Biosensor Market Research Report—Global Forecast till 2032

Biosensor Market Research Report Information By Technology (Electrochemical, Optical, Thermal, Piezoelectric Biosensors), By Application (Medical Testing, Food Toxicity, Industrial Process, Environmental and Agricultural Testing), By End User (Point-of-Care, Home Diagnostics, Research Laboratories, Food Industry, and Security & Biodefense), and By Region (Europe, North America, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032

ID: MRFR/HC/0720-CR | 106 Pages | Author: Kinjoll Dey | July 2021         

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Global Biosensor Market Overview

The Biosensor Market Size was valued at USD 21 billion in 2021 and is projected to grow from USD 22.6 Billion in 2022 to USD 39.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.7% during the forecast period (2023 - 2032). The need for biosensors is rising due to several medical applications, an increase in the number of people with diabetes, high demand for small diagnostic tools, and speedy technological advancements. The frequency of chronic and lifestyle-related illnesses is another factor pushing consumers to utilize biosensors for routine monitoring of pathogenic activity in the body, which is the key market driver enhancing the market growth.
Biosensor Market
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Biological substances, like a biomolecule or bacterium, can be sensed or detected by medical equipment called a biosensor. Early and accurate identification of the illness is essential for a healthy disease prognosis and the patient's survival. In recent years, there has been a sharp rise in demand for disposable, practical, affordable devices with quick response times. Due to their capacity to meet these requirements through a mix of multidisciplinary techniques in chemistry, nanotechnology, and medicine, these gadgets have advanced quickly in the medical sector. Numerous elements that positively and negatively impact the market's dynamics influence the market's expansion. One of the major chronic health problems that significantly harms the general population is diabetes.

Over the past two years, diabetes cases have increased across many industrialized and emerging economies. Biosensors based on nanotechnology are anticipated to find lucrative uses in several sectors, including food inspection, imaging, and microbial activity tracking. The increasing demand for non-invasive biosensors, the growing acceptance of medical devices and specialty pharmaceuticals, and the growth of research partnerships and contracts between different producers all contribute to the global market's consolidation. In fact, throughout that time, cases of type 1 and type 2 diabetes have increased significantly among kids and teenagers. They are analytical tools that can transform an electrical signal from a biological reaction. The three main components of a biosensor are a signal transducer, a reader, and a component that recognizes an analyte and generates a signal.

Biosensors are used in various nanomechanical biosensors, food and beverage production, environmental monitoring, home healthcare diagnostics, and other industries. Due to the increased application of cutting-edge technologies in product development, the biosensors market faces a significant problem of rising production prices. Modern biosensors are created employing various methods and pricey, sophisticated proteins. The price of biosensor devices has sharply increased, hampering product uptake. Furthermore, the cost of commercially developing miniature biosensors increases the cost of the product. However, the industry will probably overcome this obstacle with more support from the public and private sectors. In order to study metabolic processes, biosensor applications are also prevalent in plant biology.

Researchers have created a novel biosensor that gives real-time data to track the filtration rate as blood travels from an individual to the dialysis equipment and back. They started developing a biosensor that uses an electromagnetic bandgap structure (EBG) to assess the blood being sent from the patient to the machine in one tube and the blood being returned to the patient in a different tube. The biosensor employs microwaves to evaluate the permittivity of the circulatory system as it passes by the dialysis tubes, which reveals the blood's level of waste and toxins.

Biosensor Market Trends

  • Rising government initiatives to boost the market growth

Government initiatives to advance proteomics and genomics are expected to fuel the market. For instance, National Information and Communication Technology Australia (NICTA) plans to increase the scope of its embedded systems, networks, and data mining research. The bulk of IT companies is likewise making significant investments in this field. In addition, the Chinese government is making significant investments in its computing infrastructure, particularly through the China Grid and the China National Grid (CNGrid), both of which are supported by the Ministry of Science and Technology. Therefore, the growing government initiatives are another factor driving the growth of the biosensor market revenue.

Nanoelectromechanical systems result from the integration of nanomaterials-based devices with electrical systems. Several nanomaterials have been investigated for their electrical and mechanical properties to improve biological signaling and transduction mechanisms, which entail the transformation of one type of energy into another. These sensors can be utilized for various tasks, such as the enzymatic detection of glucose using amperometric devices, the detection of binding using quantum dots as fluorescent agents, and the detection of biomolecules using bio-conjugated nanomaterials. Thus the rapidly expanding nanotechnology industry has enhanced the biosensor market CAGR ly in recent years.

Biosensor Market Segment Insights

Biosensor Technology Insights

The market segments of biosensor, based on technology, includes optical, thermal, piezoelectric and electrochemical biosensors. In 2021, the market was dominated by the electrochemical category. This is a result of its pervasive measurement and analytical use in biochemical and biological processes. Electrochemical biosensors have many benefits, including low detection limits, a large linear response range, high stability, and repeatability.

Figure 1:  Biosensor Market, by Technology, 2021 & 2030 (USD Billion)
Biosensor Market, by Technology, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The second fastest-growing segment in the biosensor industry is the optical segment. Due to their extensive analytical coverage, optical biosensors are expected to become more important in analysis throughout the projected period.

Biosensor Application Insights

The biosensor market data has been bifurcated by application into medical testing, food toxicity, industrial process, environmental and agricultural testing. In 2021, the medical industry dominated the market. It is regarded as an essential tool for detecting and monitoring various medical conditions, such as diabetes and cancer.

