The global biosensors market size is expected to reach USD 40.53 billion by 2028 according to a new study by Polaris Market Research. The report “Biosensors Market Share, Size, Trends, Industry Analysis Report, By Technology (Thermal, Electrochemical, Piezoelectric, Optical); By Application; By End-Use; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into the current market dynamics and provides analysis on future market growth.
The introduction of nanotechnology-based biosensors, usage of instruments in blood sugar level monitoring in diabetes patients, increasing demand for home-based point-of-care devices due to the COVID-19 pandemic, increasing advancement in technology, and mounting government policies toward diagnostics are some of the significant factors that may complement the global industry development.
Several new technologies have been developed in recent years which will revolutionize biosensor technology. Nano-biosensors have emerged in recent years, and they are increasingly used in various genomics and proteomic techniques.
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The wide application of the product in the medical field will drive the growth of the industry. It is used in various medical section, including drug discovery, blood gas analyzer, cholesterol checking, infectious diseases, and blood glucose monitoring. Such devices are an essential tool in detecting several conditions, from diabetes to cancer, and thus contribute to industry growth.
There are several developments in the global industry in recent times due to its popularity and increased adoption. Fox BIOSYSTEMS launched a white Fox biosensor in March 2021. The biosensor is developed to overcome clogging in samples such as whole blood or lysates. It can detect microvesicles, nanobodies, antibodies, phage, and small molecules, and the probe in this biosensor is based on generic surface chemistry.
The COVID-19 pandemic is expected to further drive the growth of the global industry during the forecast period owing to the adaptation of the product in COVID-19 diagnosis and monitoring. Various companies are developing new COVID-19 associated products at different development levels, and these products are soon expected to be launched in the industry.
Market Participants such as 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 are some of the key players operating in the global market.
Polaris Market Research has segmented the biosensors market report on the basis of product, application, end-use, and region:
Biosensors, Technology Outlook (Revenue - USD Million, 2016 – 2028)
Biosensors, Application Outlook (Revenue - USD Million, 2016 – 2028)
Biosensors, End-Use Outlook (Revenue - USD Million, 2016 – 2028)
Biosensors Market, Regional Outlook (Revenue - USD Million, 2016 – 2028)