Newly-released Biosensors Market analysis report by Future Market Insights shows that the global market size of the Biosensors Market in 2022 was held at USD 24.5 Billion. With a CAGR of 9.5% from 2023 to 2033, the projected market growth is expected to be significantly higher than the historical growth. Medical biosensors are expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 10.5% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Biosensors Market (2023) | USD 26.6 billion |
| Global Biosensors Market (2033) | USD 65.2 billion |
| Global Biosensors Market CAGR (2023 to 2023) | 9.5% |
| The USA Biosensors Market CAGR (2023 to 2023) | 10.2% |
| Key Companies Profiled | Bio-Rad Laboratories Inc.; Medtronic; Abbott Laboratories; Biosensors International Group, Ltd.; Pinnacle Technologies Inc.; Ercon, Inc.; DuPont Biosensor Materials; Johnson & Johnson; Koninklijke Philips N.V.; LifeScan, Inc.; QTL Biodetection LLC; Molecular devises Corp.; Nova Biomedical; Molex LLC; TDK Corporation; Zimmer & Peacock AS; Siemens Healthcare |
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As per the Biosensors Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value of the Biosensors Market increased at around 8.1% CAGR.
The biosensors are research tools that incorporate organic base sensing systems. Physiochemical transducers are related or combined with these. Biosensors attempt to provide electrical or digital signals that are comparable to the chemical substance and provide exact readings.
The biosensor market is being driven by a significant increase in chronic illnesses such as diabetes, a surge in research and development for biotechnology, and the surge in demand for homecare equipment. A significant increase in the use of biosensors in glucose monitoring systems has been leading to market expansion. However, the high costs associated with these devices, and the lack of willingness to embrace new treatment devices, are expected to hinder the market growth. In contrast, improvements in biosensor technology that adds portability are expected to boost the market growth.
Biosensors using nanotechnology are predicted to be profitable across several industries, including food analysis, imaging operations, and microbial activity monitoring. The market is consolidating as a result of the growing popularity of medical equipment and customized drugs, as well as an increased desire for non-invasive biosensors and more research collaboration and agreements among various producers.
Biosensors are widely used in home-based healthcare by patients because of their capacity to assess fitness, as well as the onset and progression of the sickness. As a result, it is expected that the market would expand throughout the forecast period. A range of non-medical activities, in addition to technological advancement, are expected to increase the market's applicability and, as a result, support its expansion.
Pregnancy testing, cholesterol testing, blood glucose testing, and drug detection are some of the services in the healthcare category that are expected to have a positive impact on the market.
Diabetes is rising at an annual rate of about 8.0 percent, according to the International Diabetic Federation. More than 590 million people are expected to develop diabetes by 2035, implying that the market would increase rapidly throughout the projected period. Moreover, throughout the forecast period, government projects aimed at improving proteomics and genomics are likely to boost the growth of the biosensors market.
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Due to the high cost of biosensors and demand coming only from the healthcare business, biosensor technology has seen a sluggish pace of commercialization in the recent past. Due to limited research and development, commercializing biosensors for nonmedical applications including fermentation control, biodefense, military, and environmental monitoring is a problem for industrial participants.
The biosensors market is also experiencing delayed commercialization, owing to price sensitivity, end-user acceptability, and worries about product quality, authenticity, and dependability.
Due to the presence of key players and the rising incidence of several new disorders, North America held the largest revenue share of roughly 39% in 2022. Technological advancements such as the development of smaller diagnostic equipment, which allows for greater market penetration of Electronic Medical Records (EMR), as well as precise and speedy results, are projected to drive market growth throughout the forecast period.
In Asia Pacific, rising demand for point-of-care, home healthcare, and other adult-focused healthcare enterprises, as well as government initiatives to reduce hospital stays by establishing outpatient care models, are expected to propel market growth throughout the projected period.
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The United States is expected to account for USD 23.7 Billion by the end of 2033. The Clean Air Act, Clean Water Act, and National Environmental Policy Act exist in the United States and are expected to provide market significant growth opportunities.
The market in the United Kingdom is expected to account for USD 2.7 billion by 2033, growing at a CAGR of 8.5% from 2023 to 2033. The market in the country during the forecast period is expected to register an absolute dollar opportunity of USD 1.5 billion.
