The global Biosensors Market will reach US$ 24.5 billion in 2022, predicts a recent analytical report from Future Market Insights. The Biosensors Market is anticipated to grow at a 9.5% CAGR from 2023 to 2033, reaching an estimated value of US$ 26.6 billion in 2023 and US$ 65.2 billion by 2033. The most lucrative market is anticipated to be medical biosensors, with a CAGR of more than 10.5% from 2023 to 2033.
The market for biosensors is being pushed by the rise in chronic diseases like diabetes, the expansion of biotechnology research and development, and the rising popularity of homecare equipment. The market has grown as a result of the increased use of biosensors in glucose monitoring systems. The high costs of these devices and consumers’ reluctance to accept novel treatment options are anticipated to restrain market expansion. On the other hand, portability-adding biosensor technology advancements are anticipated to propel market expansion.
Food analysis, imaging operations, and the monitoring of microbial activity are just a few of the industries where nanotechnology-based biosensors are anticipated to be financially successful. The market is consolidating as a result of the rising demand for non-invasive biosensors, customised pharmaceuticals, medical equipment, and other products, as well as increased producer cooperation in research.
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Biosensors are frequently utilised by patients receiving home-based healthcare because of their capacity to evaluate fitness as well as the development and course of illness. The market is anticipated to grow as a result throughout the course of the projected period. Its application is anticipated to be expanded by a range of non-medical activities as well as technical development, which will promote its expansion. Some of the healthcare services with a favourable market impact include drug detection, cholesterol testing, blood glucose testing, and pregnancy testing.
The market for biosensors is anticipated to be driven by government initiatives to advance proteomics and genomics over the projected period.
Competitive Analysis
Because of the increased demand for biosensors, global manufacturers are accelerating and improving their manufacturing processes by implementing 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 agreed to a Global Business Partnership (GBP) to provide haematological diagnostic services. The new collaboration will use IT technology to improve clinical decision-making and the consumer experience. This long-running, fruitful collaboration is still going strong, providing haematological diagnostic improvements to labs worldwide.
- In December 2020, Abbott announced that FreeStyle Libre 2, its next-generation sensor-based glucose monitoring device, has been approved by Health Canada for adults and children (4 years and older) with diabetes.
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
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By Technology:
- Thermal
- Electrochemical
- Piezoelectric
- Optical
By End-Use:
- Home Healthcare Diagnostics
- PoC Testing
- Food Industry
- Research Laboratories
- Security & Biodefense
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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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