WASHINGTON, March 06, 2023 (GLOBE NEWSWIRE) -- Global Biosensors Market size was valued at $25.1 Billion in 2021 and is projected to reach $38 Billion by 2028, growing at a CAGR of 7.2% during the forecast period (2022-2028). The major drivers of this growth include the increasing prevalence of chronic diseases, rising demand for point-of-care testing, technological advancements in biosensor development, and the growing awareness of food safety and environmental monitoring.
Biosensors Market Overview
The biosensors market has been experiencing significant growth in recent years and is expected to continue this trend in the coming years. Biosensors are analytical devices that utilize biological materials, such as enzymes and antibodies, to detect and quantify various substances, including pathogens, toxins, and chemicals. They are used in a wide range of applications, including medical diagnosis, food safety testing, environmental monitoring, and drug discovery.
In terms of technology, electrochemical biosensors currently hold the largest market share, owing to their high sensitivity, specificity, and low cost. However, optical biosensors are expected to grow at a faster rate during the forecast period, driven by their advantages of high accuracy, rapid detection, and real-time monitoring.
Overall, the biosensors market is expected to continue its growth trajectory in the coming years, driven by the increasing demand for personalized medicine and the growing adoption of biosensors in various industries. However, the high cost of biosensors and the complex regulatory environment may pose challenges to market growth.
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Key Factors Driving Market Growth
Increasing prevalence of chronic diseases: The growing incidence of chronic diseases such as cancer, diabetes, and cardiovascular diseases has led to an increase in the demand for biosensors. Biosensors are used for early disease detection, monitoring disease progression, and personalized medicine.
Rising demand for point-of-care testing: The need for quick and accurate diagnosis and treatment has led to an increase in demand for point-of-care testing. Biosensors are used in point-of-care testing to detect various diseases and conditions, including infectious diseases, cancer, and diabetes.
Technological advancements in biosensor development: Advances in biosensor technology, including nanotechnology and microfluidics, have led to the development of highly sensitive and specific biosensors that can detect and quantify a wide range of analytes.
Growing awareness of food safety and environmental monitoring: Biosensors are used in food safety testing and environmental monitoring to detect and quantify contaminants and pollutants. The increasing awareness of the importance of food safety and environmental monitoring has led to an increase in demand for biosensors.
Increasing demand for personalized medicine: Biosensors are used in personalized medicine to monitor disease progression and tailor treatments to individual patients. The growing demand for personalized medicine has led to an increase in the adoption of biosensors.
Top Players in the Biosensors Market:
- Abbott (US)
- Roche (Switzerland)
- Medtronic (Ireland)
- Bio-Rad Laboratories Inc. (US)
- DuPont (US)
- Biosensors International Group Ltd. (Singapore)
- CYTIVA (UK)
- Dexcom Inc. (US)
- LIFESCAN IP Holdings LLC (US)
- Masimo (US)
- Nova Biomedical (US)
- Universal Biosensors (Australia)
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Recent Trends in Biosensors Market
Wearable biosensors: The development of wearable biosensors has enabled continuous monitoring of various health parameters, such as heart rate, blood pressure, and glucose levels. Wearable biosensors are used in remote patient monitoring, sports and fitness, and chronic disease management.
Miniaturization of biosensors: The miniaturization of biosensors has enabled the development of portable and handheld devices that can be used for point-of-care testing and remote monitoring. Miniaturized biosensors also have applications in environmental monitoring and food safety testing.
Integration of biosensors with smartphones and other mobile devices: The integration of biosensors with smartphones and other mobile devices has enabled real-time monitoring of various health parameters and remote data transmission to healthcare providers. This trend has led to the development of mobile health applications that enable patients to monitor their health and communicate with healthcare providers.
Development of biosensors for non-invasive monitoring: The development of biosensors for non-invasive monitoring, such as through breath analysis or saliva sampling, has enabled painless and convenient monitoring of various health parameters.
Use of biosensors in drug discovery: Biosensors are increasingly being used in drug discovery to identify and quantify drug candidates and to monitor drug efficacy and toxicity. This trend has led to the development of biosensors for high-throughput screening of drug candidates.
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Recent Developments
- Roche signed an agreement (Global Business Partnership Agreement) with Sysmex in January ’2021 for delivering hematology testing solutions. The purpose of the agreement is to use the IT systems to lead to improved clinical decision-making.
- Abbott unveiled news regarding FreeStyle Libre 2, a next-generation, sensor-based glucose monitoring technology in December’2020. The technology received approval by Health Canada for adults and children.
Key Questions Answered in the Report:
- What is the current size of the biosensors market and how is it expected to grow in the future?
- What are the major factors driving market growth in the biosensors market?
- What are the major challenges facing the biosensors market and how are they being addressed?
- What are the different types of biosensors available in the market and what are their applications?
- What are the key geographical regions for the biosensors market and what are the growth prospects in these regions?
- Who are the major players in the biosensors market and what are their market shares and strategies?
- What are the emerging trends in the biosensors market and how are they expected to impact the market in the future?
- What are the regulatory frameworks governing the biosensors market and how are they expected to evolve in the future?
- What are the opportunities for new entrants in the biosensors market and what are the key success factors for market entry?
Browse Market Data Tables and Figures spread through 146 Pages and in-depth TOC on Biosensors Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 25.1 Billion |
| Revenue Forecast by 2028 | USD 38 Billion |
| CAGR | 7.2% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Abbott, Roche, Medtronic, Bio-Rad Laboratories Inc., DuPont, Biosensors International Group Ltd., CYTIVA, Dexcom Inc., LIFESCAN IP Holdings LLC, Masimo, Nova Biomedical, Universal Biosensors |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
The biosensors market is segmented into several regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America currently dominates the biosensors market, accounting for the largest share of the market. The high adoption rate of biosensors in the healthcare sector, growing demand for personalized medicine, and the presence of key players in the region are the major factors driving market growth in North America.
Europe is the second-largest market for biosensors, driven by the increasing prevalence of chronic diseases and the growing demand for advanced healthcare technologies.
The Asia Pacific region is expected to grow at the fastest rate during the forecast period, owing to the increasing prevalence of chronic diseases and the growing demand for advanced healthcare technologies in countries such as China and India. The region also has a large population base and a growing middle-class population, which is expected to drive demand for biosensors in healthcare and other applications.
Latin America and the Middle East & Africa regions are also expected to experience growth in the biosensors market, driven by increasing investment in healthcare infrastructure and growing awareness of the importance of disease prevention and early diagnosis.
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Biosensors Market Segmentation
By Type
- Sensor Patch
- Embedded Device
By Product
- Wearable Biosensors
- Non-Wearable Biosensors
By Technology
- Electrochemical Biosensors
- Optical Biosensors
- Piezoelectric Biosensors
- Thermal Biosensors
- Nanomechanical Biosensors
By Application
- POC
- Home Diagnostics
- Research Labs
- Environmental Monitoring
- Food & Beverages
- Biodefense
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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- Top Companies in Biosensors Market | Major Players of Industry Historic and Future Data, Comprehensive Report: https://v-mr.biz/biosensors-market
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