Biosensors Market Size, Share & Analysis Report, 2024-2032
Biosensors Market Size, Share Global Analysis Report, 2024-2032

Biosensors Market Share, Size, Trends, Industry Analysis Report, By Technology (Thermal, Electrochemical, Piezoelectric, Optical); By Application; By End-Use; By Region; Segment Forecast, 2024 - 2032

  • Published Date:Jan-2024
  • Pages: 114
  • Format: PDF
  • Report ID: PM1936
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

The global biosensors market was valued at USD 25.69 billion in 2023 and is expected to grow at a CAGR of 7.5% during the forecast period. The utilization of biosensors is on the rise due to their adaptability in various medical applications, and also increasing the number of diabetic patients, the high demand for compact diagnostic devices, and rapid technological advancements. Accurately diagnosis of diseases is crucial for better patient outcomes and survival rates. This has led to a surge in demand for convenient, low-cost, and disposable devices with quick response times. The development of such devices has been possible through interdisciplinary collaboration in nanotechnology, chemistry, and medicine, resulting in significant advances in the medical sector.

Biosensors Market Size

Know more about this report: Request for sample pages

In addition, there is a growing emphasis on the regular use of biosensors by consumers for the early detection of pathogenic activity in the body as chronic and lifestyle-related diseases continue to be prevalent. This trend is expected to fuel the demand for biosensors. The use of biosensors is also expanding due to the global aging population, as well as the increasing accessibility and affordability of these devices facilitated by the adoption of nanotechnology.

Furthermore, the growing aging population and increasing prevalence of diabetes in developed countries worldwide. The demand for rapid and preventive diagnosis of diabetes is also on the rise. Effective management of diabetes mellitus requires constant monitoring of blood glucose levels.

The market is expanding due to notable advancements in glucose biosensor technology, such as non-invasive glucose monitoring systems, constant glucose monitoring methods, and point-of-care glucose testing. Furthermore, biosensors have improved to measure blood glucose levels accurately across a wide range of temperatures and concentrations and in the presence of various interfering substances.

The market has experienced a significant impact due to the COVID-19 pandemic. Biosensors are devices used in healthcare for detecting biological and chemical substances in various environments. Their demand has increased significantly due to their ability to rapidly and accurately detect the virus. This has increased research and development activities for biosensors that can detect the virus and its variants. The market is expected to grow due to the demand for rapid and accurate diagnostic tools, new biosensor technologies, and the increasing need for biosensors in various applications, including healthcare, food safety, and environmental monitoring. Additionally, the interest in wearable biosensors is expected to provide new opportunities for market players.

The Biosensors Market report details key market dynamics to help industry players align their business strategies with current and future trends. It examines technological advances and breakthroughs in the industry and their impact on the market presence. Furthermore, a detailed regional analysis of the industry at the local, national, and global levels has been provided.

Biosensors Market

Know more about this report: Request for sample pages

Industry Dynamics

Growth Drivers
Increasing the demand for point-of-care testing, driven by the need for early detection and diagnosis of diseases, the prevalence of chronic diseases, and the need for cost-effective healthcare solutions. Biosensors are becoming more popular in point-of-care testing because they provide rapid and accurate results.

Technological biosensor advancements have expanded their applications in various industries, including healthcare, food and beverage, and environmental monitoring. New biosensor technologies such as wearable biosensors, implantable biosensors, and nano sensors have contributed to the growth of the market.

However, there is growing awareness about the benefits of biosensors. Biosensors are being used to monitor various health parameters such as blood glucose levels, heart rate, and oxygen saturation, which can help people manage their health better. In addition, there is increasing investment in research and development of biosensors from governments, academic institutions, and private organizations. This has led to the development of new biosensor technologies and their commercialization for various applications.

Furthermore, the growing demand for food safety testing, driven by increasing foodborne illnesses, the need for faster and more accurate testing methods, and consumer demand for safe and healthy food, is also contributing to the growth of the biosensors market.

Report Segmentation

The market is primarily segmented based on technology, application, end-use, and region.

By Technology

By Application

By End-Use

By Region

  • Thermal
  • Electrochemical
  • Piezoelectric
  • Optical
  • Medical
  • Cholesterol
  • Blood Glucose
  • Blood Gas Analyzer
  • Pregnancy Testing
  • Infectious Testing
  • Food Toxicity
  • Bioreactor
  • Agriculture
  • Environment
  • Others
  • Home Healthcare Diagnostics
  • POC Testing
  • Food Industry
  • Research Laboratories
  • Security and Biodefense
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Know more about this report: Request for sample pages

Electrochemical segment accounted for the largest market shares in 2022

The electrochemical segment held the largest market shares and dominated the market in 2022 due to its extensive utilization of biochemical and biological procedures for analysis and measurement. Electrochemical biosensors have several advantages, including excellent stability, low detection limits, a wide linear response range, and repeatability, making them a preferred choice. Electrochemical detection is more widespread than thermal, piezoelectric, and optical detection, resulting in higher market penetration and consumption.

Additionally, electrochemical biosensors are advantageous because of their robustness, compatibility with new microfabrication technologies, easy operation, low cost, disposability, independence from sample turbidity, and low power consumption.

