The market for Biosensors is anticipated to increase at a CAGR of 9.5% over the period of 2022 to 2033. The biosensors market is being driven by a significant increase in chronic illnesses such as diabetes, a surge in research and development for biotechnology, and the surge in demand for homecare equipment.
A significant increase in the use of biosensors in glucose monitoring systems has been leading to market expansion. However, the high costs associated with these devices, and the lack of willingness to embrace new treatment devices, are expected to hinder market growth. In contrast, improvements in biosensor technology that adds portability are expected to boost market growth.
Biosensors using nanotechnology are predicted to be profitable across several industries, including food analysis, imaging operations, and microbial activity monitoring. The market is consolidating as a result of the growing popularity of medical equipment and customized drugs, as well as an increased desire for non-invasive biosensors and more research collaboration and agreements among various producers.
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Biosensors are widely used in home-based healthcare by patients due to their capacity to assess fitness, as well as the onset and progression of sickness. As a result, it is expected that the market would expand throughout the forecast period. A range of non-medical activities, in addition to technological advancement, is expected to increase its applicability and, as a result, support its expansion. Pregnancy testing, cholesterol testing, blood glucose testing, and drug detection are some of the services in the healthcare category that are expected to have a positive impact on the market.
Throughout the forecast period, government projects aimed at improving proteomics and genomics are likely to boost the growth of the biosensors market.
Competitive Analysis
With the increased demand for biosensors, global manufacturers are accelerating and improving their manufacturing processes with cost-effective solutions. A few of the key players in the biosensors market 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 Corporation, Zimmer & Peacock AS, and Siemens Healthcare.
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Some of the recent developments of key Biosensors providers are as follows:
- In January 2022, Roche and Sysmex signed a Global Business Partnership Agreement (GBP) to supply hematological diagnostic services. Using IT technology, the new cooperation aims to enhance clinical decision-making and consumer experience. This long-standing, fruitful collaboration is still going strong, offering hematological diagnostic improvements to labs all over the world.
- In December 2020, Abbott announced that Health Canada has authorized FreeStyle Libre 2, its next-generation sensor-based glucose monitoring gadget, for adults and children (4 years and older) with diabetes.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Biosensors Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Product Type (Medical, Food Toxicity, Bioreactor, Agriculture, Environment and Others), Technology (Thermal, Electrochemical, Piezoelectric and Optical), End-Use (Home Healthcare Diagnostics, PoC Testing, Food Industry, Research Laboratories and Security & Biodefence) and across key regions (North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa).
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Market Segments Covered in Biosensors Market Analysis
By Product Type:
- Medical
- Cholesterol
- Blood Glucose
- Blood Gas Analyzer
- Pregnancy Testing
- Drug Discovery
- Infectious Disease
- Food Toxicity
- Bioreactor
- Agriculture
- Environment
- Others
By Technology:
- Thermal
- Electrochemical
- Piezoelectric
- Optical
By End-Use:
- Home Healthcare Diagnostics
- PoC Testing
- Food Industry
- Research Laboratories
- Security & Biodefense
By Region:
- North America
- Latin America
- Europe
- APAC
- MEA
About Us:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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