The global biosensors market size was estimated at US$ 27.5 billion in 2021 and it is expected to hit US$ 49.6 billion by 2030 with a registered CAGR of 7.7% from 2022 to 2030.
The biosensors are used as medical devices to detect biological substances. The growth of global biosensors market is being driven by the rising prevalence of chronic disorders. According to World Health Organization (WHO), the incidence of chronic diseases is growing at a rapid pace. In addition, the adoption of innovative technologies such as artificial intelligence and internet of things are paving way for the growth opportunities for the global biosensors market.
The biosensors are widely used in healthcare sector for sensing, detecting, and monitoring various kind of disorders among the people. One of the key factors boosting the growth of global biosensors market is rising prevalence of diabetes all around the globe. The biosensors are used to detect blood glucose levels which are directly utilized for the detection of diabetes on a large scale. Thus, this factor is supporting the growth and development of global biosensors market.
As per World Health Organization (WHO), there have been over 42,48,389 COVID-19 recorded cases and 2,94,046 deaths worldwide as of May 2020. The advent of the COVID-19 epidemic has a favorable effect for the medical device industry. Thus, the impact of the COVID-19 pandemic on the global biosensors market is quite positive in nature. The biosensors were largely used for detecting the coronavirus among victims. The chip-based biosensors were utilized for the detection of virus. As a result, the demand for biosensors increased gradually due to the COVID-19 pandemic.
The growth of the global biosensors market is being restricted by the stringent government regulations and reimbursement policies. In addition, the adoption of new and latest technologies is quite slow in low- and middle-income nations. This factor is hampering the growth of the biosensors market.
Report Scope of the Biosensors Market
|Market Size by 2030||USD 49.6 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 7.7%
|North America Market Share in 2021||40%|
|Medical Segment Market Share in 2021||67%|
|Forecast Period||2022 to 2030|
|Segments Covered||Product, Type, Application, End Use, Technology, Geography|
|Companies Mentioned||Bio-Rad Laboratories Inc., Abbott Laboratories, Biosensors International Group Ltd., DuPont Biosensor Materials, Pinnacle Technologies Inc., Johnson & Johnson, Molecular Devices Corporation, QTL Biodetection LLC, TDK Corporation, Zimmer & Peacock AS|
The electrochemical segment garnered revenue share of around 71% in 2021. The electrochemical technology is quite advantageous than other types of technologies. The electrochemical biosensors are low in cost and needs low power to operate. As a result, major market players utilize electrochemical technology while manufacturing biosensors. This factor is driving demand for biosensors in the global market.
The optical segment is fastest growing segment of the biosensors market in 2021. The optical biosensors are widely used in the healthcare industry. The optical biosensors are beneficial in nature as compared to traditional biosensors. These types of biosensors help in quick sample preparation and picks biological element by sensing the molecules. Thus, the market for optical biosensors is expected to grow in the near future.
The medical segment accounted largest revenue share in 2021 with 67% revenue share. The biosensors are widely utilized in the medical sector for detecting and diagnosing various disorders. This includes blood glucose tracking, pregnancy monitoring, and cholesterol testing. The biosensors are one of the important tools for detection of cancer and diabetes. Thus, the rising prevalence of such diseases is boosting the growth of global biosensors market.
The agriculture biosensors segment is fastest growing segment of the biosensors market in 2021. The biosensors in agriculture industry are gaining popularity nowadays. The biosensors help farmers to identify wide number of funguses in crops. The biosensors also detect bacteria in the farms. This is helping farmers to maximize their yield. The condition of soil is also determined through biosensors. Thus, biosensors’ demand is growing at a rapid pace for agriculture purpose.
End User Insights
The point of care testing segment hit market share of 50%. The biosensors in the point of care testing market are growing due to the technological advancements. The market players are adopting innovative technologies for manufacturing of biosensors. The biosensors are used for monitoring saliva, urine, and blood of the human body. The results are accurate and precise in nature for detecting various diseases. In addition, growing research and development activities are also driving the growth of the segment.
The food industry segment is fastest growing segment of the biosensors market in 2021. The biosensors are largely used in the food processing sectors. The bacteria are detected in food preservatives. Thus, the growing demand for high quality food products is also driving the demand for biosensors in the food industry.
North America dominated the biosensors market in 2021 with 40% revenue share. The factors such as rising prevalence of chronic disorders, growing health awareness among the consumers, expansion of healthcare sector, and technological advancements are driving the growth of biosensors market in the region. In addition, the biosensors market in North America region is being driven by growing healthcare expenditures. Moreover, market players are adopting various strategies for increasing their market share in biosensors market. For example, Nova Biomedical got Food and Drug Administration (FDA) approval for its Stat Profile Prime Plus device in point of care use in 2020.
Europe, on the other hand, is expected to develop at the fastest rate during the forecast period. The UK dominates the biosensors market in Europe region. In 2018, the International Diabetes Federation estimated that 32.7 million persons in Europe had diabetes. Thus, the growing prevalence of life related diseases are driving the demand for biosensors in Europe region. In addition, growing geriatric population is also driving the growth of biosensors market in this region.
Some of the prominent players in the global biosensors market include:
Segments Covered in the Report
By End User
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