In Japan, the market is expected to gross an absolute dollar opportunity of USD 1.8 billion, with a CAGR of 10.5% during the forecast period. By 2033, the market in the country is projected to reach a valuation of USD 2.9 billion.
The market in South Korea is expected to reach a valuation of USD 1.6 billion by 2032. Growing at a CAGR of 10.3%, the market in the country is expected to register an absolute dollar opportunity of USD 1 billion.
Medical Biosensors are forecasted to grow at a CAGR of 10.5% from 2023 to 2033. In 2022, medical biosensors led the biosensors market with over 72% revenue share. Medical biosensors cater to its application in medicine, blood gas analyzers, cholesterol testing, transferrable illnesses, pregnancy testing, and blood glucose checks. Biosensors are witnessed as crucial equipment in the identification and monitoring of a wide range of medical conditions, from cancer to diabetes, contributing to the segment's growth.
During the projection period, biosensors for the agricultural industry are also expected to grow at a significant rate. Biosensors, in contrast to traditional approaches, allow for the rapid and exact detection of a wide range of fungi. These are widely regarded as a way to reduce the loss of agricultural animals and crops due to natural intimidation and bioterrorism.
This device is used to determine the concentration of herbicides, insecticides, heavy metals, and insecticides in soil, water, and the ground. Furthermore, they are used to forecast the likelihood of soil contamination. Conservative technologies could not have made this feasible.
The electrochemical biosensors accounted for over 70% of the biosensors market revenue in 2022, owing to their widespread application for measurement and research in biological and biochemical activities. Electrochemical transduction has significant benefits over optical, piezoelectric, and thermal detection, resulting in increased market adoption and penetration.
During the projected period, the optical industry is expected to grow at a significant rate. Due to their versatile investigative treatment, the growing demand for optical biosensors in the investigation is expected to drive the segment's growth throughout the projected period. Due to these factors, the market through electrochemical biosensors is projected to grow at a CAGR of 9.3% during the forecast period.
In 2022, the PoC testing sector dominated the biosensors market contributing to over half the market size. Technical advancements of new products such as ultrasensitive printable biosensors for point-of-care function, which help detect or examine biological fluids such as saliva, blood, sweat, and urine, are among the primary factors ascribed to the segment's development throughout the projected period.
With the increased demand for biosensors, global manufacturers are accelerating and improving their manufacturing processes with cost-effective solutions. A few of the key players in the biosensors market include Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, Biosensors International Group, Ltd., Pinnacle Technologies Inc., Ercon, Inc., DuPont Biosensor Materials, Johnson & Johnson, Koninklijke Philips N.V., LifeScan, Inc., QTL Biodetection LLC, Molecular Devices Corp., Nova Biomedical, Molex LLC, TDK Corporation, Zimmer & Peacock AS, and Siemens Healthcare.
Some of the recent developments of key Biosensors providers are as follows:
Similarly, recent developments related to the companies in the Biosensors market have been tracked by the team at Future Market Insights, which are available in the full report.
Total sales of biosensors in 2023 can accrue almost USD 26.6 billion.
The regional market is expected to reach a valuation of USD 23.7 billion by 2033.
The medical biosensors accounted for over 72% of the sales in 2022.
Bio-Rad, Medtronic, and Abbott are the top manufacturers.
The demand for electrochemical biosensors was around 70% of the total demand.
1. Executive Summary | Biosensors Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 5.1. Medical 5.1.1. Cholesterol 5.1.2. Blood Glucose 5.1.3. Blood Gas Analyzer 5.1.4. Pregnancy Testing 5.1.5. Drug Discovery 5.1.6. Infectious Disease 5.2. Food Toxicity 5.3. Bioreactor 5.4. Agriculture 5.5. Environment 5.6. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 6.1. Thermal 6.2. Electrochemical 6.3. Piezoelectric 6.4. Optical 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use 7.1. Home Healthcare Diagnostics 7.2. PoC Testing 7.3. Food Industry 7.4. Research Laboratories 7.5. Security and Biodefense 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Abbott 16.2. Medtronic 16.3. Bayer AG 16.4. Dupont 16.5. Johnson & Johnson 16.6. Innovative Biosensors, Inc. 16.7. Cranfield Biotechnology Centre 16.8. Pinnacle Technology Inc 16.9. Ercon, Inc. 16.10. AZUR Environmental 16.11. Roche Holdings 16.12. Sysmex Corporation 17. Assumptions & Acronyms Used 18. Research Methodology
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