The new report by Expert Market Research titled, ‘Global Biosensors Market Report and Forecast 2023-2031’, gives an in-depth analysis of the global Biosensors market, assessing the market based on its segments like product, technology, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
- Historical Market Size (2022): USD 7.5 billion
- Forecast CAGR (2023-2031) 6.4%
- Forecast Market Size (2031): USD 13.1 billion
Biosensors are widely employed in in-home healthcare by patients due to their capacity to monitor health status and illness initiation and progression and are likely to drive market expansion throughout the forecast period. Various technological advancements and non-medical-based applications are expected to enhance the applicability of the market for biosensors, thus promoting its growth. The rising spread of chronic diseases such as cancer, diabetes, and other cardiovascular diseases has increased the demand for biosensors in the market, such as biosensors for blood glucose monitoring, pregnancy tests, and cholesterol monitoring. Large-scale adoption and the rising application of biosensors by the various end-user verticals is propelling the growth in demand for biosensors globally.
Biosensors Industry Definition and Major Segments
Biosensors are medical devices that detect or sense the presence or concentration of biological material such as biomolecules or microorganisms. They are electronic gadgets that can transform a biological response to an electrical signal.
Biosensors are made up of three main components: a component that detects analytes and generates a signal, a signal transducer, and a reader device. Food and beverage biosensors, environmental monitoring, home care diagnostics, and other nanomechanical biosensors are the examples of biosensor applications.
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By product, the industry can be divided into:
- Wearable
- Non-Wearable
On the basis of technology, the industry can be categorised into:
- Electrochemical
- Optical
- Piezoelectric
- Thermal Biosensors
- Nanomechanical
On the basis of region, the industry is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Biosensors Market Trends
Consumers are investing in oximeters, which are biosensors that monitor oxygen and blood pressure levels, as a result of the COVID-19 pandemic and its rapid spread. Over the forecast period, several government initiatives aimed at the advancement of genomics and proteomics are expected to fuel the growth of the biosensor market.
During the forecast period, the market is expected to be driven by the expanding global geriatric population. The increased demand for optical biosensors in analysis is likely to drive the segment’s growth throughout the forecast period, owing to their broad analytical coverage. The surge in the use of biosensors in this region for monitoring food quality parameters is anticipated to contribute to market growth. An increase in per capita income in many countries, and a surge in the focus of leading manufacturers on increasing their geographic presence in emerging countries to grab high growth prospects in the industry, are the primary drivers driving the growth of the biosensors market.
Key Market Players
The major players in the market are AgaMatrix Holdings LLC, Abbott Laboratories Inc., Biosensors International Group, Ltd., and Medtronic Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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