Status : Published | Published On : Jan, 2024 | Report Code : VRSME9023 | Industry : Semiconductor & Electronics | Available Format : | Page : 162 |
Industry Overview
The market for biosensors stood at USD 24.4 billion in 2023 and it is expected to reach USD 38.0 billion in 2030, advancing at a CAGR of 8% during the forecast period which is 2025-2030. The growing healthcare applications of biosensors, the rising demand for small diagnostic tools, the increasing number of diabetic patients, and the ongoing technological improvements are the main drivers of the market growth worldwide.
Market Segmentation
Insight by Type
The global biosensors market is divided into wearable and non-wearable categories, based on type. The non-wearable category accounted for a larger market share in 2019. This is due to the high prevalence of chronic diseases, including cancer, diabetes, and other ailments, which increase the demand for traditional techniques of diagnosis and detection. These traditional techniques include biosensors, which are frequently employed in hospitals and laboratories for the detection of blood sugar levels or the analysis of gas levels in the blood. Non-wearable biosensors' high efficacy and precision combined with ongoing product improvement are projected to have a beneficial effect on the market growth in this category throughout the course of the forecast period.
However, due to the rising awareness of healthy lifestyles, the market for wearable biosensors is anticipated to expand at a higher rate throughout the forecast period. Due to adults' declining physical activity, which contributes to increased weight and hormonal diseases, the adoption rate of wearable biosensors is increasing in both developed and developing countries.
Insight by Technology
The biosensors market is divided into electrochemical, thermal, nanomechanical, optical, piezoelectric, and others, based on technology. Among these, the electrochemical category dominates the market. The growing need for electrochemical biosensors in food analysis and disease diagnostics is the primary factor propelling the growth of the electrochemical biosensors market. Moreover, due to the rise in diabetes patients, the demand for glucometers based on electrochemical biosensor technology is increasing. Additionally, the surging prevalence of chronic diseases is projected to increase the demand for electrochemical biosensors, which facilitate precise diagnosis.
Report Metric |
Details |
Historical Period |
2018 - 2023 |
Base Year Considered |
2024 |
Forecast Period |
2025 - 2030 |
Market Size in 2023 |
U.S.D. 24.4 Billion |
Revenue Forecast in 2030 |
U.S.D. 38.0 Billion |
Growth Rate |
8.0% |
Segments Covered in the Report |
By Type, By Technology. |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and the Rest of the World |
Industry Dynamics
Growth Drivers
The various healthcare applications of biosensors, the rising demand for small diagnostic tools, the increasing number of diabetic patients, and ongoing technical improvements are the main drivers propelling the growth of the worldwide biosensors market.
For instance, according to the WHO, there were 422 million cases of diabetes in 2014. Additionally, according to the International Diabetes Federation (IDF), the number of adults with diabetes worldwide is projected to rise to 629 million by the year 2045, from 425 million in 2017. The growing public awareness of diabetes self-management encourages the integration of cutting-edge technology in glucometers, which propels the growth of the biosensors market.
Challenges
The expensive nature of biosensor development and the delayed rate of commercialization could restrain the expansion of the world biosensors market.
Opportunities
The market offers several opportunities to players, due to the following reasons:
Geographic Overview
Geographically, North America leads the biosensors market. The preference for biosensors is predicted to expand in the region, as a result of the rising incidence of chronic diseases like cancer, diabetes, and problems linked to obesity. The need for biosensors in the area ought to be stimulated by increasing investment in R&D efforts to meet changing and expanding client demand. Additionally, the growing aging population, increased government financing, and technical advancements are all driving the North American biosensors market forward. For instance, the U.S. Census Bureau estimated that there were around 43.1 million Americans aged 65 years and over in 2012, and this number is projected to increase to 83.7 million by 2050.
On the other hand, the APAC market is expected to witness the fastest growth in the coming years, globally. This can be due to its dense population, growth in the aging population, high prevalence of chronic diseases, and improvement in the healthcare system in the region.
Competitive Insight
Dupont provides trusted biosensor products that are utilized in crucial patient care. It produces several screen-printed inks for use in biosensors using metallurgical and organic processes. These materials were created specifically for sensors used in environmental, food, diagnostics, patient monitoring, and medicine delivery applications.
In order to improve outcomes for patients with diabetes, hypertension, heart disease, and other chronic conditions, Medtronics is moving toward sensor-based solutions. For cardiac resynchronization therapy (CRT) and implantable cardiac defibrillators (ICDs) devices, Medtronics created one of the first sensing technologies that is used to track predictive data for cardiac patients and warn them of any worsening fluid in the lungs that could result in hospitalization.
Some of the major players operating in the global biosensors market are Roche Diagnostics, DowDuPont, Johnson & Johnson, Siemens Healthcare, Abbott Laboratories, Nova Biomedical Corp., LifeSensors Inc., ACON Laboratories Inc., Biacore., Medtronic Inc., and Thermo-Fisher Scientific.
Recent Developments by Key Players
DuPont has acquired Donatelle Plastics Incorporated, a leading medical device contract manufacturer specializing in the design, development and manufacture of medical components and devices.
Roche has launched an in vitro diagnostic assay, Ventana Kappa and Lambda Dual ISH mRNA Probe Cocktail assay, in countries that accept the EU CE mark. The Ventana B-cell lymphoma diagnostic assay is designed to qualitatively detect Kappa mRNA and Lambda mRNA. The test detects the presence of B-cell lymphomas and plasma cell neoplasms in formalin-fixed, paraffin-embedded (FFPE) human bone marrow and lymphoid tissue.
Forecast Parameters
Data Validation
Research Phases
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from industry experts. The key profiles approached within the industry include the CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research
The Biosensors Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
Region Covered in the Report
Biosensors Market