Biosensors are widely utilized in the healthcare industry for sensing, identifying, and monitoring a variety of human illnesses. The rising prevalence of diabetes all over the world is one of the primary factors propelling the global biosensors market forward. The biosensors measure blood glucose levels, which are then used to diagnose diabetes on a massive scale. As a result, the global biosensors market is growing and developing. Stringent government regulations and reimbursement policies are limiting the growth of the worldwide biosensors market.
Moreover, in low- and middle-income countries, the adoption of innovative and cutting-edge technology is delayed. The growth of the biosensors market is being hampered by this problem.
The biosensors global Industry is poised to be valued at US$ 29.13 Billion in FY2022, and is expected to flourish at a staggering 7.7% value CAGR throughout the 2022-2030 forecast period. By the end of the aforementioned assessment period, the market is poised to be valued at over US$ 49.6 Billion.
- On the basis of technology, electrochemical segment holds the largest market share in the global biosensors market. Electrochemical technology has a number of advantages over other technologies. Electrochemical biosensors are inexpensive and require little power to operate. The global market for biosensors is being driven by this aspect.
- On the basis of application, medical segment holds the largest market share in the global biosensors market. Biosensors are frequently used in the medical field to detect and diagnose a variety of diseases. Biosensors are one of the most essential tools for cancer and diabetes detection. As a result, the increased occurrence of such diseases is propelling the worldwide biosensors market forward.
- On the basis of end user, point of care testing segment holds the largest market share in the global biosensors market. Due to technical improvements, the market for biosensors in point-of-care testing is rising. The biosensors are used to monitor the human body’s saliva, urine, and blood. For detecting numerous disorders, the results are accurate and exact.
Biosensors Industry Scope
|Market Size by 2030||USD 49.6 Billion|
|Growth Rate from 2022 to 2030||CAGR of 7.7%|
|North America Market Share in 2021||40%|
|Medical Segment Market Share in 2021||67%|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Type, Application, End Use, Technology, Geography|
Drivers: Surge in demand for wearable devices
The demand for wearable medical devices is growing at a rapid pace. The wearable devices can be used by any age group people. The biosensors in the wearable devices track and monitor the health of a person who is wearing that particular device. This avoids the growing number of chronic illnesses. As a result, surge in demand for wearable devices is driving the growth of global biosensors market.
Also Read: Advanced Drug Delivery Market Revenues Increased 16.17%
Restraints: Long approval cycles
The manufacturers of biosensors are facing various obstacles for the development of biosensors market. The medical devices need to be approved by government agencies. Similarly, the Food and Drug Administration approves the biosensors for further utilization in the market. Without this, biosensors cannot be marketed easily. Sometimes, it takes time for approval. Thus, long approval cycles are restricting the expansion of global biosensors market during the projected period.
Opportunities: Growing demand for nanotechnology-based biosensors
The biosensors which are made with the help of nanomaterials are known as nanotechnology-based biosensors. This type of biosensors is latest and advance form of biosensors in the global market. The nanotechnology-based biosensors are widely used in all types of medical devices for detection and monitoring of various diseases and ailments. As a result, growing demand for nanotechnology-based biosensors are contributing towards the growth of global biosensors market.
Challenges: Slow adoption of biosensors
Due to the expensive cost of biosensors and the limited demand from the healthcare business, biosensors technology has seen a slow rate of commercialization in recent years. The biosensors are not used in every industry. The growth rate is quite slow. Thus, slow adoption of biosensors is a major challenge for the growth of global biosensors market over the forecast period.
- Abbott declared in December 2020 that FreeStyle Libre 2, their next generation sensor-based glucose monitoring device had acquired Health Canada approval for children and adult with diabetes.
- Philips gained Food and Drug Administration certification for its wearable biosensors in May 2020. In hospitals, the BX100 can aid in the management of proven and suspected COVID-19 cases.
- Bio-Rad Laboratories declared in December 2020 that its cooperative marketing partnership with Siemens Healthineers will be expanded with Bio-Rad providingUnity Quality Control data supervision solutions andeminence control products for Siemens Healthineers’ Atellica Solution platforms.
North America is the largest segment for biosensors market in terms of region. Factors such as the increased prevalence of chronic diseases, rising consumer health awareness, the expansion of the healthcare industry, and technological breakthroughs are propelling the biosensors market in the area forward. Furthermore, industry players are employing a variety of methods to increase their market share in the region’s biosensors market.
Europe region is the fastest growing region in the biosensors market.The UK and Germany hold the highest market share in the Europe biosensors market. The need for biosensors in Europe is being driven by the rising occurrence of life-threatening disorders. In addition, the region’s expanding geriatric population is propelling the biosensors market forward.
Some of the prominent players Included:
- Bio-Rad Laboratories Inc.
- Abbott Laboratories
- Biosensors International Group Ltd.
- DuPont Biosensor Materials
- Pinnacle Technologies Inc.
- Johnson & Johnson
- Molecular Devices Corporation
- QTL Biodetection LLC
- TDK Corporation
- Zimmer & Peacock AS
Buy this Premium Study, Click Here
- Disposable Endoscopes Market Growing Demand and Insights 2030 - November 10, 2022
- Corporate Wellness Market US$ 96.15 Bn of Potential Opportunity Is Opening - November 10, 2022
- Active Pharmaceutical Ingredients Market Size Will Attain USD 356 Bn By 2030 - November 9, 2022