Biosensors Market Size | Industry Growth By, 2026

Allied Market Research recently released a report titled "Biosensors Market by Product (Wearable Biosensors and Non-Wearable Biosensors) and Technology (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, Thermal Biosensors, and Nanomechanical Biosensors): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global biosensors market reached $17.50 billion in 2018 and is projected to attain $38.60 billion by 2026, exhibiting a CAGR of 10.4% from 2019 to 2026.

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Key Drivers, Restraints, and Opportunities:

The growth of the global biosensors market is driven by factors such as the increasing incidence of chronic diseases like diabetes, rising investments in research and development (R&D), and advancements in nanotechnology-based biosensors. However, the high cost associated with R&D poses a challenge to market growth. Nevertheless, technological advancements aimed at enhancing the user-friendliness of biosensors are expected to create new opportunities in the market.

Impact of COVID-19:

During the COVID-19 pandemic, there has been a notable increase in R&D activities related to biosensors. Researchers at various institutions are exploring the development of reliable sensors for detecting COVID-19 in highly populated areas such as train stations and hospitals.

Market Segmentation:

The non-wearable biosensors segment held the majority of the global biosensors market in 2018 and is anticipated to maintain its leading position throughout the forecast period. These sensors are extensively used in nonclinical applications for real-time on-site monitoring of various production processes. Conversely, the wearable biosensors segment is expected to witness the highest CAGR, driven by its ability to provide continuous, real-time physiological information through noninvasive measurements.

Electrochemical biosensors dominated the market in 2018 and are projected to maintain their leadership position during the forecast period. This is due to their accurate sensitivity and rapid response. Optical biosensors, however, are expected to witness the fastest growth rate, attributed to their increasing adoption in the medical field and advantages over other analytical techniques.

Regional Analysis:

North America held the largest market share in 2018 and is forecasted to maintain its dominance throughout the forecast period. This growth is fueled by increased government funding for research on advanced biosensors across various applications. Conversely, the Asia-Pacific region is expected to witness the fastest CAGR, driven by rising per capita income, government initiatives to improve healthcare, and the expansion efforts of leading manufacturers in the region.

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Leading Market Players:

Abbott Laboratories
AgaMatrix Holdings LLC
DowDupont Inc. (DuPont de Nemours, Inc.)
F. Hoffmann-La Roche Ltd.
General Electric (Biacore, Inc.)
LifeScan, Inc.
Medtronic Plc.
Nova Biomedical
PHC Holdings Co., Ltd. (Ascensia Diabetes Care Holdings AG)
Siemens Healthcare

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