Biosensor Market Size to Reach USD 62.7 Billion by 2032 | CAGR: 8.8% | DataHorizzon Research

Fort Collins, Colorado, Sept. 13, 2023 (GLOBE NEWSWIRE) -- DataHorizzon Research Published a report titled, "Biosensors Market Size, Share, Growth, Statistics Analysis Report, By Type (Sensor Patch, Embedded Device), By Technology (Electrochemical, Optical, Piezoelectric, Thermal, Nanomechanical), By Application (POC, Home Diagnostics, Research Labs, Others), By Region And Segment Forecasts, 2023-2032."

According to DataHorizzon Research, The biosensors market size was valued at USD 27.1 Billion in 2022 and is expected to reach USD 62.7 Billion by 2032 with a CAGR of 8.8%. Biosensors are chemical sensing devices that allow the quantitative development of complex biochemical parameters. With the technological advancements in microelectronics and biotechnology, biosensors are becoming highly valuable devices to evaluate a wide range of analytes comprising gases, ions, organic compounds, and bacteria.

The growing landscape of biosensors for medical and diagnostic applications in the healthcare industry largely drives the global biosensor market. The shift towards decentralized healthcare and point-of-care testing accelerates the growth of biosensors. These devices enable on-site diagnostics that reduce the dependence on centralized laboratories to expedite the procedures.

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Report Snapshot:

Segmentation Overview:

The global biosensor market has been segmented as type, technology, application, and region. Embedded devices have made huge strides in the past years due to sensor technology's emergence for wearables. Hence, the growing popularity of wearables is projected to be higher in the forthcoming years. By technology, electrochemical biosensors accounted for a significant global market share.

North America is the leading region for biosensors due to the availability of advanced infrastructure, robust research, and a favorable regulatory environment. The United States, in particular, is a prominent example that highlights the strong presence of biosensor manufacturers, research institutions, and biotechnology companies. On the other hand, Europe is a fast-growing market with a strong emphasis on research and innovation. In addition, it has a diverse portfolio scattered across the market.

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Biosensor Market Report Highlights:

• The global biosensor market is projected to value USD 62.7 billion at a CAGR of 8.8% by 2032.

• The biosensor market drivers include significant research and development in the healthcare industry, the emergence of artificial intelligence, huge demand for wearables.

• Electrochemical biosensors is leading in the technology segment and is anticipated to retain a stronger position in the forecast period.

• Medical diagnostics is leading in the application category and will continue to dominate in the forthcoming years.

• North America accounts for a significant market share owing to the emphasis on personalized medicine, point-of-care testing and constant monitoring.

• Some of the prominent players in the biosensor market report include Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, Biosensors International Group, Ltd., Pinnacle Technologies Inc., Ercon, Inc., DuPont Biosensor Materials, Johnson & Johnson, Koninklijke Philips N.V., LifeScan, Inc., QTL Biodetection LLC, Molecular Devices Corp., Nova Biomedical, Molex LLC, TDK Corp., Zimmer & Peacock AS, and Siemens Healthcare. 

Key Developments in the industry:

• In 2023, Medtronic received CE mark validation for Inceptiv, which is a closed-loop rechargeable spinal cord stimulator. It is the first product Medtronic developed, offering a closed-loop feature that recognizes unique biological signals and adjusts them according to the user's movement.

• St.Paul Minnesota-based Intricon launched the Biosensors Centre of Excellence which solely focuses on medical devices. This center leverages vertical capabilities by offering device expertise and placing biosensor medical devices in the open market.

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Biosensors Market Report Segmentation:

Biosensors Market, By Type (2023-2032)

• Sensor Patch
• Embedded Device

Biosensors Market, By Technology (2023-2032)

• Electrochemical
• Optical
• Piezoelectric
• Thermal
• Nanomechanical

Biosensors Market, By Application (2023-2032)

• POC
• Home Diagnostics
• Research Labs
• Environmental Monitoring
• Food & Beverages
• Biodefense

Biosensors Market, By Region (2023-2032)

• North America

• • U.S.
  • Canada

• Europe

• • U.K.
  • Germany
  • France
  • Rest of Europe

• Asia Pacific

• • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

• Latin America

• • Brazil
  • Mexico
  • Rest of Latin America

• Middle East & Africa

• • UAE
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa

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