Bioelectronics is an interdisciplinary field that involves the application of electronic components and devices to biological matter for medical purposes. Bioelectronics devices are used for a variety of applications including disease diagnosis, DNA and protein analysis, cell separation, medical implants, and biosensors for point-of-care testing. Major products associated with the bioelectronics market are biosensors, implanted electronic devices, wearable electronics, prosthetic implants, and therapeutic devices. Advancements in microfabrication and nanotechnologies have enabled the integration of biological components such as cells, tissues, and enzymes with electronic components leading to development of multi-functional, miniaturized and precision bioelectronics.
The global bioelectronics Market is estimated to be valued at US$ 23530 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics: One of the major drivers propelling the growth of the global bioelectronics market is the rising adoption of point-of-care diagnostics devices. Point-of-care testing delivers clinical laboratory quality analysis to the site of patient care. It aids in determining medical conditions and testing chronic diseases like diabetes at the time of consultation, which has led to growing popularity of point-of-care testing over centralized laboratories. Advancements in biosensors coupled with microfluidics technology have enabled development of miniature, portable, and easy-to-use bioelectronics devices for point-of-care testing of various biomarkers from urine, blood and saliva samples. Moreover, rising geriatric population which is highly susceptible to chronic diseases is expected to further drive the demand for point-of-care testing, thereby fueling growth of the global bioelectronics market over the forecast period.
Segment Analysis
The global bioelectronics market can be segmented into bioelectronic medicines, implantable devices and biosensors. The bioelectronic medicines segment currently dominates the market and is expected to maintain its dominance during the forecast period. This is because of increasing research in the area of bioelectronic medicines to treat various chronic diseases like diabetes, arthritis etc. Further, the implantable devices segment is expected to witness fastest growth during the forecast period owing to rising preference of minimally invasive surgeries and growth in neurological disorders globally.
PEST Analysis
Political: The governments across the globe are supporting research in bioelectronics through funding. For instance, governments in US, Europe and Japan provide grants and funding for research in brain initiative and healthcare technologies.
Economic: Rising healthcare spending globally is fueling the growth of bioelectronics market. For example, healthcare spending in US is expected to grow at a rate of 5.5% annually till 2027 reaching $6.2 trillion.
Social: Increasing prevalence of chronic lifestyle diseases and rising awareness about medical devices is driving the demand for advanced bioelectronic devices.
Technological: Continuous technological advancements in material sciences, nanotechnology and medical devices are propelling the growth of bioelectronics market. miniaturization of devices and development of innovative electronic interfaces are some key technological trends.
Key Takeaways
The global bioelectronics market share is expected to witness high growth during the forecast period aided by rising investment in healthcare sector globally and technological advancements. The global Bioelectronics Market is estimated to be valued at US$ 23530 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regionally, North America dominated the global market in 2023 owing to presence of developed healthcare infrastructure and major players in the region. However, Asia Pacific region is projected to witness fastest growth during the forecast period supported by growth in medical tourism, rising disposable income and expansion of key players in the emerging countries of the region.
Some of the key players operating in the bioelectronics market are BBI-Biotech GmbH Bioengineering AG, Danaher Corporation, Eppendorf AG, Getinge, Infors HT, Merck KGaA, Sartorius AG, Solaris Biotech Solutions, Thermo Fisher Scientific, Inc. These players are focusing on new product launches and enhancing their existing product portfolio to consolidate their market position. For instance, Thermo Fisher Scientific launched new advanced cell culture consumables to facilitate cell-based research in 2023.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it