Biosensors Market
Number of pages: 100 | Report Format: PDF | Published date: 06 March, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market size value in 2022 |
US$ 25.9 billion |
|
Revenue forecast in 2031 |
US$ 53.26 billion |
|
Growth Rate |
CAGR of 8.34% from 2023 to 2031 |
|
Base year for estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments covered |
Type, Product, Technology, Application, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global biosensors market was valued at US$ 25.9 billion in 2022 and is expected to register a revenue CAGR of 8.34% to reach US$ 53.26 billion by 2031.
Market Fundamentals
Biosensors are devices that use biological or biochemical reactions to detect and measure the presence and concentration of specific substances, called analytes, in a sample. They are widely used in various fields, including healthcare, environmental monitoring, and food safety. Biosensors consist of a biological or biologically derived sensing element, which interacts with the analyte and produces a measurable signal, and a transducer, which converts the signal into a detectable output, such as an electrical or optical signal.
The key advantage of biosensors is their ability to provide rapid, accurate, and sensitive detection of analytes in a wide range of samples, including blood, urine, saliva, and environmental samples. They are also relatively simple and inexpensive, making them attractive for point-of-care and field applications. Biosensors are also highly specific and selective, meaning they can distinguish between different analytes or closely related compounds.
Biosensors have revolutionized many fields by enabling the development of new diagnostic and monitoring tools that are faster, more accurate, and less invasive than traditional methods. They are also being used to detect emerging diseases and environmental pollutants, which is critical for public health and safety. As the demand for personalized and patient-centric healthcare solutions and more effective environmental monitoring continues to grow
[68678]
Market Dynamics
The rising prevalence of chronic diseases such as diabetes, cardiovascular disease, and cancer globally is the primary driver for the growth of the global biosensors market, as biosensors are used to manage and monitor these diseases. For instance, according to the WHO’s factsheet of June 2021, cardiovascular disease is one of the leading causes of death, which caused about 17.9 million people in 2019, 32% of global deaths. Biosensors are being used for environmental monitoring, including air and water quality monitoring, and to detect environmental pollutants and toxins. The demand for the global biosensors market in environmental monitoring is expected to grow due to rapid urbanization and rising pollution.
Advances in biosensor technology, including miniaturization, improved sensitivity and selectivity, and wireless communication, are also fueling the growth of the global biosensors market. These advancements make biosensors more accurate, affordable, and easier to use. They are opening up new applications and markets for biosensors. Biosensors are increasingly used for point-of-care testing, which involves performing diagnostic tests at or near the site of patient care. The demand for point-of-care testing is driven by the need for faster and more accurate diagnosis, particularly in low-resource settings, thus helping the growth of the global biosensors market.
However, developing biosensors involves significant research & development costs, which can be a barrier to entry for smaller companies. This can limit the number of players in the market and slow down the pace of innovation. Additionally, accuracy & reliability, regulatory challenges, and limited awareness & adoption concerns are some restraints impeding the overall market growth.
Market Ecosystem
The global biosensors market is analyzed from four perspectives: Type, Product, Technology, Application, and Region.
Biosensors Market by Type
[867575]
Based on the type, the global biosensors market is bifurcated into the embedded device and sensor patch.
Due to cost-effectiveness and versatility, the embedded device segment dominated the market with the top revenue share in 2022. Embedded devices are designed to be integrated into other products or systems and typically include a sensor, microcontroller, and other components necessary for data acquisition, processing, and transmission. Integrating biosensors into other products and systems enables real-time monitoring, data analysis, and automated decision-making, increasing efficiency and improving outcomes. Embedded biosensors are used in various applications, including medical devices, environmental monitoring, and food safety. Biosensor-based medical devices are used to measure parameters such as blood glucose levels, blood pressure, and heart rate. In environmental monitoring, embedded biosensors can detect and measure pollutants, pathogens, and other contaminants in air, water, and soil. In the food industry, embedded biosensors can monitor food quality, detect foodborne pathogens, and prevent spoilage. These parameters contribute to the growth of the embedded devices segment.
The sensor patch in the biosensors market is expected to be the fastest-growing segment during the forecast period, owing to its advantages, such as comfort and ease of use. Sensor patches are small, wearable devices that use biosensors to monitor various physiological parameters, such as heart rate, blood pressure, temperature, and glucose levels. One of the important advantages of sensor patches is their non-invasive and painless nature. Unlike traditional monitoring methods, such as blood draws and finger pricks, sensor patches can provide continuous monitoring without causing discomfort or inconvenience to patients. They are also portable and convenient, allowing patients to carry out their daily activities without interruption. These factors contribute to the growth of the sensor patches segment.
Biosensors Market by Product
Based on the product, the global biosensors market is bifurcated into wearable biosensors and non-wearable biosensors.
