The global Biosensors Market is estimated to be valued at US$ 295.52 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Biosensors detect biological interactions by converting them into measurable signals for qualitative and quantitative analysis of target analytes. They are used in point-of-care testing for applications such as detection of blood glucose, DNA hybridization, and cancer detection using biomarkers.
Market key trends:
One of the major trends in the Global Biosensors Market Size is the development of low-cost, portable, and easy-to-use biosensors for home-based healthcare. Traditional laboratory tests are often expensive and time-consuming. The development of small, compact, and affordable biosensors enables home testing of various biomarkers for conditions like diabetes, infectious diseases, and pregnancy monitoring. This shift from laboratory testing to point-of-care testing facilitates early disease detection and timely treatment, improving health outcomes. Several players are focused on developing biosensors integrated with smartphones for reliable, cost-effective, and convenient self-monitoring of health parameters.
Strength: The biosensors market has strong growth potential due to rising demand for point-of-care testing and home healthcare devices. Biosensors offer quick and accurate diagnosis of diseases.
Weakness: High R&D costs associated with biosensor development and commercialization pose a challenge. Stringent regulatory norms also increase compliance costs.
Opportunity: Growing elderly population and rising cases of chronic diseases will drive demand. Expanding applications in food toxicity detection and environmental monitoring present opportunities.
Threats: Accuracy and reliability issues can affect market acceptance of new products. Long approval timelines threaten timely market entry of innovative technologies.
The global biosensors market is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period, due to increasing demand for point-of-care testing devices. Technological advancements in the field of biosensors are further fueling the market growth.
North America is expected to dominate the global biosensors market during the forecast period. This is attributed to the growing elderly population, rising obesity rates, and increasing incidence of chronic and lifestyle diseases in the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to rising healthcare investments, expanding medical infrastructure and growing medical tourism industry in the region.
Key players operating in the biosensors market include Nemaura Medical, Inc., MediWise Ltd., Integrity Applications Inc., OrSense, Medtronic Plc, GE Healthcare, Philips Healthcare, Akers Biosciences, Inc., Abbott Laboratories, F. Hoffman-La Roche Ltd., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, Sysmex Corporation, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., LifeSensors, Inc., Johnson & Johnson, Bayer AG, Smiths Detection, TaiDoc Technology Corporation, Efferent Labs, and I-SENS, Inc.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it