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  • Biosensors Market

Biosensors Market By Technology (Electrochemical, Thermal, and Others), By Application, By End-User - Global Industry Outlook, Key Companies (Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, and others), Trends and Forecast 2023-2032

Published on : December-2023  Report Code : RC-676  Pages Count : 254  Report Format : PDF
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Market Overview

The Global Biosensor Market holds a market value of USD 31.4 billion in 2023 and is further anticipated to reach a market value of USD 65.0 billion at a CAGR of 8.4% in the upcoming period of 2023 to 2032. 

Biosensors Market Growth Analysis

The global biosensor market deals with the production & distribution of biosensors which are a type of analytical equipment that is used in the detection & analysis of different biological or chemical compounds. These compounds that are used in analysis by biosensors are combined with various biological components such as enzymes, and antibodies and a physicochemical detector like electrochemical, optical, & piezoelectric. 

Biosensors are created to provide real-time data about glucose levels, specific biomarkers, pathogens & environmental pollutants based on different parameters. Biosensors are used in various applications, like medical diagnostics, environmental monitoring & food quality testing which further boosts the growth of this market. This market is growing at a stable pace as the demand for precise and fast medical diagnostics is growing.

Market Dynamic

The global biosensors market shows many dynamic trends and factors that drive the growth of this market. The rise in the need for rapid & accurate diagnostics of medical conditions which requires continuous monitoring of patients is another factor that pushes the growth of this market. The ongoing technological advancements to enhance the function of biosensors also play a vital role in the growth of this market. Several advancements in this market like sensor sensitivity, specificity, and miniaturization of devices lead to the development of more practical & capable biosensors which push the growth of this market. 

This market is growing fast with the growth of the global healthcare sector as currently, patients have started to explore more convenient & timely diagnostics, which further boosts the use of biosensors and pushes the growth of this market. Also, the growth of this market is affected by different factors like scientific advancements, progress in healthcare facilities, and strict regulatory policies around the world, as this market is highly competitive it will continuously evolve & grow further as biosensors become an essential part of the hospital and healthcare industry.

Research Scope and Analysis

By Technology

Electrochemical technology dominates the biosensors market on the basis of technology, as it also holds 68.2% of the market share in 2023 and is projected to show subsequent growth in the upcoming years of 2023 to 2032 due to their adaptability, sensitivity, & widespread applicability. Electrochemical biosensors are very popular because they are highly sensitive when facing changes in analyte concentrations of biological & chemical solutions. Another factor regarding the growth of electrochemical technology in the biosensors market is that it provides precise and real-time results, which is critical in emergencies. 

Biosensors Market Technology Analysis

It is also used in glucose monitoring for diabetes management, where immediate intervention may be necessary. The electrochemical biosensor size can be reduced, which makes it ideal for the production of point-to-care by using electrochemical technology it can also detect various analytes, including ions, gases, & biomolecules. These factors collectively push forward the growth prospects of the global biosensor market.

By Application

The medical sector dominates the global biosensor market in the context of application as it holds 67% of the market share in 2023. The dominance of the medical sector in this segment can be attributed to their vital role in clinical diagnostics, as they are used in a wide range of medical facilities such as glucose monitoring. 

It is also used in the detection of cardiac biomarkers detection, infectious diseases and cancer markers. The ability of biosensors to provide accurate and fast results is a limited time in hospitals further pushing the growth of this sector in the global biosensor market. The rise in the number of chronic patients & the ageing population, also plays a vital role in the growth of the biosensors market as these devices are used for diagnostics.

By End-User

Point-of-Care testing dominates this market in terms of end-users as it holds 49.2% of the market share in 2023. Its dominance can be attributed to the growing demand for real-time diagnostics in the healthcare industry. Point-of-care testing is used in emergencies where timely medical decisions and treatment are required which pushes the growth of this market. 

