Biosensors Market hit USD 58 Billion by 2032, says Global Market Insights Inc.

Biosensors industry is anticipated to register 7% CAGR between 2023 and 2032 due to growing application of biosensors in medical field.

Selbyville, Delaware, Feb. 02, 2023 (GLOBE NEWSWIRE) --

The biosensors market value is estimated to surpass USD 58 billion by 2032, according to a new research report by Global Market Insights Inc.

The technological advancements for developing novel biosensors are positively shaping the industry landscape. The market progression can also be attributed to the development of non-invasive glucose biosensors. The increasing focus of various companies on developing cost-effective, highly accurate, reliable, and painless devices for diabetic patients is also fostering the product demand. The integration of digital software with glucose biosensors assists in better monitoring and controlling blood sugar levels.

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Paradigm shift to home-based personal care to fuel wearable biosensors segment progression

Wearable biosensors market crossed USD 17 billion in 2022, owing to the paradigm shift to home-based patient care from the centralized hospital-based care. This significantly lowers the associated diagnosis time and healthcare costs. Meanwhile, improved effectiveness and convenience offered by wearable biosensors, which may deliver new insights into the current health condition of patients.

Increasing cancer cases to impel piezoelectric technology segment

Piezoelectric segment is expected to grow at over 7% CAGR by 2032, owing to the increasing prevalence of different cancers and infectious diseases such as COVID-19. Moreover, these biosensors are also used to in diagnostic applications to detect DNA hybridization by comparing DNA strands, detection of hepatitis C virus, drug effectiveness, and detection of specific cancer biomarkers.

Browse key industry insights spread across 215 pages with 225 market data tables & 15 figures & charts from the report, “Biosensors Market Size By Type (Wearable, Non-wearable), By Technology (Electrochemical, Optical, Thermal, Piezoelectric), By Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectious Disease Testing), By End-use (Point of Care Testing, Home Healthcare Diagnostics, Research Laboratories), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:

Technological advancements to foster pregnancy testing medical application segment development

Biosensors market from pregnancy testing segment is poised to record a valuation of over USD 820 million by 2032, due to technological advancements. The segment revenue can also be ascribed to the development of optoelectronics and laser-based biosensors for pregnancy detection. Currently, the self-reliant optic sensor for smartphones is under development which aims to monitor and detect pregnancy with convenience and efficiency.

Surging preference for home care to stimulate home healthcare diagnostics segment growth

Biosensors market from home healthcare diagnostics segment is poised to grow at over 7.5% CAGR by 2032, driven by the growing use of diagnostic tools such as glucose monitors at home settings for detecting diabetes. Furthermore, increasing efforts of healthcare companies on developing easy-to-use, compact, and inexpensive biosensor devices which can be used by many people at home is also favouring segment value. With the help of biosensors, home healthcare diagnostics will positively impact market outlook.

Rising demand for portable and rapid tests to strengthen Europe market

Europe biosensors market valuation to exceed USD 16.5 billion by 2032, on account of growing R&D spending by government and private organizations for designing novel biosensing therapeutics. Moreover, increasing expansion for portable and rapid tests, surging adoption of diagnostics for use in and away from hospitals, and current share of molecular methods for developing inexpensive, easy-to-use, and rapid tests are augmenting regional progression.

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Growing focus towards scaling production to outline the competitive scenario

Some key market players include Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Ascensia Diabetes Care Holdings AG, Biosensors International Group, Ltd, Siemens Healthineers AG, Bio-Rad Laboratories, Inc, among others.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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