Redding, California, June 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Biosensors Market by Product (Wearable Biosensors, Non-wearable Biosensors), Type (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors), Application, and Industry (Healthcare, Food & Beverages)- Global Forecast to 2030, the biosensors market is projected to reach $43.8 billion by 2030, at a CAGR of 8.2% during the forecast period.
Biosensor is a device that is sensitive to biomass and can convert its concentration into electrical signals. It is an analytical tool composed of a fixed bio-sensitive material as an identification element, a suitable physiological transducer, and a signal-amplifying device. In this sensor, a bio-element interacts with the analyte being checked & the biological reaction is changed into an electrical signal through the transducer. These sensors are known by different names based on specific applications like immunosensors, resonant mirrors, optrodes, chemical canaries, glucometers, biocomputers & biochips. Biosensors are very helpful in monitoring disease, discovering drugs, and detecting pollutants, among others.
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The growth of this market is driven by the emergence of nanotechnology-based biosensors in various end-use industries, the availability of advanced biosensors, and rising government initiatives. Furthermore, emerging markets in developing countries and growth potential in the wearable devices market are expected to create market growth opportunities.
However, the slow rate of commercialization and high installation and operational costs restrain the growth of this market. Also, limited adoption in hazardous sectors and the unexplored potential of biosensors pose major challenges for the players in this market.
The biosensors market is segmented by product {wearable biosensors [embedded devices and non-embedded devices] and non-wearable biosensors}, type {electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, and other biosensor types}, application {medical [cholesterol monitoring, blood glucose testing, pregnancy testing, infectious testing, and other medical applications], food toxicity, agriculture, wastewater treatment, and other applications}, industry {healthcare, food & beverages, forensic and biodefense, environmental monitoring, and other industries}, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on product, the biosensors market is segmented into wearable biosensors and non-wearable biosensors. The wearable biosensors segment is further segmented into embedded devices and non-embedded devices. In 2023, the wearable biosensors segment is expected to account for a larger share of the global biosensors market. The large market share of this segment is mainly attributed to wearable biosensors’ potential to enhance medical diagnostics and continuous health monitoring capabilities. Additionally, wearable biosensor applications aim to change centralized hospital-based care systems to home-based personal medicine and reduce healthcare costs and the duration required for diagnosis.
Based on type, the biosensors market is segmented into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, and other biosensor types. In 2023, the electrochemical biosensors segment is expected to account for the largest share of the global biosensors market. The large market share of this segment is mainly attributed to electrochemical biosensors’ various advantages, such as low detection limits, wide linear response range, excellent stability, and repeatability. Additionally, electrochemical biosensors are highly used in non-medical applications, such as environmental monitoring and quality control of food & beverages.
However, the optical biosensors segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for optical biosensors in examination owing to their varied analytical coverage is required.
Based on application, the biosensors market is segmented into medical, food toxicity, agriculture, wastewater treatment, and other applications. The medical segment is further segmented into cholesterol monitoring, blood glucose testing, pregnancy testing, infectious testing, and other medical applications. In 2023, the medical segment is expected to account for the largest share of the global biosensors market. This segment's large market share is attributed to the wider usage of biosensors in medical fields for various medical testing such as cholesterol testing, blood glucose monitoring, drug discovery, pregnancy testing, infectious disorders, etc.
However, the agriculture segment is projected to register the highest CAGR during the forecast. The growth of this segment is driven by the benefits offered by biosensors compared to traditional techniques used to prevent the loss of livestock and crops due to natural threats and bioterrorism.
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Based on industry, the biosensors market is segmented into healthcare, food & beverages, forensic and biodefense, environmental monitoring, and other industries. In 2023, the healthcare segment is expected to account for the largest share of the global biosensors market. The large market share of this segment is attributed to the technological advancements that create innovative products, easy to use, growing investments, funds, and grants.
Based on geography, the biosensors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the biosensors market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The rapid growth of this market is attributed to increasing health awareness, a rising aging population, growing chronic and lifestyle illnesses, and technological progress for several uses at home and proper insurance coverage.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The high growth rate is mainly attributed to increasing health awareness, a rising aging population, growing chronic and lifestyle illnesses, and technological progress for several home use and proper insurance coverage. Asia-Pacific countries are also expected to adopt biosensor technologies in genomics, agriculture, food safety, and the environment due to their improved economic situation and increased pollution.
Key Players:
The key players operating in the biosensors Market are F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Danaher Corporation (U.S.), DuPont de Nemours, Inc. (U.S.), Siemens Healthineers AG (Germany), Ercon, Inc. (U.S.), Innovative Biosensors Inc. (U.S.), Ascensia Diabetes Care Holdings AG (Switzerland), Bio-Rad Laboratories, Inc (U.S.), Biosensors International Group, Ltd. (Singapore), Dexcom, Inc. (U.S.), LifeScan Inc. (U.S.), Masimo Corporation (U.S.), Nova Biomedical (U.S.), Pinnacle Technologies Inc. (U.S.), QTL Biosystems (U.S.), and TE Connectivity Corporation (Switzerland).
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Scope of the report:
Biosensors Market Assessment - by Product
- Wearable Biosensors
- Embedded Devices
- Non-embedded Devices
- Non-wearable Biosensors
Biosensors Market Assessment - by Type
- Electrochemical Biosensors
- Optical Biosensors
- Piezoelectric Biosensors
- Thermal Biosensors
- Other Biosensor Types
Biosensors Market Assessment - by Application
- Medical
- Cholesterol Monitoring
- Blood Glucose Testing
- Pregnancy Testing
- Infectious Testing
- Other Medical Applications
- Food Toxicity
- Agriculture
- Wastewater Treatment
- Other Applications
Biosensors Market Assessment - by Industry
- Healthcare
- Food & Beverages
- Forensic and Biodefense
- Environmental Monitoring
- Other Industries
Biosensors Market Assessment - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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