Biosensors Market Size, Report, Trends, Growth, Share, and Forecast 2031

The global biosensors market size was estimated at US$ 22 billion in 2020. The global biosensor market is forecast to reach US$ 48 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.2% during the forecast period from 2021 to 2030.

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Biosensors are medical devices comprised of the signal transducer and a reader device. Biosensors help detect the presence of a biomolecule or a microorganism in the body. The applications of the biosensors are helpful in food & beverages, environmental monitoring, home care diagnostic industry.

Factors Influencing

The profitable applications of electrochemical biosensors in food analysis and disease diagnosis are forecast to fuel the growth of the global biosensors market.

A rapidly growing range of diabetes patients is fueling the demand for glucometers. The clinical applications of glucose biosensors for the diagnosis of diabetes mellitus would increase in demand. Diabetes necessitates precise control over blood glucose levels. Moreover, Blood-glucose biosensors' home use is growing at a rapid pace. As a result, glucometers-based electrochemical biosensor technology is expected to be in demand during the analysis period. World Health Organization (WHO) indicates that the worldwide diabetes cases grew from 108 million in 1980 to 422 million in 2014. Furthermore, International Diabetes Federation (IDF) indicates that approximately 425 million adults suffered from diabetes in 2017. The data is expected to reach 629 million by 2045, globally.

Due to the growing prevalence of chronic diseases, the global biosensor market is anticipated to fuel in the coming years.

The growing necessity for miniature diagnostic devices forecasts to provide profitable opportunities to the market players during the forecast period.

Due to continuous technological advancements, the adoption of biosensors is expected to surge in the coming years.

The high cost of the biosensors anticipates slowing down the market growth during the prediction period.

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Geographic Analysis

Geographically, North America registered the maximum revenue in the global biosensors market. The adoption of wearable biosensors is increasing due to the pervasiveness of chronic diseases such as diabetes, cancer, and excess weight-associated disorders.

Rising investment in R&D activities to fulfill the varying demands of the population is expected to fuel the growth of the regional market for the biosensors.

The rising geriatric population presents a significant contribution to the growth of the global biosensors market. The geriatric population can easily get affected by the chronic diseases. As a result, the demand for biosensors from the geriatric population is forecast to accelerate during the forecast period.

Asia-Pacific is projected to witness notable growth in the global biosensors market. The rapidly expanding geriatric population in the region is expected to be the major factor driving the market growth.

COVID-19 Impact Analysis

The COVID-19 pandemic had a positive impact on the global biosensors market. As the COVID-19 cases surged rapidly, the adoption of biosensors also increased to detect the disease accurately.

Market Segmentation

By Product

Wearable Biosensors
Non- Wearable Biosensors

By Technology

Electrochemical Biosensors
Optical Biosensors
Piezoelectric Biosensors
Thermal Biosensors
Nanomechanical Biosensors

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By Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America

Competitors in the Market

DowDuPont
Roche Diagnostics
Johnson & Johnson
Abbott Laboratories
Siemens Healthcare
Nova Biomedical Corp.
ACON Laboratories, Inc.
LifeSensors Inc.
Medtronic Inc.
Biacore
Thermo-Fisher Scientific
Other prominent players

What is the goal of the report?

-The market report presents the estimated size of the ICT market at the end of the forecast --period.

-The report also examines historical and current market sizes.

-During the forecast period, the report analyzes the growth rate, market size, and market valuation.

-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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This release was published on openPR.