PoC is also popular as it saves time & resources and reduces the need to send samples to specialized laboratories for testing as they give instant results. Also, the easy availability of PoC trying out acts because the most important motive force for the increase of this market, as it is able to be personalized consistent with the patient's particular necessities. 

Point-of-care biosensors have facilitated healthcare companies to conduct clinical diagnostics on the affected person's convenience, in clinics, or far off locations, which reduces the load on centralized laboratories and improves patients' scientific condition. In other words, the growth of PoC tests in this market is driven by the continuous advancements in accuracy, sensitivity, and the ability to diagnose various medical conditions. These factors collectively push forward the growth of Point-of-care testing in the global biosensors market.

The Biosensor Market Report is segmented on the basis of the following:

By Technology

  • Electrochemical
  • Thermal
  • Piezoelectric
  • Optical

By Application

  • Medical
  • Food Toxicity
  • Bioreactor
  • Agriculture
  • Environment
  • Others

By End-User

  • PoC Testing
  • Home Healthcare Diagnostics
  • Food Industry
  • Research Laboratories
  • Security and Bio-Defense

Regional Analysis

North America secures the biggest sales proportion inside the worldwide biosensor market as it holds 41.2% in 2023, and is projected to reveal the fastest CAGR in the forthcoming years of 2023 to 2032. The dominance of this place is attributed to the well-developed healthcare quarter in this place. Moreover, the rising focus about the improved operational efficiency of biosensors and their utility in clinical diagnostics is predicted to similarly push the growth of biosensors in this region. 

Biosensors Market Regional Analysis

North America has a properly-developed healthcare infrastructure with a wide community of hospitals, clinics, and diagnostics facilities that significantly use biosensors for tests & monitor patients' conditions. Additionally, this region fosters various regulatory agencies, such as Health Canada and the FDA (Food and Drug Administration) in the United States, that have established clear guidelines for manufacturers for the approval and commercialization of biosensors. 

The transparency and well-defined regulatory processes of these government agencies attract investors to invest in biosensor manufacturers in this region and facilitate the growth of the global biosensors market.

By Region

North America
  • The U.S.
  • Canada
Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific
Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America
Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Competitive Landscape

The competitive landscape of the global biosensor market is highly dynamic as the market exhibits high fragmentation, offered by global industry & leading regional players These companies invest in R&D through joint ventures to improve their product listings to gain a competitive advantage over others.

Leading companies in this market are constantly engaged in R&D to improve the performance, sensitivity, and selectivity of biosensors Furthermore, leading healthcare industry and research organizations jointly develop biosensors when consumed the key role in the development of biosensors in this market. 

These companies focus on improving their products to be more competitive in the market than other established companies. Key players who shape the global biosensors market include Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, Biosensors International Group Ltd., Pinnacle Technologies Inc., and other key players.

Some of the prominent players in the Global Biosensors Market are:
  • 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.
  • Other Key Players

COVID-19 Pandemic & Recession: Impact on the Global Biosensors Market:

The COVID-19 pandemic and the following economic recession extensively impacted the worldwide biosensors market. In the initial section of the pandemic, this marketplace saw a shift in investments, as fundamental biosensor manufacturers are actually closely investing in the research & development of products that will provide fast clinical diagnostics, to reduce the exposure risk of COVID-19 virus to healthcare professionals. 

The pandemic had a mixed impact on this market as in some cases it even enhanced the growth of this market e.g., the medical device industry used biosensors to detect the first symptoms of patients infected with COVID-19 Biosensors affect nature of materials and physicochemical detectors together - Despite disruptions, the biosensor market is expected to witness steady growth over the long term, mainly due to technological advancements, widespread use of biosensors in healthcare, materials for environmental monitoring, food safety, and biotechnology industries.

