IMARC Group, a leading market research company, has recently released a report titled “Biosensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the biosensors market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Biosensors Market?
The global biosensors market size reached US$ 26.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 43.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.2% during 2023-2028.
What are Biosensors?
Biosensors, also known as biological sensors, are analytical devices that detect numerous biological substances, including biomolecules and microorganisms. They comprise several components, such as a signal conditioning circuit, mediator, microcontroller, analyte, a reader device, and transducer, which enable the conversion of biological responses into electronic or digital signals. Some commonly known biosensors include electrochemical, nanomechanical, optical, piezoelectric, and thermal sensors. These sensors can monitor several biological components, including tissues, cell receptors, enzymes, nucleic acids, microorganisms, and antibodies. Additionally, they are utilized for disease monitoring, detection of pollutants, drug discovery, disease-causing microorganisms, forensic research, and markers that are indicators of disease in bodily fluids such as blood, saliva, urine, and sweat. Nowadays, biosensors are widely adopted in point-of-care (POC), research laboratories, home healthcare diagnostics, and security and biodefense applications across the globe.
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What are the growth prospects and trends in the biosensors industry?
The market is primarily driven by the growing occurrences of chronic diseases such as diabetes, cardiovascular diseases (CVDs), prostate and breast cancer, hepatitis B virus, and celiac disease. In addition, the escalating demand for compact diagnostic devices, including biosensors, to identify and monitor these medical illnesses is contributing to market growth. In line with this, emerging technological advancements, such as the incorporation of the Internet of Things (IoT)-connected devices and the development of innovative nanotechnology-based biosensors that utilize nanowires, nanorods, nanotubes, and nanoparticles for biomolecular detection represent another major growth-inducing factor. Besides this, the rising demand for wearable biosensors to monitor the vital signs of athletes, infants, patients, children, and fitness enthusiasts is accelerating the product adoption rate. Along with this, the recent outbreak of the coronavirus (COVID-19) pandemic, resulting in the extensive demand for biosensors in the healthcare sector for continuous monitoring of patients, is propelling the market growth. Apart from this, the biosensors market is growing at different rates in numerous regions, with North America being the largest market due to the introduction of miniaturized diagnostic equipment, several technological advancements, and the presence of numerous key players across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. Furthermore, new product launches, extensive research and development (R&D) activities, and mergers and acquisitions (M&A) among leading market players, the increasing demand for point-of-care testing driven by factors such as the need for quick diagnosis and treatment, rising prevalence of chronic diseases, and the need of decentralized testing, are some of the other factors creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
- Wearable Biosensors
- Non-Wearable Biosensors
Breakup by Technology:
- Electrochemical Biosensors
- Optical Biosensors
- Piezoelectric Biosensors
- Thermal Biosensors
- Nanomechanical Biosensors
Breakup by Application:
- Blood Glucose Testing
- Cholesterol Testing
- Blood Gas Analysis
- Pregnancy Testing
- Drug Discovery
- Infectious Disease Testing
Breakup by End Use:
- Point of Care Testing
- Home Healthcare Diagnostics
- Research Laboratories
- Security and Biodefense
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Market Breakup by Region:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Abbott Laboratories
- AgaMatrix Inc. (WaveForm Technologies Inc)
- DuPont de Nemours Inc.
- Hoffmann-La Roche AG
- General Electric Company
- LifeScan Inc. (Platinum Equity LLC)
- Medtronic PLC
- Nova Biomedical Corporation
- PHC Holdings Corporation
- Siemens AG
- Thermo Fisher Scientific Inc.
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