Global Biosensors Market Continues Upward Trajectory, Projected to Reach US$ 65.2 Billion at a 9.5% CAGR

Biosensors Market
Biosensors Market

The global  biosensors market was expected to reach a global value of US$ 24.5 billion in 2022. The estimated market growth from 2023 to 2033 is predicted to be substantially larger than the historical trend, with a compound annual growth rate (CAGR) of 9.5%. With a projected compound annual growth rate (CAGR) of more than 10.5% from 2023 to 2033, medical biosensors are predicted to be the segment that generates the most revenue.

Increases in biotechnology research and development, the prevalence of chronic illnesses like diabetes, and the need for homecare equipment are driving the biosensors industry. The market is growing as a result of the growing usage of biosensors in glucose monitoring systems. However, it is anticipated that resistance to adopting novel treatment devices and the high costs of these devices will hinder market expansion. On the other hand, advancements in biosensor technology that increase mobility are anticipated to propel market expansion.

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Biosensors based on nanotechnology are anticipated to yield significant profits in a range of sectors, such as food analysis, imaging, and microbiological activity monitoring. The market is getting more consolidated due to the growing need for non-invasive biosensors, customized medications, medical equipment, and more cooperation and agreements among producers in research.

Because of their ability to assess fitness as well as the onset and progression of illness, biosensors are widely used in home-based healthcare by patients. As a result, the market is expected to expand throughout the forecast period. A variety of non-medical activities, as well as technological advancement, are expected to broaden its applicability and, as a result, support its growth. Pregnancy testing, cholesterol testing, blood glucose testing, and drug detection are some of the healthcare services that are expected to have a positive market impact.

Government projects aimed at improving proteomics and genomics are expected to drive the biosensors market during the forecast period.

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Competitive Analysis

Because of the increased demand for biosensors, global manufacturers are accelerating and improving their manufacturing processes by implementing cost-effective solutions. A few of the key players in the biosensors market include Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, Biosensors International Group, Ltd., Pinnacle Technologies Inc., Ercon, Inc., DuPont Biosensor Materials, Johnson & Johnson, Koninklijke Philips N.V., LifeScan, Inc., QTL Biodetection LLC, Molecular Devices Corp., Nova Biomedical, Molex LLC, TDK Corporation, Zimmer & Peacock AS, and Siemens Healthcare.

Some of the recent developments of key Biosensors providers are as follows:

  • In January 2022, Roche and Sysmex agreed to a Global Business Partnership (GBP) to provide haematological diagnostic services. The new collaboration will use IT technology to improve clinical decision-making and the consumer experience. This long-running, fruitful collaboration is still going strong, providing haematological diagnostic improvements to labs worldwide.
  • In December 2020, Abbott announced that FreeStyle Libre 2, its next-generation sensor-based glucose monitoring device, has been approved by Health Canada for adults and children (4 years and older) with diabetes.

Market Segments Covered in Biosensors Market Analysis

By Product Type:

  • Medical
    • Cholesterol
    • Blood Glucose
    • Blood Gas Analyzer
    • Pregnancy Testing
    • Drug Discovery
    • Infectious Disease
  • Food Toxicity
  • Bioreactor
  • Agriculture
  • Environment
  • Others

By Technology:

  • Thermal
  • Electrochemical
  • Piezoelectric
  • Optical

By End-Use:

  • Home Healthcare Diagnostics
  • PoC Testing
  • Food Industry
  • Research Laboratories
  • Security & Biodefense

By Region:

  • North America
  • Latin America
  • Europe
  • APAC
  • Middle East and Africa (MEA)

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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