Report Details

                                 Report Characteristics
Market Size (2023) USD 31.4 Bn
Forecast Value (2032) USD 65.0 Bn
CAGR (2023-2032) 8.4%
Historical Data 2017 - 2022
Forecast Data 2023 - 2032
Base Year 2022
Estimate Year 2023
Report Coverage Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc.
Segments Covered By Technology (Electrochemical, Thermal, Piezoelectric and Optical), By Application (Medical, Food Toxicity, Bioreactor, Agriculture, Environment and Others), By End-User (PoC Testing, Home Healthcare Diagnostics, Food Industry, Research Laboratories, Security and Bio-Defense)
Regional Coverage North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
Prominent Players 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, and Other Key Players
Purchase Options We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively.

 

Frequently Asked Questions

  • What is the value of the Global Biosensors Market?

    The Global Biosensors Market is expected to reach a value of USD 31.4 billion in 2023.

  • What is the expected CAGR for the Global Biosensors Market?

    The Global Biosensors Market is expected to grow at a compound annual growth rate of 8.4% from 2023 to 2032.

  • Which region dominates the Global Biosensors Market?

    North America dominates the Global Biosensors Market accounting for 41.2% in 2023.

  • Who are the prominent players in the Global Biosensors Market?

    Some of the prominent players in the Global 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. and others.

