Biosensors are analytical devices that detect the presence and measure the quantities of a specific substrate through a biological recognition event. They are extensively used in healthcare as diagnostic tools and for point-of-care testing applications. Continuous glucose monitors used for diabetes management, alcohol breathalyzers, blood oxygen monitors, test strips to measure glucose level and pregnancy test kits are some widely used biosensor-based products. The global biosensors market has significantly grown in recent years due to advancement in biosensor technologies including molecular imprinting, biomimetic recognition and nanotechnology which have enabled development of more sensitive, selective and cost-effective biosensors.
The global biosensors market is estimated to be valued at US$ 29.3 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growth in Point of Care Testing Applications
As highlighted in the heading, point of care testing is one of the key factors driving the growth of the global biosensors market. Biosensors have enabled development of portable devices that can quickly and easily perform diagnostic tests at the site of patient care. This has increased accessibility of testing along with early diagnosis and treatment. With growing prevalence of chronic and lifestyle diseases, demand for rapid point-of-care testing is increasing significantly which is expected to propel the biosensors market growth over the forecast period.
Increasing Demand for Biosensors in Healthcare Sector
Rising healthcare expenditure and growing awareness about benefits of early diagnosis are key factors augmenting the demand for biosensors in healthcare sector. Constant technological advancements have widened the application scope of biosensors in disease diagnosis, drug discovery, implant device monitoring and other areas. Favorable government initiatives focusing on development of portable, affordable and easy-to-use point-of-care devices are further expected to drive the biosensors market during the forecast period.
Segment Analysis
The global biosensors market is segmented by technology type, application and end use industry. The enzymatic biosensors technology segment currently dominates the market due to the extensive use of enzymes as bioreceptors in glucose monitoring biosensors. These biosensors are low cost and highly sensitive and precise for measuring specific analytes like glucose.
PEST Analysis
Political: Governments across countries are supporting R&D in biosensors for detection of diseases as well as for environmental monitoring through funding. Stringent regulations are in place for product approval to ensure safety.
Economic: The growing elderly population suffering from chronic diseases globally is driving the demand for cost effective point of care devices supported by favorable reimbursement policies. Rising environment concerns will boost funding for pollution monitoring biosensors.
Social: Increasing awareness about benefits of timely disease diagnosis and treatment management has increased adoption of home use biosensors for conditions like diabetes and cardiac problems. Biosensors find increased usage in food industries for quality testing.
Technological: Advanced nanotechnology and microfabrication techniques are allowing development of miniaturized, multiplexed and portable biosensing platforms with high sensitivity and selectivity. Integration of IoT will stimulate biosensor connectivity capabilities.
Key Takeaways
The Global Biosensors Market Share is expected to witness high growth during the forecast period till 2030. The global biosensors market is estimated to be valued at US$ 29.3 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
Regional analysis
North America has the largest share of the global biosensors market mainly due to highly developed healthcare infrastructure, availability of reimbursement policies and presence of key industry players in the region. However, Asia Pacific region is expected to witness highest growth during the forecast period attributed to rising healthcare spending, growing elderly population, increasing cases of chronic diseases and technological advancements in the region. China and India are expected to be major revenue contributors to the Asia Pacific biosensors market.
Key players
Key players operating in the biosensors market are Thermo Fisher Scientific Inc., Abbott Laboratories, F. Hoffmann-La Roche AG, Medtronic, Bio-Rad Laboratories Inc., DuPont, Biosensors International Group, Crunchbase Inc. and Mosaic Manufacturing 3D System.
