Global Biosensors Market By Technology (Thermal, Electrochemical, Piezoelectric, Optical, and Other Technologies), By Product ( Wearable and Non-Wearable), By Application (Medical Diagnostics, Food Toxicity Detection, and Other Applications), By End-User (Home Healthcare Diagnostics, POC Testing, Food Industry), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The global biosensors market size is expected to be worth around USD 63 billion by 2032 from USD 27.2 billion in 2022, growing at a CAGR of 9% during the forecast period from 2022 to 2032.

There are a variety of medical applications, a growing diabetes population, increased demand for small diagnostic tools, and rapid technological advancements driving up biosensor demand. For a favorable disease prognosis and patient survival, accurate and prompt disease diagnosis is essential.

In recent years, the need for devices that can be thrown away, is easy to use, are cheap, and respond quickly has skyrocketed. By combining approaches from nanotechnology, chemistry, and medical science, these devices have met these criteria and made rapid progress in the medical field.

Several factors positively and negatively impact the market’s dynamics, influencing the biosensors market’s expansion. A global market report on biosensors says that the demand for efficient biosensors is rising because of the growing demand for point-of-care testing procedures.

Additionally, due to the prevalence of chronic and lifestyle-related illnesses, consumers are urged to use biosensors regularly to detect pathogenic activities in the body. It is expected to increase the demand for biosensors. Applications for biosensors are growing as nanotechnology advances, and the global elderly population grows, making them more readily available and less expensive.

Sensors are combined with a biological component and a physicochemical detector to detect chemical molecules in conjunction with a systematic device. The bio-sensing system can diagnose COVID-19 using an optical sensor, smart band, plasmonic photo-thermal sensor, wearable sensor, cell-based sensor, and nanosensor.

In this unprecedented COVID-19 outbreak, manufacturers offer a rapid clinical surveillance arrangement to lower the demand for personal protective equipment (PPE) and the risk of exposure for healthcare workers while collecting routine patient vitals. COVID-19 emergencies by remotely monitoring patients with COVID who do not require ventilation in isolation rooms.

Market Scope

Technology Analysis

In 2021, the electrochemical sector dominated the market and held the highest revenue share, approximately 71.1%.

It is because it is used to analyze and measure many biochemical and biological processes. Electrochemical biosensors have advantages like excellent stability, a wide linear response range, low detection limits, and repeatability.

In comparison to optical, thermal, and piezoelectric detection, electrochemical detection offers several advantages, which have led to greater market consumption and penetration. Benefits include compatibility with new microfabrication technologies, robustness, simple disposal, ease of operation, low cost, independence from sample turbidity, and low power requirements.

Over the forecast period, the optical sector is anticipated to experience the most rapid growth. Due to the extensive analytical coverage, optical biosensors are anticipated to be required in more analyses over the forecast period.

One can conduct concentration, equilibrium, kinetics, interactions between receptors and cells, structural research, fermentation monitoring, and other studies using optical biosensors.

These factors are anticipated to drive growth in the market for optical biosensors. Optical biosensors’ many advantages over conventional analytical methods are the ability to select a specific biological sensing element and the absence of extensive sample preparation.

Product Analysis

The market is expanding due to numerous industry players.

The market for wearable biosensors is expected to expand significantly over the next few years at a CAGR of 9.3% because more adults are becoming aware of the importance of leading healthy lifestyles. Segmental expansion is further restrained by the population’s widespread prevalence of high blood sugar levels and cardiovascular diseases.

Additionally, the wearable biosensors market is expanding due to numerous industry players’ focus on creating self-monitoring devices that enable health management across various parameters.

Application Analysis

The increasing applications of biosensors in the medical industry drive the global biosensors market.

In 2021, the medical sector dominated the market, contributing approximately highest66.7% of revenue share. In the medical industry, biosensors are utilized for blood glucose monitoring, cholesterol testing, blood gas analyzer, drug discovery, pregnancy testing, and infectious diseases.

It is thought to be an essential tool for keeping and finding track of many different conditions, like diabetes and cancer. The expanding market is primarily attributed to the rising incidence of diabetes. To assist diabetic patients in maintaining an average blood glucose level, advanced glucose biosensors have been developed.

It is anticipated that the agriculture sector will experience the highest CAGR during the projection period. Biosensors make it possible to quickly and precisely identify a variety of fungi, which is an advantage over conventional methods for preventing the loss of livestock and crops due to natural threats and bioterrorism.

The instrument measures heavy metals, herbicides, and pesticides in the ground and soil water. These are also used to accurately predict soil disease onset, previously impossible with conventional technology. Additionally, they offer reliable, improved strategies for early clean-up and prevention of soil disease. These aspects contribute to the market’s growth.

End User Analysis

The point-of-testing segment held the largest share of the market.

In 2021, the point-of-care testing market was the most competitive, with a highest roughly 49.8% revenue share. Biosensors ultrasensitive printable for point-of-care applications help monitor or sense organic fluids like blood, saliva, urine, and sweat.

These factors are among the primary rendering drivers attributed to the growth of biosensors in the PoC testing market over the forecast period. Users of these systems receive prompt and precise results, allowing for quicker diagnosis and treatment.

It is anticipated that the demand for biosensors in point-of-care diagnostics will rise throughout the forecast period due to the development of next-generation point-of-care biosensors, such as localized surface plasmon resonance. These label-free optical techniques include surface plasmon resonance and improved spectroscopy techniques.

Over the forecast period, another segment which is the food industry will be expected to experience the most rapid growth. Its immediate expansion results from its ability to address numerous issues in the food processing industry, such as reducing costs associated with hygienic evaluations through precise tests and prompt results.

Biosensors have the potential to be used in a variety of applications in the food industry, including rapid food analysis to maintain product cleanliness, including periodic raw material inspections, and brief food analysis to maintain product freshness. Biosensors can also be used to monitor raw materials repeatedly.

