Global Biosensors Market is predicted to reach USD 38.0 billion by 2030

The global biosensors market was valued at USD 24.4 billion in 2021 and is predicted to reach USD 38.0 billion by 2030, growing at a CAGR of 8% during the forecast period (2022-2030). The factors responsible for the growth of biosensors across the globe are increasing applications of biosensors in the healthcare sector, growing population of diabetic patient, growing demand for miniature diagnostic devices, and continuous technological advancements.

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Market Segmentation
Insight by Type

Based on type, the global biosensors market is categorized into wearable, and non-wearable. In 2021, the non-wearable biosensors segment dominated the biosensors market.

Growing occurrence of chronic diseases such as cancer, diabetes, and other disorders are expected to accelerate demand for conventional methods of diagnosis and detection. Such conventional methods which include biosensors that are mostly used in laboratories and hospitals for the detection of blood sugar levels or analyzing gas levels in the blood. High accuracy and efficiency offered by non-wearable biosensors along with on-going product enhancement is expected to positively impact the segmental growth during the forecast period.

However, market for wearable biosensors is expected to grow at the fastest rate during the forecast period owing to the growing awareness regarding healthy lifestyle. Higher adoption rates for wearable biosensors can be experienced in the developed as well as developing nations attributed to the reducing physical activities among adult population which results into the increased weight and hormonal disorders.

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Insight by Technology

On the basis of technology, the biosensors market is categorized into electrochemical, optical, thermal, piezoelectric, nanomechanical, and others. During the forecast period, the electrochemical biosensors segment is expected to be largest among all the segments. The major factor driving the growth of the electrochemical biosensors market is increasing demand of electrochemical biosensors in food analysis and disease diagnosis.

Due to the increasing number of diabetes patients, the demand for glucometers also fueling which in turn increases the demand for glucometers based electrochemical biosensor technology. In addition, increasing occurrence of chronic diseases is expected to boost the demand for electrochemical biosensors to aid accurate diagnosis, thereby boosting segmental growth.

Industry Dynamics
Growth Drivers

The primary factors driving the growth of the global biosensors market are:
• - Growing due to different applications of biosensors in the healthcare sector,
• - Growing population of diabetic patient,
• - Growing demand for miniature diagnostic devices
• - Continuous technological advancements

Growing prevalence of diabetes is expected to positively boost biosensors market growth during the forecast period. According to WHO, globally the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. Moreover, according to the International Diabetes Federation (IDF) in 2017, approximately 425 million adults were suffering from diabetes and are expected to reach 629 million by 2045, globally. Increasing awareness about self-management of diabetes facilitates amalgamation of advanced technology in the glucometers, thereby driving growth of the global biosensors market.

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Challenges

Cost-intensive nature of development of biosensors, and slow rate of commercialization may hinder the growth of the global biosensors market.
Opportunities
• - Lucrative growth opportunities in food industry, environmental monitoring, and biodefense
• - Emerging market in developing countries

Geographic Overview

Geographically, North America is the largest revenue contributor in the biosensors market. Growing preference for wearable biosensors due to increasing prevalence of chronic diseases such as cancer, diabetes, and excess weight-associated disorders is expected to offer notable biosensors market growth. Increasing investment in R&D activities to cater to varying and growing customer demand should stimulate the demand for biosensors in the region.

Moreover, growing geriatric population, technological innovation and boosting government funding are also up surging growth of the North American biosensors market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.

Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of the large population base. In addition, expanding the geriatric population, the mounting occurrence of chronic diseases and refined healthcare infrastructure are also creating a positive impact on the biosensors market growth in the region.

Competitive Insight

Dupont offers biosensors materials that are used in critical patient care and are trusted globally. They use metallurgical and organic systems to provide a variety of screen printable inks for use in biosensors. These materials are specially designed for patient monitoring, diagnostics, drug delivery, food, and environmental sensors.

Medtronics is advancing towards sensor-based solutions to provide positive outcomes in patients suffering from diabetes, heart disease, hypertension, and other chronic illnesses. Medtronics developed one of the first sensing technology into many implantable cardiac defibrillators (ICDs) and cardiac resynchronization therapy (CRT) devices that are used in tracking predictive data for cardiac patients and caution them of any worsening fluid in the lungs that might lead to hospitalization.

Key players operating in the global biosensors market include DowDuPont, Roche Diagnostics, Johnson & Johnson, Abbott Laboratories, Siemens Healthcare, Nova Biomedical Corp., ACON Laboratories, Inc., LifeSensors Inc., Medtronic Inc., Biacore., and Thermo-Fisher Scientific.

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