ALBANY, N.Y., March 29, 2022 (GLOBE NEWSWIRE) -- The biosensors market stood at US$ 23.31 Bn in 2020. The global market is likely to expand at a CAGR of 7.2% during the forecast period, from 2021 to 2031. The global biosensors market is anticipated to surpass the US$ 48.49 Bn mark by 2031. Due to expanding applications in numerous industries, including healthcare, pharmaceuticals, food, healthcare, agriculture, and the environment, the global biosensors market is likely to witness substantial growth possibilities during the forecast period.
Rising government expenditures on healthcare industry and incidences of cardiovascular illnesses, diabetes, and other disorders is likely to drive the global biosensors market during the forecast period. In addition, the growing trend of self-monitoring is also expected to support the growth of the global market in the near future. In order to overcome hurdles in the global biosensors market, players are strengthening their efforts and focusing on R&D activities.
Due to rising prevalence of life-threatening disorders, North America is predicted to hold major share of the global biosensors market. The biosensors market in North America is likely to be driven by technological advancements in the medical diagnostics industry. The profitable involvement of healthcare organizations and pharmaceutical R&D companies in North America is estimated to trigger market expansion in the region. In North America, greater awareness about health problems, food toxicity, and environmental risks is likely to fuel the demand for biosensors. In the region, the biosensors market is also being driven by technological advancements in the realm of diagnostic devices.
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Key Findings of Market Report
- The global biosensors market is expected to grow rapidly in the upcoming years, owing to the growing popularity of wearable biosensors. Wearable biosensors come with the ability to revolutionize traditional medical diagnostics and provide continual health monitoring, which is likely to gather interest.
- Companies in the global biosensors market are concentrating on the development of nanotechnology-based biosensors. Rapid improvements in biological receptors and transducers are also expected to drive the demand for biosensors. Due to ongoing expansion and improvement in the field of genetic engineering and nanotechnology, market participants in developing countries are aggressively pushing for product development. These factors are likely to generate revenue for the global biosensors market.
- Market participants are investing in and adopting biosensors to identify toxins in the environment as a result of growing environmental concerns. Use of electrochemical biosensors in environmental monitoring has proven to be profitable. Biosensors have emerged as an important component of environmental monitoring systems for detecting toxins in the air, on the ground, and in the water.
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Biosensors Market: Growth Drivers
- Biosensors based on nanotechnology have a broad spectrum of applications, ranging from amperometric devices for enzymatic glucose determination to the utilization of quantum dots as fluorescent agents for binding detection and bio-conjugated nanomaterials for biomolecular sensing. As a result, introduction of nanotechnology-based biosensors is projected to drive sales of biosensors in the near future.
- Due to growing use of biosensors in medical applications, demand for biosensors is likely to increase. Small size of electronic instruments and technological advancements have resulted in reduction in size as well as cost of biosensors, which is projected to open up new prospects for the global market in the years to come.
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Biosensors Market: Key Competitors
- Dynamic Biosensors GmbH
- Biosensors International Group, Ltd.
- InterAx Biotech AG.
- Agilent Technologies, Inc.
- ACON Laboratories, Inc.
- SD Biosensor, Inc.
Biosensors Market: Segmentation
Product Type
- Wearable Biosensors
- Non-wearable Biosensors
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Technology
- Electrochemical Biosensors
- Optical Biosensors
- Piezoelectric Biosensors
- Thermal Biosensors
- Nanomechanical Biosensors
Application
- POC
- Home Diagnostics
- Research Labs
- Environmental Monitoring
- Drug Discovery
- Others
End User
- Healthcare
- Food & Beverages
- Others
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