Key Market Segments

Based on Technology

• Thermal
• Electrochemical
• Piezoelectric
• Optical
• Other Technologies

Based on Product

• Wearable
• Non-Wearable

Based on Applications

• Medical diagnostics
• Food Toxicity Detection
• Industrial Process Control
• Environmental Analysis
• Agricultural Testing
• Other Applications

Based on End Users

• Home Healthcare Diagnostics
• POC Testing
• Food Industry
• Research Laboratories
• Security & Bio-Defense

Market Dynamics

Drivers

Adoption of sensors for various applications.

The market grows faster as more people use these sensors in temperature-sensitive applications in industries like healthcare, food and beverage, and textiles. The market benefits from the use of various sensors in household applications.

High use in medical applications.

One of the primary drivers of the market for biosensors is the rising number of diabetics and the rising demand for biosensors in various medical applications. The market expands as the need for small diagnostic tools rises, and people become more aware of the importance of early disease diagnosis.

Increase in demand for Point-Of-Care testing procedures.

The rising demand for point-of-care testing procedures further influences the market. Due to the prevalence of chronic and lifestyle-related illnesses, consumers are increasingly utilizing biosensors for routine pathogenic activity detection. The biosensors market also benefits from increased investment, demand for cutting-edge technology, and rapid urbanization.

Restraints

The high cost associated with R&D and the long certification and approval cycle restrain the market growth.

On the other hand, the market expansion is anticipated to be impeded by the high research and development costs and the lengthy certification and approval cycles. In addition, the biosensors market is expected to be challenged between 2022 and 2029 due to POC’s reluctance to adopt new treatment methods and pricing pressure.

Opportunities

High-growth opportunities in the wearable device market

The opportunities for wearable biosensors to continuously monitor the vital signs of patients, children, fitness enthusiasts or athletes, premature infants, and people living in remote areas far from health and medical services are increasing.

Remote monitoring via wearable and connected biosensors enable patients to avoid hospitalization. By enabling telemedicine, wearable biosensors can make it easier for healthcare workers to work from home and free up hospital space for more responsive care.

Smart textiles can provide a simpler and more convenient method for monitoring vital signs with sensors embedded in the fabric. Physicians may be better able to collect data on a patient over a more extended period with the help of biosensor patches, printed electronics, and leverage conformal.

COVID-19 Impact Analysis

COVID-19 cause a significant impact on the global biosensors market.

The market for biosensors has been significantly impacted by COVID-19. In the early stages of the pandemic, strict lockdowns were imposed by governments to stop the virus from spreading to factories in several nations. Lockdowns are being lifted, and restrictions are being reduced following the pandemic.

Numerous businesses were permitted to resume factory operations following the pandemic, albeit in a limited capacity and with biosensors. Due to the relaxation of restrictions, it is anticipated that the biosensors market will expand rapidly following the pandemic.

Regional Analysis

North America dominates the global biosensors market during the forecast period.

Due to the presence of significant players and the rising rate of targeted diseases in the region, North America held the highest revenue share in 2022, around 41.7%.

It is anticipated that technological advancements such as the introduction of miniaturized diagnostic equipment, which increases the market penetration of electronic medical records (EMR) and provides quick, precise results, will drive market expansion over the anticipated period.

Additionally, the Clean Air Act, the National Environmental Policy Act, and the Clean Water Act all exist in the United States and are anticipated to offer attractive growth opportunities for the North American market during the forecast period.

During the forecast period, the Middle East and Africa region are anticipated to experience the market’s fastest growth. Some of the major factors driving the market in the Middle East and Africa are the significant unmet medical needs for target diseases like cancer, diabetes, and other infectious diseases.

Market expansion is likely to be fueled by rising demand for home healthcare, adult-focused point-of-care, and other healthcare providers, as well as government initiatives to reduce hospital stays through outpatient care models. Also, the rising prevalence of age, condition, and lifestyle are the other factors responsible for the growth of the Asia Pacific market.

Key Regions

• North America
  • The US
  • Canada
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Mexico
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

iQ Global has introduced the glucose saliva biosensor, this biosensor does not require blood collection for diabetes management.

Global manufacturers are accelerating their production processes and upgrading them through cost-effective solutions in response to the rising demand for biosensors. Leading companies in the market are insisting on higher product quality to maintain the surge in demand from various biosensor applications.

For instance, the glucose saliva biosensor was introduced by the iQ Group Global in February 2019. One of the few non-invasive glucose saliva-based testing methods that do not require blood collection for diabetes management is this cutting-edge technology. The saliva-based glucose test is being developed to help the 425 million diabetics worldwide live better lives.

Key Industry developments

In January 2021- Aa Global Business Partnership Agreement (GBP) was signed by Roche with Sysmex for delivering hematology testing solutions to improve customer experience and clinical decision-making; the new agreement aims to utilize IT systems.

In December 2020- FreeStyle Libre 2, a next-generation, sensor-based glucose monitoring technology, was announced by Abbott; it has received approval from Health Canada for children (4 years and above) and adults with diabetes.

In December 2020- The expansion of its joint marketing agreement with Siemens Healthineers was announced by Bio-Rad laboratories. According to the agreement, Bio-Rad will provide unity quality control data management solutions and quality control products for Siemens Healthineers’ Atellica Solution platforms.

Listed below are some of the most prominent global biosensors market players.

Market Key Players

• Abbott Laboratories
• Bio-Rad Laboratories Inc.
• Medtronic
• Johnson & Johnson
• Biosensors International Group, Ltd.
• Koninklijke Philips N.V.
• Pinnacle Technologies Inc.
• Molecular devices Corp.
• Ercon, Inc.

Report Scope