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Bioelectronic Sensors Market Trends

ID: MRFR//10826-HCR | 128 Pages | Author: Ankit Gupta| May 2024

Global Bioelectronic Sensors Market Overview:

Bioelectronic Sensors Market Size was valued at USD 30.5 Billion in 2022. The Bioelectronic Sensors Market industry is projected to grow from USD 33.4 Billion in 2023 to USD 69.5 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.60% during the forecast period (2024 - 2032). Increasing demand for wearable devices and advancements in healthcare technology are the key market drivers enhancing the market growth.

Bioelectronic Sensors Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Bioelectronic Sensors Market Trends

  • Wearable Gadget Adoption is Propelling Market Growth

The adoption of wearable devices is driving the market CAGR for bioelectronic sensors. Consumers are becoming interested in wearable gadgets such as fitness trackers, smartwatches, and health monitoring devices. Bioelectronic sensors are frequently used in these devices to monitor physiological factors such as heart rate, sleep patterns, and activity levels. Wearable gadgets have become a popular alternative for people who wish to track their health and fitness in real time due to its ease of use and accessibility. The use of bioelectronic sensors in these gadgets enables users to collect vital data about their general well-being and make informed lifestyle and healthcare decisions.

Furthermore, healthcare practitioners are beginning to recognize the value of wearable gadgets and bioelectronic sensors in remote patient monitoring and preventive care. Using these sensors, healthcare personnel can remotely monitor patients' health, discover early warning indications, and respond quickly if necessary. The growing demand for wearable devices, as well as the incorporation of bioelectronic sensors in these devices, is propelling the Bioelectronic Sensors Market forward. This trend is projected to continue as technology progresses, allowing wearable devices to have more precise and advanced sensor capabilities.

Additionally, as technology advances, so does the opportunity for healthcare industry innovation. More sophisticated bioelectronic sensors have opened up new avenues for medical diagnostics, therapy, and patient care. With increased accuracy and precision, these sophisticated sensors can now gather and evaluate a wide range of physiological data. This helps healthcare practitioners to make more informed decisions and give patients with more individualized treatment. Bioelectronic sensors integrated into medical devices and equipment have substantially increased the efficiency and effectiveness of healthcare practices.

Furthermore, the growing emphasis on preventative healthcare and early disease diagnosis has increased demand for non-invasive and continuous monitoring systems. Bioelectronic sensors, which enable real-time monitoring of vital signs, biomarkers, and other health data, are playing a critical role in addressing this demand.

Collaborations among technology firms, healthcare providers, and research institutes have also hastened the development and commercialization of bioelectronic sensor technologies. These collaborations create creativity, drive research and development, and contribute to market growth overall.

Bioelectronic Sensors Market Segment Insights:

Bioelectronic Sensors Type Insights

The Bioelectronic Sensors Market segmentation, based on type includes bio-electronic devices, bio-electronic medicine. The market is expected to be dominated by the bio-electronic medicine category. The gradually expanding needs for personalized or adaptable medication, as well as the rapidly rising R&D efforts to build novel bioelectronics, are driving revenue growth in this market. Another element driving this market's rapid revenue growth is the advancement of implantable bioelectronics technology, which offers enormous potential for the creation of enhanced and efficient equipment for personalized electronic pharmaceuticals.

Figure1: Bioelectronic Sensors Market, by Type, 2022 & 2032 (USD Billion)

Bioelectronic Sensors Market, by Type, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Bioelectronic Sensors Product Insights

The Bioelectronic Sensors Market segmentation, based on Product, includes electrochemical biosensors, piezoelectric biosensors, thermal biosensors and optical biosensors. Electrochemical biosensors are expected to dominate the Global Bioelectronics Market. The cell-based electrochemical biosensor contributes significantly to biology, medicine, chemistry, pharmacology, and environmental studies. As recognition components, these biosensors utilize whole cells and electrochemical transducers, extending biosensing and life science research.

Bioelectronic Sensors Application Insights

The Bioelectronic Sensors Market segmentation, based on application, includes biochips, implantable devices, prosthetics, artificial organs, molecular motors and others. The implantable device category has the biggest revenue share in the market. This segment's rapid revenue development can be attributable to the exponentially expanding demand for technologically sophisticated implanted medical devices, such as ear implants, pacemakers, and even stomach implants. With improved research, substantial advancements in technology led in the development of implanted devices such as neuromodulation devices for chronic pain management, wirelessly powered devices to help organ functions, and stimulation devices for rapid bone restoration. These variables are accountable for this segment's domination and, as a result, the market's revenue growth.