The wearable biosensors segment dominated the market with the principal revenue share in 2022, attributed to its potential applications in healthcare, sports, and wellness. Wearable biosensors are a type of biosensor that can be worn on the body to monitor various physiological parameters in real time. Wearable biosensors typically consist of a small device or patch that can be attached to the skin or clothing. These devices contain sensors that can measure physiological parameters such as heart rate, blood pressure, body temperature, and even sweat composition. The data collected by wearable biosensors can be transmitted wirelessly to a smartphone or other device for real-time monitoring and analysis. It is mostly used in monitoring patients remotely and providing early warnings of health problems. These factors contribute to the growth of the wearable biosensors segment.
Biosensors Market by Technology
Based on the technology, the global biosensors market is segmented into thermal, electrochemical, piezoelectric, optical, and nanomechanical biosensors.
The electrochemical biosensors segment dominated the market with the principal revenue share in 2022, attributed to being relatively simple & inexpensive to manufacture and can be easily miniaturized. Electrochemical biosensors are widely used in medical applications. They are commonly used to detect glucose in the blood, which is important in managing diabetes. Electrochemical biosensors can also be used to detect other biomarkers in bodily fluids, such as cholesterol, lactate, and urea. Electrochemical biosensors are well known for their high sensitivity and selectivity. They can detect very low concentrations of analytes and are less prone to interference from other compounds in the sample. These factors contribute to the growth of the electrochemical biosensors segment.
Due to its extensive analytical covering, the optical biosensors segment is expected to be the fastest-growing segment in the forecast period. Optical biosensors use optical signals, such as light or fluorescence, to detect and measure the concentration of analytes in a sample. Optical biosensors are used to detect biomarkers in bodily fluids, such as blood, urine, and saliva, to diagnose and monitor various diseases and conditions. They can also be used to monitor drug concentrations in the blood, which is important in managing certain diseases. Optical biosensors are also possible for fermentation monitoring, structural research receptor-cell interactions, concentration, kinetic, and equilibrium analyses. These factors contribute to the growth of the optical biosensors segment.
Biosensors Market by Application
Based on the application, the global biosensors market is segmented into medical, environmental, food, and other applications.
The medical segment dominated the market with the largest revenue share in 2022, owing to the increasing prevalence of chronic diseases and the development of new biosensor technologies that are more accurate, affordable, and easier to use. Biosensors are increasingly used in medical applications, including diagnosis, monitoring, and treating various diseases and conditions. One of the primary applications of biosensors is in the diagnosis of diseases. Biosensors can be used to detect and measure multiple biomarkers in bodily fluids, such as blood, urine, and saliva, to identify the presence and severity of diseases such as diabetes, cancer, and infectious diseases. Biosensors are also used to continuously monitor physiological parameters, including heart rate, blood pressure, and blood glucose levels. This form of monitoring can assist patients in managing chronic illnesses such as diabetes and offer early indications of potential health issues. Biosensors are also used in drug development and discovery, where they are used to screen potential drug candidates and monitor drug efficacy and toxicity. Biosensors are also used in treatment applications, such as targeted drug delivery and implantable biosensors for monitoring implants or other implanted medical devices. These overall factors contribute to the growth of the medical application segment.
Biosensors Market by Region
Geographically, the global biosensors market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the global biosensors market with the largest revenue share in 2022, attributed to the presence of key market players, fast technology adoption, and increased incidence of the targeted disease. Additionally, companies across the region are continuously working on launching new and improved biosensors, which are also helping in the growth of the region. For instance, in February 2023, FREDsense Technologies Corp., a pioneer in field-ready water testing kits that identify chemicals in drinking and wastewater, announced that their platform could detect and quantify PFAS in only hours, as opposed to days, using standard methods. The new FRED-PFAS system will include a PFAS-responsive biosensor solution in FREDsense's field-based platform for quick measurement. FREDsense's proprietary electrochemical technique is specially adapted to detecting pollutants at extremely low concentrations, making it excellent for PFAS monitoring. The new FRED-PFAS system will include a PFAS-responsive biosensor solution in FREDsense's field-based platform for quick measurement.
Competitive Landscape
The prominent players operating in the global biosensorsmarket are:
Strategic Developments
Biosensors are devices that use biological or biochemical reactions to detect and measure the presence and concentration of specific substances.
The estimated market size of the global biosensors market in 2031 is US$ 53.26 billion.
The CAGR of the biosensors market during the forecast period will be 8.34% from 2023 to 2031.
The accuracy & reliability, regulatory challenges, and limited awareness & adoption concerns restrict global biosensors market growth to full potential.
Some prominent players operating in the global biosensors market areBio-Rad Laboratories Inc., Biosensors International Group, Ltd., Pinnacle Technologies Inc., Siemens Healthcare GmbH, Koninklijke Philips N.V, and QTL Biodetection LLC, among others.
*Insights on financial performance are subject to the availability of information in the public domain
Using the fundamental research and knowledge services capabilities of GRG Health, Growth Plus Reports may now be tailored based on client needs.
GRG Health's unique GrowthMIX strategy and comprehensive research methodology enable us to provide unique and valuable insights to our clients while uncovering trends that would not be discovered using traditional techniques.
Snehal Deshmukh
Principle Consultant
Speak to analyst