D act as a barrier for new players to enter the market. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products from different players in the market.
Bargaining power of suppliers: Suppliers have low to medium bargaining power as there are many component suppliers in the market.
Threat of new substitutes: Threat of substitution is low as electrochemical sensors have unique properties of high sensitivity, selectivity and speed.
Competitive rivalry: Intense competition exists between existing players to gain higher market share.
Geographical Regions
The North American region accounted for the largest share of the Electrochemical Sensors Market Size And Trends in terms of value in 2024 owing to substantial investments in research andpresence of leading players in the region.
The Asia Pacific region is expected to witness the fastest growth during the forecast period due to growing population, increasing environmental awareness and rise in demand for point-of-care testing in countries such as China, India and South Korea. Countries like China and India are expected to drive the demand for electrochemical sensors in healthcare and industrial applications.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
Ravina Pandya
Ravina Pandya,Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. LinkedIn
