The global Biosensors Market is anticipated to grow to a size of almost USD 65.2 billion by 2033, indicating a significant upturn in the sector. This is a substantial increase from USD 24.5 billion in 2022 and shows a robust compound annual growth rate (CAGR) of 9.5% for the projected period (2023-2033). A phase of faster market expansion is suggested by the greater projected growth rate than the preceding growth rate.
Biosensors are analytical instruments that translate biological impulses into electrical ones, allowing them to detect a wide range of compounds, including glucose and enzymes. Numerous applications in the food and beverage industry, healthcare, and environmental monitoring depend on them.
The biosensor market is being driven by an increase in biotechnology research and development, the incidence of chronic illnesses like diabetes, and the necessity for homecare equipment. The increasing use of biosensors in glucose monitoring systems is driving the market’s growth. However, it is projected that market expansion will be hampered by opposition to adopting novel treatment devices and the high cost of these equipment. However, it is expected that developments in biosensor technology that promote mobility would drive market expansion.
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Biosensors based on nanotechnology are anticipated to yield significant profits in a range of sectors, such as food analysis, imaging, and microbiological activity monitoring. The market is getting more consolidated due to the growing need for non-invasive biosensors, customized medications, medical equipment, and more cooperation and agreements among producers in research.
Because of their ability to assess fitness as well as the onset and progression of illness, biosensors are widely used in home-based healthcare by patients. As a result, the market is expected to expand throughout the forecast period. A variety of non-medical activities, as well as technological advancement, are expected to broaden its applicability and, as a result, support its growth. Pregnancy testing, cholesterol testing, blood glucose testing, and drug detection are some of the healthcare services that are expected to have a positive market impact. Government projects aimed at improving proteomics and genomics are expected to drive the biosensors market during the forecast 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.
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
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
- Middle East and Africa (MEA)
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