  • Contents

      1.Introduction
        1.1.Objectives of the Study
        1.2.Market Scope
        1.3.Market Definition and Scope
      2.Biosensors Market Overview
        2.1.Global Biosensors Market Overview by Type
        2.2.Global Biosensors Market Overview by Application
      3.Biosensors Market Dynamics, Opportunity, Regulations, and Trends Analysis
        3.1.Market Dynamics
          3.1.1.Biosensors Market Drivers
          3.1.2.Biosensors Market Opportunities
          3.1.3.Biosensors Market Restraints
          3.1.4.Biosensors Market Challenges
        3.2.Emerging Trend/Technology
        3.3.PESTLE Analysis
        3.4.PORTER'S Five Forces Analysis
        3.5.Technology Roadmap
        3.6.Opportunity Map Analysis
        3.7.Case Studies
        3.8.Opportunity Orbits
        3.9.Pricing Analysis
        3.10.Ecosystem Analysis
        3.11.Supply/Value Chain Analysis
        3.12.Covid-19 & Recession Impact Analysis
        3.13.Product/Brand Comparison
      4.Global Biosensors Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By Technology, 2017-2032
        4.1.Global Biosensors Market Analysis by By Technology: Introduction
        4.2.Market Size and Forecast by Region
        4.3.Electrochemical
        4.4.Thermal
        4.5.Piezoelectric
        4.6.Optical
      5.Global Biosensors Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By Application, 2017-2032
        5.1.Global Biosensors Market Analysis by By Application: Introduction
        5.2.Market Size and Forecast by Region
        5.3.Medical
        5.4.Food Toxicity
        5.5.Bioreactor
        5.6.Agriculture
        5.7.Environment
        5.8.Others
      6.Global Biosensors Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By End-User, 2017-2032
        6.1.Global Biosensors Market Analysis by By End-User: Introduction
        6.2.Market Size and Forecast by Region
        6.3.PoC Testing
        6.4.Home Healthcare Diagnostics
        6.5.Food Industry
        6.6.Research Laboratories
        6.7.Security and Bio-Defense
      10.Global Biosensors Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by Region, 2017-2032
        10.1.North America
          10.1.1.North America Biosensors Market: Regional Analysis, 2017-2032
            10.1.1.1.The US
            10.1.1.2.Canada
        10.2.1.Europe
          10.2.1.Europe Biosensors Market: Regional Trend Analysis
            10.2.1.1.Germany
            10.2.1.2.France
            10.2.1.3.UK
            10.2.1.4.Russia
            10.2.1.5.Italy
            10.2.1.6.Spain
            10.2.1.7.Nordic
            10.2.1.8.Benelux
            10.2.1.9.Rest of Europe
        10.3.Asia-Pacific
          10.3.1.Asia-Pacific Biosensors Market: Regional Analysis, 2017-2032
            10.3.1.1.China
            10.3.1.2.Japan
            10.3.1.3.South Korea
            10.3.1.4.India
            10.3.1.5.ANZ
            10.3.1.6.ASEAN
            10.3.1.7.Rest of Asia-Pacifc
        10.4.Latin America
          10.4.1.Latin America Biosensors Market: Regional Analysis, 2017-2032
            10.4.1.1.Brazil
            10.4.1.2.Mexico
            10.4.1.3.Argentina
            10.4.1.4.Colombia
            10.4.1.5.Rest of Latin America
        10.5.Middle East and Africa
          10.5.1.Middle East and Africa Biosensors Market: Regional Analysis, 2017-2032
            10.5.1.1.Saudi Arabia
            10.5.1.2.UAE
            10.5.1.3.South Africa
            10.5.1.4.Israel
            10.5.1.5.Egypt
            10.5.1.6.Turkey
            10.5.1.7.Rest of MEA
      11.Global Biosensors Market Company Evaluation Matrix, Competitive Landscape, Market Share Analysis, and Company Profiles
        11.1.Market Share Analysis
        11.2.Company Profiles
        11.3.Bio-Rad Laboratories Inc.
          11.3.1.Company Overview
          11.3.2.Financial Highlights
          11.3.3.Product Portfolio
          11.3.4.SWOT Analysis
          11.3.5.Key Strategies and Developments
        11.4.Medtronic
          11.4.1.Company Overview
          11.4.2.Financial Highlights
          11.4.3.Product Portfolio
          11.4.4.SWOT Analysis
          11.4.5.Key Strategies and Developments
        11.5.Abbott Laboratories
          11.5.1.Company Overview
          11.5.2.Financial Highlights
          11.5.3.Product Portfolio
          11.5.4.SWOT Analysis
          11.5.5.Key Strategies and Developments
        11.6.Biosensors International Group Ltd.
          11.6.1.Company Overview
          11.6.2.Financial Highlights
          11.6.3.Product Portfolio
          11.6.4.SWOT Analysis
          11.6.5.Key Strategies and Developments
        11.7.Pinnacle Technologies Inc.
          11.7.1.Company Overview
          11.7.2.Financial Highlights
          11.7.3.Product Portfolio
          11.7.4.SWOT Analysis
          11.7.5.Key Strategies and Developments
        11.8.Ercon Inc.
          11.8.1.Company Overview
          11.8.2.Financial Highlights
          11.8.3.Product Portfolio
          11.8.4.SWOT Analysis
          11.8.5.Key Strategies and Developments
        11.9.DuPont Biosensor Materials
          11.9.1.Company Overview
          11.9.2.Financial Highlights
          11.9.3.Product Portfolio
          11.9.4.SWOT Analysis
          11.9.5.Key Strategies and Developments
        11.10.Johnson & Johnson
          11.10.1.Company Overview
          11.10.2.Financial Highlights
          11.10.3.Product Portfolio
          11.10.4.SWOT Analysis
          11.10.5.Key Strategies and Developments
        11.11.Koninklijke Philips N.V.
          11.11.1.Company Overview
          11.11.2.Financial Highlights
          11.11.3.Product Portfolio
          11.11.4.SWOT Analysis
          11.11.5.Key Strategies and Developments
        11.12.LifeScan Inc.
          11.12.1.Company Overview
          11.12.2.Financial Highlights
          11.12.3.Product Portfolio
          11.12.4.SWOT Analysis
          11.12.5.Key Strategies and Developments
        11.13.QTL Biodetection LLC
          11.13.1.Company Overview
          11.13.2.Financial Highlights
          11.13.3.Product Portfolio
          11.13.4.SWOT Analysis
          11.13.5.Key Strategies and Developments
        11.14.Other Key Players
          11.14.1.Company Overview
          11.14.2.Financial Highlights
          11.14.3.Product Portfolio
          11.14.4.SWOT Analysis
          11.14.5.Key Strategies and Developments
      12.Assumptions and Acronyms
      13.Research Methodology
      14.Contact
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