The global biosensors market, valued at USD 24.5 billion in 2022, is set for rapid growth, according to a newly released report by Future Market Insights. With a compound annual growth rate (CAGR) of 9.5% from 2023 to 2033, the market is projected to expand significantly, reaching USD 68.1 billion by the end of the forecast period.
Medical biosensors are anticipated to lead the market’s growth trajectory, with a robust CAGR of over 10.5% from 2023 to 2033. These devices are becoming indispensable in healthcare for monitoring vital signs, managing chronic conditions, and diagnosing diseases, contributing to their dominant market share.
The rising prevalence of chronic diseases, coupled with advancements in biosensor technology, is driving demand globally. From glucose monitoring devices to wearable health trackers, biosensors are transforming the landscape of personalized medicine and preventive healthcare.
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Key Takeaways:
- The global biosensors market is expected to grow at a 9.5% CAGR, reaching USD 68.1 billion by 2033.
- Medical biosensors will be the highest revenue-generating segment, with a CAGR exceeding 10.5% from 2023 to 2033.
- Increasing prevalence of chronic diseases and advancements in biosensor technology drive market growth.
- Applications in personalized medicine and wearable health devices underscore the transformative potential of biosensors in healthcare.
Market Drivers
- Increase in Chronic Diseases: The rising prevalence of chronic conditions, such as diabetes, is driving demand for biosensors, particularly for glucose monitoring.
- Technological Advancements: Continuous innovations in biosensor technology enhance their accuracy, portability, and usability, fostering greater adoption.
- Growing Demand for Home Healthcare: The shift towards homecare solutions and point-of-care diagnostics is increasing the need for reliable biosensing devices.
- Research and Development Investments: Increased funding in biotechnology and healthcare research is propelling advancements in biosensor applications.
- Environmental Monitoring Needs: The rising emphasis on environmental health and safety is driving the development of biosensors for monitoring pollutants and toxins.
Regional Insights
- North America is anticipated to dominate the market, accounting for a significant share due to advanced healthcare infrastructure and high adoption rates of innovative medical technologies.
- The Asia-Pacific region is expected to witness rapid growth, driven by increasing healthcare investments and rising awareness about health monitoring technologies.
Key Companies Profiled
- 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 devises Corp.
- Nova Biomedical
- Molex LLC
- TDK Corporation
- Zimmer & Peacock AS
- Siemens Healthcare
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.
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.
- In December 2020, Bio-Rad Laboratories announced an expansion of its marketing agreement jointly with Siemens Healthineers. Under the agreement, Bio-Rad will offer quality control products and Unity Quality Control data management solutions for Atellica Solution platforms of Siemens Healthineers.
- In November 2020, Medtronic announced the release of InPen with real-time CGM data from Guardian Connect. InPen is the first and only FDA-approved smart insulin pen for those who need large numbers of injections on a daily basis (MDI).
- In October 2020, Bio-Rad Laboratories announced that they would launch their CFX Opus 96 and CFX Opus 384 Real-Time PCR Systems, as well as BR.io, a cloud-based instrument connectivity and data management platform.
Similarly, recent developments related to the companies in the Biosensors market have been tracked by the team at Future Market Insights, which are available in the full report.
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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Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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