Pune, Feb. 28, 2023 (GLOBE NEWSWIRE) -- As per the report by SNS Insider, the global Biosensors Market had a valuation of USD 28.80 billion in 2022, and it is predicted to grow at a CAGR of 7.9% from 2023 to 2030. The market is expected to reach USD 52.93 billion by the end of 2030.
The global biosensors market has been witnessing strong growth, primarily driven by significant technological advancements in the field of biosensors. With the increasing demand for fast and preventive diagnosis of diabetes, the market is set to experience significant growth in the coming years. Furthermore, the aging population, particularly in developed countries, has also been a driving force behind the demand for the biosensors.
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Biosensors Market Overview
| Report Attributes | Details |
| Market Size in 2022 | US$ 28.80 Billion |
| Market Size by 2030 | US$ 52.93 Billion |
| CAGR | CAGR of 7.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Major Trends Observed for Biosensors Market
- Biosensors have been rapidly gaining popularity in the diabetes space due to their ability to provide highly accurate and efficient measurements of glucose levels in a very small sample volume. This trend is expected to continue, and biosensors are predicted to play an increasingly significant role in the management of diabetes in the coming years.
- The sensor path segment is expected to experience the highest growth rate during the forecast period in the global biosensors market. This segment includes endpoint sensors, which are commonly used biosensors that rely on the number of molecules achieved on the sensor surface after a fixed time to determine the concentration of a target molecule in the solution.
- The non-wearable biosensor segment is expected to experience the highest growth rate during the forecast period in the global biosensors market. Non-wearable biosensors are devices that are designed for use in nonclinical applications and provide real-time on-site monitoring of various production processes.
- The North American market is currently experiencing rapid growth, fueled by several key factors. With people becoming more conscious of the importance of maintaining good health, there has been a surge in demand for products and services that promote wellness and prevent illness.
Impact of recession on Biosensors Market
The market has proven to be relatively resilient to economic downturns. This is because the demand for biosensors is driven by the need for early detection and monitoring of diseases and environmental hazards, which remains essential regardless of the economic climate.
Key Developments Related to Biosensors Market
- FREDsense Technologies, a Canadian biotechnology company, has announced the launch of a new electrochemical biosensor solution for the detection of PFAS (Per- and polyfluoroalkyl substances) in water. The new biosensor solution developed by FREDsense uses genetically engineered bacteria to detect PFAS in water.
- Intricon, a company focused on creating cutting-edge medical devices using smart miniaturized electronics, has recently announced the launch of their new Biosensors Center of Excellence (CoE). The CoE is dedicated to advancing the development of biosensors, which are vital components of many medical devices that monitor vital signs and gather important health data.
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