The optical sector is expected to experience the highest growth rate over the forecast period. This is attributed to the increasing demand for optical biosensors in analysis, owing to their wide analytical coverage. Optical biosensors can perform receptor-cell interactions, fermentation monitoring, structural research, concentration, kinetic, and equilibrium analyses. These capabilities are expected to drive the growth of the optical biosensor market during the forecast period.

Medical segment held the highest market revenue share in 2022

The medical segment has emerged as the highest revenue share in the market and is predicted to maintain its lead in the forecast period. Biosensors play a vital role in medical applications, such as cholesterol testing, blood gas analysis, blood glucose monitoring, pregnancy testing, infectious disease detection, and drug discovery.

Biosensors are considered a crucial tool for identifying and monitoring a wide range of diseases, including diabetes and cancer, thereby contributing to the growth of this market segment. Furthermore, biosensors offer a quick and reliable method to detect various types of fungus, compared to conventional techniques used in minimizing losses due to natural disasters and bioterrorism in livestock and crop industries.

POC Testing segment accounted for the largest market share in 2022

The POC testing segment has captured the largest market share and is expected to maintain its dominance in the forecast period. The growth of biosensors in the POC testing market is fueled by technological advancements that facilitate the creation of innovative products, such as ultra-sensitive printable biosensors. These biosensors are designed for point-of-care applications and can detect or monitor organic fluids like urine, blood, saliva, and sweat.  For Instance, in Aug 2022, NanoDx, Inc. and SkyWater Technology launched the first commercially available protein-responsive nano biosensor, demonstrating the progress in biosensor technology for POC testing.

The food industry is expected to experience the fastest growth rate during the forecast period due to the ability of biosensors to address numerous challenges in the food processing sector. Biosensors offer precise testing, which helps to minimize expenses incurred during hygiene analysis, and provide speedy results, contributing to the industry's rapid growth. Biosensors have various potential applications in the food industry, such as quick food analysis to maintain product freshness and regular inspections of raw materials.

North America dominated the global market in 2022

North America dominated the global market in 2022 due to increasing demand for innovative medical devices, rising healthcare expenditure, and the presence of key market players. Biosensors are devices used for detecting and analyzing biological or chemical reactions, with applications in healthcare, food safety, and environmental monitoring.

The healthcare sector is the largest application segment for biosensors, driven by the increasing prevalence of chronic diseases like diabetes and the growing demand for point-of-care testing. Biosensors also play a crucial role in the food industry for detecting contaminants and environmental monitoring for detecting pollutants.

Competitive Insight

Some of the major players operating in the biosensors market include Abbott Laboratories, Bayer AG, AZUR Environmental, Biosensor BV, DuPont Biosensor Materials, Cranfield Biotechnology Centre, Pinnacle Technologies Inc., Johnson & Johnson, Ercon, Inc., EG & IC Sensors, Inc., Strategic Diagnostics, Innovative Biosensors Inc., Sysmex Corporation, LifeScan, Inc., QTL Biosystems, Molecular Devices Corp., and Roche Diagnostics.

Recent Developments

  • In June 2022, Nix, a biosensor company, launched the product Hydration Nix Biosensor, a wearable monitor designed to detect sign language and available for purchase on the company's website. The device includes a mobile app, a Bluetooth-enabled reusable module, and a single-use patch.

Biosensors Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 27.56 billion

Revenue forecast in 2032

USD 49.29 billion

CAGR

7.5% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Technology, By Application, By End-Use, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Abbott Laboratories, Bayer AG, AZUR Environmental, Biosensor BV, DuPont Biosensor Materials, Cranfield Biotechnology Centre, Pinnacle Technologies Inc., Johnson & Johnson, Ercon, Inc., EG & IC Sensors, Inc., Strategic Diagnostics, Innovative Biosensors Inc., Sysmex Corporation, LifeScan, Inc., QTL Biosystems, Molecular Devices Corp., and Roche Diagnostics.

Explore the landscape of Biosensors Market in 2024 through detailed market share, size, and revenue growth rate statistics meticulously organized by Polaris Market Research Industry Reports. This expansive analysis goes beyond the present, offering a forward-looking market forecast till 2032, coupled with a perceptive historical overview. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.

Browse Our Top Selling Reports

Lenalidomide Market Size, Share 2024 Research Report

Nitrile Butadiene Rubber Market Size, Share 2024 Research Report

Europe Textile Chemicals Market Size, Share 2024 Research Report

Oral Transmucosal Drugs Market Size, Share 2024 Research Report

Micro Inverter Market Size, Share 2024 Research Report

FAQ's

The global biosensors market size is expected to reach USD 49.29 billion by 2032.

Key players in the biosensors market are Abbott Laboratories, Bayer AG, AZUR Environmental, Biosensor BV, DuPont Biosensor Materials, Cranfield Biotechnology Centre, Pinnacle Technologies Inc.

North America contribute notably towards the global biosensors market.

The global biosensors market expected to grow at a CAGR of 7.5% during the forecast period.

The biosensors market report covering key segments are technology, application, end-use, and region.