Biosensors Market by Type (Sensor Patch and Embedded Device), Product (Wearable Biosensors and Non-wearable Biosensors), Technology (Electrochemical biosensors, Piezoelectric biosensors, Optical biosensors, Thermal biosensors, and Nanomechanical biosensors), and Application (Point-of-care, Home diagnostics, Research labs, Security and biodefense, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 24.86 billion mark in 2022 and is expected to hit US$ 45.48 billion by 2030, recording a CAGR of 7.8% during the forecast period.
Increasing technological advancements in biosensor is driving the growth of the market.
Increasing POCT demand in variety of medical applications, growing diabetes population, and surge in need for small handheld diagnostic devices are some of the major factors driving the growth of the market. Moreover, rapid technological advancements in biosensors such as Point of Care (POC) testing and the determination of multianalyte for environment monitoring and screening are some of the factors driving the growth of the market during the forecast period. Miniaturization in biosensors has resulted in development of biosensors, that are easy-to-use and compact, as well as has improved traditional methods of testing and diagnostics. For instance, In November 2019, scientists from Brazil and the U.S. developed a biosensor (glasses-based device) that provides diabetic patients a less invasive test by measuring blood glucose levels through tears. The embedded device segment is expected to pace up with wide adoption of these devices across a range of applications such as point of care, research lab, environmental monitoring, home diagnostics, food & beverages, and biodefense. Many healthcare facilities have started adopting embedded solutions for medical devices that are enabled with IoT to address the shortage of doctors in remote areas. These types of medical devices help identify diseases in patients and provide accurate and reliable treatment to patients in remote locations.
Within the report, the market is segmented into type, product, technology, application, and geography. By type, the market is segmented into sensor patch and embedded device. On the basis of product, the market is bifurcated into wearable biosensors and non-wearable biosensors. By technology, the market is categorized into electrochemical biosensors, piezoelectric biosensors, optical biosensors, thermal biosensors, and nanomechanical biosensors. Based on application, the market is divided into point-of-care, home diagnostics, research labs, security and biodefense, and others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
How COVID-19 affected the growth of the market?
Biosensors are integrated devices that provide analytical information using biological samples and are used to identify the structure and function of molecules, such as DNA and protein, and for medical diagnosis. Moreover, the early symptoms of COVID-19 have been scanned using a variety of methods, including usage of sensor. Through smart band, optical sensor, wearable sensor, cell-based sensors, and nano-sensor usage, the biosensor systems can aid in diagnosis of COVID-19. Additionally, various manufacturers provided rapid arrangement for clinical surveillance to help healthcare personnel reduce the risk of exposure and manage patients effectively during COVID-19. For instance, in May 2020, Royal Philips stated that the US Food and Drug Administration (FDA) given its wearable biosensor (Philips Biosensor BX100) authorization to help manage positive and suspected COVID-19 patients in hospitals. In addition, this biosensor improves clinical monitoring, allowing clinicians to recognize risk early and improve care for patients. Thus, biosensors market was positively impacted owing to increasing demand for wearable biosensors in-home care diagnostics, development of more sensitive and reliable biosensors for COVID-19 diagnosis by industry players, and rising prevalence of COVID-19.
Rising electrochemical biosensors adoption in various industries is accelerating the market growth.
The electrochemical biosensors ubiquitous use in biochemical and biological processes for measurement and analysis purposes. With wide linear response range, excellent stability, repeatability, robustness, compatibility with new microfabrication technologies, ease of operation, low cost, disposability, independence from sample turbidity, and others, the electrochemical biosensors usage increases among people. It has several advantages over piezoelectric, thermal, and optical detection, resulting in higher market penetration and consumption. In addition, indirect monitoring through electrochemical biosensors can be done to analyze organic pesticides or inorganic substances that interfere with the biocatalytic properties of the sensor. It involves the monitoring of heavy metals, cyanide, and others having high importance in industries and environments.
Recent strategic developments in Biosensors market
The biosensors market has undergone several significant developments, and a few of these have been mentioned below:
- In May 2020, Philips launched next-generation wearable biosensors for early detection of diseases, including clinical surveillance for COVID-19. Moreover, the biosensor is designed to address a new approach to vital signs measurements, supporting surveillance of higher acuity patients moving from intensive care units into lower acuity general care areas of a hospital.
- In September 2020, Abbott introduced Libre Sense Glucose Sport Biosensor, a glucose sport biosensor designed for athletes to continuously measure glucose in order to better understand the relationship between glucose levels and their athletic performance. The FreeStyle Libre continuous glucose monitoring technology underpins the Libre Sense biosensor, which was originally developed for people living with diabetes. It was the first personal-use gadget based on that technology that isn't just for diabetes.
- In December 2020, Bio-Rad Laboratories expanded its joint marketing agreement with Siemens Healthineers. As part of the agreement, Bio-Rad provided quality control products and unity quality control data management solutions for Siemens Healthineers’ Atellica Solution platforms.
The biosensors market is driven by several players by implementing strategic activities such as investments, product launches, mergers & acquisitions, and partnerships. Abbott; Medtronic; Bio-Rad Laboratories; Nova Biomedical Corp.; Pinnacle Technologies Inc.; Koninklijke Philips N.V.; Molecular Devices, LLC; TDK Corporation; Dexcom, Inc.; and Zimmer & Peacock AS are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Distributors and sales firms
- End users of biosensor devices, various industries (process industries, environmental monitoring, and others)
- Research institutes, organizations, and consulting firms
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type:
- Sensor Patch
- Embedded Device
- Product:
- Wearable Biosensors
- Non-wearable Biosensors
- Technology:
- Electrochemical biosensors
- Piezoelectric biosensors
- Optical biosensors
- Thermal biosensors
- Nanomechanical biosensors
- Application:
- Point-of-care
- Home diagnostics
- Research labs
- Security and biodefense
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Abbott
- Bio-Rad Laboratories
- Nova Biomedical Corp.
- Pinnacle Technologies Inc.
- Koninklijke Philips N.V.
- Dexcom, Inc.
- TDK Corporation
- Zimmer & Peacock AS
- Medtronic
- Molecular Devices, LLC
Companies profiled
- Abbott
- Bio-Rad Laboratories
- Nova Biomedical Corp.
- Pinnacle Technologies Inc.
- Koninklijke Philips N.V.
- Dexcom, Inc.
- TDK Corporation
- Zimmer & Peacock AS
- Medtronic
- Molecular Devices, LLC