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Biosensors Market - By Type (Wearable, Non-wearable), By Technology (Electrochemical, Optical, Thermal, Piezoelectric), By Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing), By End-use & Forecast, 2023-2032


Published on: 2024-08-02 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

Biosensors Market - By Type (Wearable, Non-wearable), By Technology (Electrochemical, Optical, Thermal, Piezoelectric), By Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing), By End-use & Forecast, 2023-2032

Biosensors Market Size

Biosensors Market size was valued at over USD 28.5 billion in 2022. Driven by rising incidence rates of diabetes across the globe, the market is poised to register over 7% CAGR from 2023 to 2032.
 

Biosensors Market

Diabetes is among the top chronic health issues that have a profoundly negative impact on public health and socioeconomic progress across the world. Many developed and developing economies have been witnessing a spike in diabetes cases over the last couple of years. In fact, cases of both type 1 and 2 diabetes have risen considerably among children and adolescents during the time. According to current estimates, over 1 million children and adolescents below 20 are suffering from type 1 diabetes.
 

Diabetes is also one of the leading causes of death across the globe, and co-morbidities such as cardiovascular disorders (CVDs), cancer, and respiratory disease are responsible for over 80% of all early fatalities. This growing disease load is subsequently elevating demand for different diagnostic devices such as biosensors to counter the disease and its associated deaths through early diagnosis.
 

High product development expenses may impede industry growth

The biosensors market faces a major challenge of rapidly increasing production costs, owing to the growing use of advanced technologies in product development. Modern biosensors are developed using several technologies and biomolecules, which are complex and expensive in nature. This is sharp rise in biosensor device prices, hampering product adoption. Additionally, commercial development of miniaturized biosensors further adds to the price as it entails additional costs. However, through increasing private and government funding, the industry is likely to overcome this roadblock.
 

Biosensors Market Analysis

Biosensors Market by Type

Based on type, the biosensors market is bifurcated into non-wearable and wearable biosensors. Among these, the non-wearable biosensors segment is poised to grow at over 4.5% CAGR from 2023 to 2032. Rising incidences of respiratory disorders, CVDs, and blood pressure-related ailments are likely to foster the segment outlook. Non-wearable biosensors incorporate innovative technology that allows them to yield fast and timely results in various healthcare settings. Devices such as handheld meter-and-strip-based measuring systems are integral as they help monitor creatinine, ketone, lactate, and glucose effectively.
 

Biosensors Market by Technology

On the basis of technology, the biosensors market is divided into piezoelectric, optical, thermal, electrochemical, and others. The optical segment is expected to grow at over 7% CAGR from 2023 to 2032, owing to the rising application scope of optical biosensing devices in healthcare, biomedical, and biopharmaceutical sectors. This technology helps healthcare professionals measure pCO2 in surgical monitoring and critical care settings. Optical biosensors are also capable of offering new analytical tools with compact size as well as high-throughput screening of a multitude of samples for various parameters, which further drives their demand.
 

Biosensors Market by Medical Application

In terms of medical application, the biosensors market is categorized into drug discovery, infectious disease testing, blood gas analysis, pregnancy testing, blood glucose testing, cholesterol testing, and others. The market size from infectious disease testing segment is expected to exceed USD 2.5 billion by 2032. Biosensors offer numerous benefits over other analytical tools, such as real-time detection, low cost, the potential for portability and miniaturization, high sensitivity and selectivity, rapid response times, and use of small sample volumes.
 

Biosensors also offer a sensitive, inexpensive, and easy-to-use platform that aids rapid pathogen detection and effective treatment prediction. Micro as well as nanotechnological advancements have given biosensors the ability to perform complex molecular assays for infectious disease diagnosis.
 

Biosensors Market by End-use

Based on end-use, the research laboratories segment valuation is anticipated to surpass USD 6 billion by 2032, fueled by increasing focusing on the development of affordable biosensors that can help with early detection and monitoring of chronic diseases. These laboratories boast of state-of-the-art research facilities and an experienced team dedicated towards product innovation and improving patient lives. Moreover, increasing public and private investments towards research study upgradation, and construction of new research laboratories is also likely to shape the segment scenario. In recent years, such investments have led to the development of novel biosensors for tissue engineering and cell culture.
 

Biosensors Market by Region

Asia Pacific biosensors market is slated to reach over USD 16.3 billion by 2032, driven by the rising prevalence of numerous infectious diseases in the region. In addition, growing government as well as individual healthcare expenditure is also expected to outline the regional outlook. Introduction of several health initiatives by domestic governments, WHO, and organizations such as Clinton Health Access Initiative, Inc. (CHAI), are also fuelling regional statistics.
 

Biosensors Market Share

The list of leading players in the biosensors market includes names such as

  • Abbott Laboratories
  • F. Hoffmann-La Roche Ltd
  • Thermo Fisher Scientific Inc.
  • Siemens Healthineers AG
  • Danaher Corporation
  • Ascensia Diabetes Care Holdings AG

Several players rely on frequent product innovations to diversify their product portfolios and cater to a larger customer base. For instance, in June 2022, Abbott Laboratories, a U.S.-based multinational medical devices company, unveiled a new bio wearable that helps patients monitor ketone and blood glucose levels with the help of a single sensor.
 

Impact of COVID-19 Pandemic

The global market was among the select few verticals that was positively impacted by the COVID-19 pandemic. The rapidly rising infections augmented the demand for advanced and intelligent solutions for disease detection, treatment, as well as management. The unmanageable disease load caused scientists to focus on innovations to use biosensors to detect of coronavirus infection with the help of various integrated products. In fact, scientists at Massachusetts Institute of Technology and Harvard University's Wyss Institute for Biologically Inspired Engineering developed face masks integrated with wearable biosensors to detect pathogens and toxins in the users breath.
 

The biosensors market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments

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By Type

  • Wearable
  • Non-wearable

By Technology

  • Electrochemical
  • Optical
  • Thermal
  • Piezoelectric
  • Others

By Medical Application

  • Blood glucose testing
  • Cholesterol testing
  • Blood gas analysis
  • Pregnancy testing
  • Drug discovery
  • Infectious disease testing
  • Others

By End-use

  • Point of care testing
  • Home healthcare diagnostics
  • Research Laboratories
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • UK
    • Spain
    • Italy
    • Russia
    • Switzerland
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
    • South Africa
    • Saudi Arabia
    • Others

 

Table of Content

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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )