Biosensors Market Size Worth USD 38,778.80 Million by 2027 at 7.95% CAGR – Report by Market Research Future (MRFR)

Biosensors Market Trends and Insights Technology (Electrochemical, Optical, Thermal, Piezoelectric Biosensors), by Application (Medical Testing, Food Toxicity, Industrial Process, Environmental and Agricultural Testing), by End User (Point-of-Care, Home Diagnostics, Research Laboratories, Food Industry, and Security & Biodefense), and by Region (North America, Europe, Asia-Pacific, Rest of the World), Competitive Market Growth, Size, Share and Forecast to 2027

New York, USA, Nov. 29, 2022 (GLOBE NEWSWIRE) — Biosensors Market Overview:

According to a Comprehensive Research Report by Market Research Future (MRFR), “Biosensors Market Information by Technology, Application, End User, and by Region—Forecast till 2027, market is expected to cross USD 38,778.80 million by 2027 at a CAGR of 7.95% during the forecast period

Market Scope:

Biosensors convert the chemical or physical change in a biological sample (such as a tissue, enzyme, or complete cell) into an electrical signal, allowing for analysis. It has many advantages, including low price, ease of use, simplicity, disposability, and portability. Electrochemical detection can be done with potentiometric sensors, amperometric sensors, or conduct metric sensors. For the detection of biological and non-biological matrices, it is typically implemented in compact devices.

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Report Scope:

Report Attribute Details
Market Size in 2030 USD 38778.80 Million
CAGR 7.95%
Base Year 2019
Forecast Period 2020-2027
Historical Data 2019
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Technology, Application and end users
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers Growing aging population worldwide and demand of biosensors in emerging economies
Technological advancements in biosensors

Biosensors Market Dynamics:

The major players of the market are

  • Johnson & Johnson (US)
  • Abbott (US)
  • Bayer AG (Germany)
  • Siemens (Germany)
  • Life Sensors, Inc. (US)
  • Nova Biomedical Corporation (US)
  • Medtronic plc (Ireland)
  • Hoffmann Roche (Switzerland)
  • i-Sens, Inc. (South Korea)
  • Pinnacle Technologies Pvt. Ltd (US)

Biosensors Market Dynamics:

Market Drivers

Factors such as the aging population, technological progress, the rise of the diabetic population, and the prevalence of chronic and lifestyle-induced diseases all contribute to the market expansion of the biosensors. The market also stands to gain substantially from the rising interest in personalized treatment. The steady market expansion of the biosensors can be attributed to the increasing number of companies offering improved and novel sensors. The biosensors market value chain analysis consists of four main stages: research and development, product design, product production, and sales and distribution.

The elderly are disproportionately affected by the rise in prevalence of chronic diseases. Because of their usefulness in providing ongoing health monitoring, biosensors are gaining popularity among the elderly. People who require constant monitoring have benefited significantly from the development of wearable biosensors. Costs associated with long-term care and physician visits deter the elderly from seeking medical attention.

The last few years have seen significant development in biosensor technology. One of these developments is the ability to detect multiple substances at once in order to screen and monitor the environment. The conventional testing scenario has also been vastly improved thanks to the shrinking of biosensors, which has resulted in the development of small, easy-to-use, and compact biosensors.

Point-of-Care Testing (POCT) is a key technical development that has increased the need for biosensors. The primary companies in the PoC diagnostic industry are currently working on a new product. In addition, the sensitivity of the biosensor has been enhanced through the application of instruments such nanomaterials and fluorescence tags. The development of cutting-edge biosensors is being fueled by the rising popularity of affibodies, molecule imprinted polymers, and nucleotides.

Market Restraints

However, the market for biosensors is expected to be slowed by strict regulatory rules and difficulties with reimbursement. For this reason, only major corporations can afford to fund their research and development. Unfortunately, the high price of biosensors has slowed their widespread adoption in industry. As a result of their prohibitive price, biosensors are mostly used in healthcare, rather than in the food, industrial process, agriculture, or environmental industries.

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COVID-19 Analysis:

Were it not enough that COVID-19 has harmed humanity, it has also wreaked havoc on economies all across the globe. The impact of this pandemic on the global economy is predicted to be much greater than that of the 2008–2009 financial crisis. It is having a negative impact on the supply and demand chain, which will have a negative impact on international trade. When it comes to satisfying client needs, the supply chain is crucial. Several nations have instituted trade restrictions on non-essential items as a result of the COVID-19 pandemic. Biosensors have been widely used to collect analytical data, and as a result, their production and distribution have not been stifled.

Furthermore, product demand has been impacted in many sectors due to partial and entire lockdowns around the world. However, demand for biosensors has skyrocketed during the pandemic because of how quickly and easily they capture analytical data. Biosensors were able to avoid the effects of COVID-19 since they are an essential item.

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Biosensors Market Segmentation:

By Technology

Electrochemical Biosensors is poised to record substantial growth over the review period.

By Application

Medical Testing segment is slated to grow at a notable CAGR over the review period.

By End User

Point-Of-Care segment is expected to acquire significant market value over the review period.

Regional Analysis:

The market for biosensors is expected to be led by North America. The rising prevalence of chronic and lifestyle-related diseases, advances in healthcare IT, new product launches, and adequate insurance coverage are all factors propelling the biosensors market in North America. Biosensors devices are widely employed for accurate, reliable, and rapid findings in the early identification and prevention of diseases due to the high cost of healthcare in North America. Further, leading companies in the market of biosensors are consistently working to strengthen their foothold in the industry and diversify their product offerings through the formation of strategic partnerships and the introduction of innovative new offerings.

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If predictions hold true, the Asia-Pacific region will have the fastest expansion between 2020 and 2027. This is because of rising worries about environmental pollution, an aging population, an increase in the number of people diagnosed with diabetes, and a big overall population. Daily, more people learn about different diseases and the necessity of top-notch medical attention. In addition, the demand for biosensors in these nations is driven by technical breakthroughs in medical devices and equipment like biosensors for the efficient treatment of patients suffering from chronic disease. Accordingly, the growing interest in biosensors is expected to fuel industry expansion.

Discover more research Reports on Healthcare Industry by Market Research Future:

Electrochemical Biosensors Market: Information by Application (Diagnosis, Monitoring and others), End User (Point of Care Testing, Diagnostics Center, Research Laboratories and others) and Region (Americas, Europe, Asia-Pacific and the Middle East & Africa) – Forecast till 2030

Medical Sensors Market Research Report: By Type (Temperature Sensors, Blood Glucose Sensors, Blood Oxygen Sensors, Electrocardiogram (ECG) Sensors, Image Sensors, Motion Sensors, Inertial Sensors, Pressure Sensors), Sensor Placement (Strip Sensors, Wearable Sensors, Implantable Sensors, Invasive/Non-Invasive Sensors, Ingestible Sensors), Application (Diagnostics, Therapeutics, Monitoring, Imaging Devices, Fitness and Wellness) -Forecast till 2027

Wearable Sensors Market: Information By Type (Motion Sensors, Medical-Based Sensors, Image Sensors, Position Sensors, Pressure Sensors, Inertial Sensors, Other Sensors), By Application (Smart Wristwear, Smart Glasses, Smart Bodywear’s, Smart Footwear, Other Wearable Devices) and By End User (Consumer Applications, Healthcare Applications, Enterprise and Industrial Applications) – Forecast till 2030

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