Growing Prevalence of Chronic and Lifestyle-Induced Disease, and Rising Geriatric Population Prone to Such Diseases to Fuel the Growth of the Global Biosensors Market at a CAGR of 7.95% during the Forecast Period of 2022 to 2030

Market Overview

The biosensors market is expected to cross USD 38.77 billion by 2027 at a CAGR of 7.95% during the forecast period.

Market Dynamics

The growth of the biosensors market is being driven by demographic shifts, technological developments, increased rates of diabetes, and the prevalence of chronic and lifestyle-related diseases. The rising need for individualized care also represents a major commercial potential. The elderly are disproportionately affected by the rise of chronic disease. Because of their usefulness in continuously monitoring health condition, biosensors are gaining popularity among the elderly population. Wearable biosensors have been very helpful for people who need long-term care.

Medical costs and the cost of long-term care discourage the elderly from using hospitals. Significant technological advancements have been made in biosensors over the past few years. One of these advances is multianalyte determination, which can be used for environmental monitoring and screening. Additionally, the development of miniaturized biosensors that are both user-friendly and space-saving has vastly enhanced the standard testing setup.

Energy transformation is at the heart of biological signaling and transmission pathways, and several nanomaterials have been studied for their potential to improve these processes. Glucose enzymatic detection utilizing amperometry devices, binding detection using quantum dots as fluorescent agents, and biomolecule detection using bio-conjugated nanomaterials are only few of the many applications for these sensors. The biosensor market's CAGR has thus been boosted in recent years by the burgeoning nanotechnology sector.

The market for biosensors, however, may be hampered by both stringent regulations and reimbursement concerns.

Market Segmentation

The biosensors market has been divided into three categories: technology, application, and end user.

Electrochemical biosensors, optical biosensors, thermal biosensors, and piezoelectric biosensors make up the technological section. The electrochemical segment led the market in 2021. This is due to its widespread analytical and quantitative application in the study of biochemical and biological procedures.

Medical testing, food toxicity, industrial process, environmental, and agricultural testing are all part of the applications section. In 2021, the market was primarily driven by the medical testing subsector. It is widely recognized as an indispensable resource for diagnosing and keeping tabs on serious health problems like diabetes and cancer.

Point-of-care, home diagnostics, research laboratories, the food industry, security, and biodefense are the end user segments. The point-of-care testing market was the largest in 2021.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Biosensors Market Research Report

Overview of the Region

The biosensors market is anticipated to be largest in North America during the forecast period. The North American biosensors market is growing because of rising healthcare costs, technological advances in healthcare applications, increased rates of chronic and lifestyle diseases, and sufficient insurance coverage. Biosensors are frequently used for accurate, dependable, and speedy discoveries in the early identification and prevention of illnesses due to the high expense of healthcare in North America.

The Asia-Pacific region is predicted to grow at the quickest rate during the forecast period. This is because of factors such as increasing environmental contamination, better understanding of clinical results, a large population, an aging population, and a growing diabetic population. The public's awareness of various diseases is growing, as is their need for top-notch medical attention. Biosensors are in high demand in these countries because of recent advancements in medical technology that have made it possible to more effectively diagnose and treat patients with chronic diseases. So, growing biosensor adoption should support industry expansion.

The biosensor industry is the second largest in Europe. The increasing prevalence of diabetes is the primary factor pushing the industry forward. Increases in the older population, the prevalence of lifestyle-related problems, the sophistication of diagnostic tools, and public awareness of health issues are all factors driving market growth.

Besides Europe and Asia, the remainder of the world consists of the Middle East, Africa, and South America. The growth of the biosensors market has been hindered by the gradual improvement of economies. Market growth is forecasted to be supported by factors such as greater consumer awareness of food toxicity and pollution, better health-care facilities, and higher disposable income.

Competitive Dynamics

The notable players of the market are Johnson & Johnson (US), Abbott (US), Bayer AG (Germany), Siemens (Germany), Life Sensors, Inc. (US), Nova Biomedical Corporation (US), Medtronic plc (Ireland), F. Hoffmann Roche (Switzerland), i-Sens, Inc. (South Korea), and Pinnacle Technologies Pvt. Ltd. (US).