Biosensors Market 2023 | Size, Trends, Demand And Forecast Till 2028

The latest report by IMARC Group, titled "Biosensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The global biosensors market size reached US$ 26.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 43.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.2% during 2023-2028.

Biosensors, also known as biological sensors, are analytical devices that detect numerous biological substances, including biomolecules and microorganisms. They comprise several components, such as a signal conditioning circuit, mediator, microcontroller, analyte, a reader device, and transducer, which enable the conversion of biological responses into electronic or digital signals. Some commonly known biosensors include electrochemical, nanomechanical, optical, piezoelectric, and thermal sensors.

These sensors can monitor several biological components, including tissues, cell receptors, enzymes, nucleic acids, microorganisms, and antibodies. Additionally, they are utilized for disease monitoring, detection of pollutants, drug discovery, disease-causing microorganisms, forensic research, and markers that are indicators of disease in bodily fluids such as blood, saliva, urine, and sweat. Nowadays, biosensors are widely adopted in point-of-care (POC), research laboratories, home healthcare diagnostics, and security and biodefense applications across the globe.

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Biosensors Market Trends and Drivers:

The market is primarily driven by the growing occurrences of chronic diseases such as diabetes, cardiovascular diseases (CVDs), prostate and breast cancer, hepatitis B virus, and celiac disease. In addition, the escalating demand for compact diagnostic devices, including biosensors, to identify and monitor these medical illnesses is contributing to market growth. In line with this, emerging technological advancements, such as the incorporation of the Internet of Things (IoT)-connected devices and the development of innovative nanotechnology-based biosensors that utilize nanowires, nanorods, nanotubes, and nanoparticles for biomolecular detection represent another major growth-inducing factor.

Besides this, the rising demand for wearable biosensors to monitor the vital signs of athletes, infants, patients, children, and fitness enthusiasts is accelerating the product adoption rate. Along with this, the recent outbreak of the coronavirus (COVID-19) pandemic, resulting in the extensive demand for biosensors in the healthcare sector for continuous monitoring of patients, is propelling the market growth. Apart from this, the biosensors market is growing at different rates in numerous regions, with North America being the largest market due to the introduction of miniaturized diagnostic equipment, several technological advancements, and the presence of numerous key players across the region. Moreover, the industry is expected to face competition in the upcoming years as numerous key players are implementing competitive strategies to sustain their presence in the market. Furthermore, new product launches, extensive research and development (R&D) activities, and mergers and acquisitions (M&A) among leading market players, the increasing demand for point-of-care testing driven by factors such as the need for quick diagnosis and treatment, rising prevalence of chronic diseases, and the need of decentralized testing, are some of the other factors creating a positive market outlook.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Product:

Wearable Biosensors
Non-Wearable Biosensors

Breakup by Technology:

Electrochemical Biosensors
Optical Biosensors
Piezoelectric Biosensors
Thermal Biosensors
Nanomechanical Biosensors
Others

Breakup by Application:

Blood Glucose Testing
Cholesterol Testing
Blood Gas Analysis
Pregnancy Testing
Drug Discovery
Infectious Disease Testing
Others

Breakup by End Use:

Point of Care Testing
Home Healthcare Diagnostics
Research Laboratories
Security and Biodefense
Others

Market Breakup by Region:

North America (United States, Canada)
Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Competitive Landscape with Key Player:

Abbott Laboratories
AgaMatrix Inc. (WaveForm Technologies Inc)
DuPont de Nemours Inc.
Hoffmann-La Roche AG
General Electric Company
LifeScan Inc. (Platinum Equity LLC)
Medtronic PLC
Nova Biomedical Corporation
PHC Holdings Corporation
Siemens AG
Thermo Fisher Scientific Inc.

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This release was published on openPR.