Bioelectronic Sensors Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America will have the world's largest bioelectronics market. The increasing usage of bioelectronics in numerous healthcare domains promotes market expansion in this region. Furthermore, the presence of a significant number of R&D facilities, the increased adoption of refined and advanced products by healthcare professionals, clinicians, and patients, and the rise in cases of several serious diseases (such as cardiovascular diseases, cancer, and psychological disorders) due to sedentary lifestyles are expected to drive revenue growth in the North American Bioelectronics Market during the forecast period.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Bioelectronic Sensors Market SHARE BY REGION 2022 (USD Billion)

Bioelectronic Sensors Market SHARE BY REGION 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Bioelectronic Sensors Market accounts for the second-largest market share because of the presence of key industry actors, as well as the early acceptance and development of bioelectronics. Further, the German Bioelectronic Sensors Market held the largest market share, and the UK Bioelectronic Sensors Market was the fastest growing market in the European region

The Asia-Pacific Bioelectronic Sensors Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to development in healthcare infrastructure as well as quick economic expansion throughout the course of the projection period. Moreover, China’s Bioelectronic Sensors Market held the largest market share, and the Indian Bioelectronic Sensors Market was the fastest growing market in the Asia-Pacific region.

Bioelectronic Sensors Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Bioelectronic Sensors Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Bioelectronic Sensorsindustry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Bioelectronic Sensors industry to benefit clients and increase the market sector. In recent years, the Bioelectronic Sensors industry has offered some of the most significant advantages to medicine. Major players in the Bioelectronic Sensors Market, including Salvia Bioelectronics, LifeSensors, OmniVision Technologies Inc., AgaMatrix Inc., Sensirion AG, Broadcom Inc., Sotera Wireless, and Omnivision Technologies and others, are attempting to increase market demand by investing in research and development operations.

F. Hoffmann-La Roche AG, better known as Roche, is a Swiss global healthcare firm with two divisions: pharmaceuticals and diagnostics. Roche Holding AG, its holding company, has shares listed on the SIX Swiss Exchange. The company's headquarters are in Basel. Roche is the world's fifth-largest pharmaceutical firm by sales and the world's top provider of cancer therapies. In February 2019, The firm stated that it will purchase Spark Therapeutics for US$4.3 billion ($114.50 per share), adding Spark's gene therapy portfolio to its previously acquired assets. Spark already has an authorized medication for Leber's congenital amaurosis, Luxturna, which costs $850,000 per patient.

Medtronic plc is a medical device firm based in the United States. Because of its 2015 acquisition of Irish-based Covidien, the company's operational and executive offices are in Minneapolis, Minnesota, and its legal headquarters are in Ireland. While it is headquartered in the United States, it has operations in over 150 countries and employs over 90,000 people. It creates and produces healthcare technology and therapies. In April 2022, Medtronic plc established a collaboration with GE Healthcare to meet the requirements and demands of Ambulatory Surgery Centres. Medtronic established a strategic alliance with CathWorks, a coronary artery disease (CAD) technology company, in July. Medtronic has the option to buy CathWorks in the future under a separate arrangement.

Key Companies in the Bioelectronic Sensors market include

  • Bioelectronics Corporation

  • Nova Biomedical Corporation

  • Medtronic Plc.

  • Sensirion AG

  • F. Hoffmann-La Roche Ltd.

  • Bayer A.G.

  • Abbott

  • Siemens AG

  • Salvia Bioelectronics

  • LifeSensors

  • OmniVision Technologies Inc.

  • AgaMatrix Inc.

  • Broadcom Inc.

  • Sotera Wireless

  • Omnivision Technologies.

Bioelectronic Sensors Industry Developments

In January 2022, The Alliance for Advancing Bioelectronic Medicine organized the first Bioelectronic Medicine Day, which featured a health awareness campaign. The initiative assisted efforts and breakthroughs in the field of bioelectronic medicine.

In June 2021, The FDA has authorized Medtronic's (Ireland) Vanta spinal cord stimulator. The new device uses Medtronic's AdaptiveStim technology to give tailored pain management that responds to a patient's movement or body position through an in-built accelerometer.

In January 2020, Medtronic plc (Ireland) has purchased Stimgenics, a pioneer in Differential Target Multiplexed, a revolutionary spinal cord stimulation therapy that is now available on the market.

Bioelectronic Sensors Market Segmentation:

Bioelectronic Sensors Market By Type Outlook

  • Bio-Electronic Devices

  • Bio-Electronic Medicine

Bioelectronic Sensors Market By Product Outlook

  • Electrochemical Biosensors

  • Piezoelectric Biosensors

  • Thermal Biosensors

  • Optical Biosensors

Bioelectronic Sensors Market By Application Outlook

  • Biochips

  • Implantable Devices

  • Prosthetics

  • Artificial organs

  • Molecular Motors

  • Others

Bioelectronic Sensors Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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