November 2020: Medtronic plc, a pioneer in medical technology, announced the release of the InPenTM, which is now compatible with real-time1 Guardian ConnectTM CGM data. InPen is the first and only FDA-approved smart2 insulin pen for persons who require numerous daily injections (MDI). This creation has further broadened the growth opportunity for the biosensor industry.

The industry segment for agriculture is anticipated to experience the quickest CAGR during the projection period. Biosensors provide quick and accurate identification of a wide range of funguses, in contrast to conventional methods used to stop the loss of animals and crops due to natural threats and bioterrorism. Hence, rising applications of biosensors in agriculture positively impact market growth.

Biosensor End User Insights

Based on End Users, the biosensor industry has been segmented into point-of-care, home diagnostics, research laboratories, the food industry, and security & biodefense. In 2021, the point-of-care testing segment dominated the market. Technology advancements in ground-breaking product development, such as biosensors ultrasensitive printable for point-of-care applications that help monitor or sense organic fluids like blood, urine, saliva, and perspiration, have been attributed to the growth of biosensors in the PoC testing market over the forecast period. It is anticipated that the food industry segment will grow the fastest with respect to the biosensor market revenue. One of the main factors in its rapid growth is its ability to address various difficulties in the food processing industries, such as decreasing costs associated with hygiene analysis through exact tests and providing prompt results.

Engineers at Johns Hopkins University have created nanoscale tattoos, a significant scientific development that brings us closer to monitoring individual cells' health. These tiny objects are made up of wires and dots that can flex and adapt to living cells' wet and fluid exteriors to cling to them. This ground-breaking innovation ushers in an age of potential. The most significant development in biosensor technologies is the direct attachment of optical components or electronics to living cells.

Biosensor Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Biosensor market accounted for USD 8.6 billion in 2021 and is expected to exhibit a significant CAGR of 41 percent growth during the study period. The North American region is anticipated to hold a sizable market share of the biosensor due to the high prevalence of chronic diseases and the rising need for point-of-care testing and research activities in the region. For instance, the Globocan 2020 research projects that there will be 3.5 million new cancer cases in North America by 2040, up from an estimated 2.6 million cases in 2020. Thus, the need for biosensors and point-of-care testing is anticipated to rise in the North American region due to the high frequency of chronic diseases.

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

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

Europe’s biosensor market accounts for the second-largest market. The growing number of diabetics is the main reason driving the market. The IDF Diabetes Atlas estimates that 61 million adults (20-79 years old) in the IDF Europe Region had diabetes in 2021. A push for the development of the European biosensor market has come from factors such as the growing elderly population, the rise in disorders linked to a sedentary lifestyle, rising awareness of various diseases, and the need for more accurate diagnostics. Further, the German market of biosensor held the largest market share, and the UK market of biosensor was the fastest-growing market in the European region.

The Asia-Pacific Biosensor Market is expected to grow at the fastest CAGR from 2022 to 2030. Factors influencing the growth of the Asia Pacific market includes the availability of encouraging policies and initiatives from governing and regulatory organizations for the construction of cutting-edge healthcare infrastructure in nations like China and India is anticipated to fuel market revenue growth. Examples include recently added raw materials and vaccines in China's National Encouraged Lists, which show that China is encouraging investors to create more sophisticated healthcare facilities and opening up new investment prospects for foreign businesses in the region. Moreover, China’s market of biosensor held the largest market share, and the Indian market of biosensor was the fastest-growing market in the Asia-Pacific region.

Biosensor Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product offerings, which will spur further market growth of biosensor. With significant market developments like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and survive in a fierce climate where competition and the market are growing, competitors in the biosensor industry must provide affordable products.

Manufacturing locally to cut operational costs is one of the manufacturers' main business methods in the biosensor industry to benefit customers and develop the market sector. The biosensor industry has recently given medicine some of the most important advantages. The biosensor market major player such as, including Abbott Laboratories (US), Stryker Corporation (US), and Medtronic Inc. (Ireland), are attempting to increase market demand by funding R&D initiatives.

Bio-Rad is a worldwide leader in developing, manufacturing, and cutting-edge marketing products for life science research and clinical diagnostic sectors. University and research institutions, public health and commercial laboratories, hospitals, pharmaceutical, biotechnology, and applied laboratories such as food safety and environmental quality are among their key customers. In October 2020, Bio-Rad Laboratories, Inc, a leader in life science research and clinical diagnostic products announced the release of its CFX Opus 96 and CFX Opus 384 Real-time PCR Systems, as well as, a cloud-based instrument connectivity, data management, and analysis platform.

Also, Medtronic Inc. (Ireland) is a healthcare solutions provider dedicated to enhancing people's lives via medical technologies, services, and solutions. With Covidien, the firm has accelerated and enhanced its ability to generate meaningful breakthroughs that enable hospitals, health systems, and healthcare providers to give the best available care to patients and their families worldwide.  In September 2020, Medtronic's MiniMed 770G hybrid closed-loop system was approved by the US Food and Drug Administration (FDA). This latest insulin pump system incorporates the company's most advanced SmartGuard technology, smart biosensors, as seen in the MiniMed 670G system, as well as smartphone connectivity and age indication down to the age of two years.

Key Companies in the market of biosensor include

  • Johnson & Johnson (US)

  • Abbott (US)

  • Bayer AG (Germany)

  • Siemens (Germany)

  • Life Sensors Inc. (US)

  • Nova Biomedical Corporation (US)

  • Medtronic plc (Ireland)

  • Hoffmann Roche (Switzerland)

Biosensor Industry Developments

January 2021 Sysmex Corporation announced in December 2020 that it had signed a Business Partnership Agreement (GBPA) with Roche Diagnostics International Ltd. The agreement is between F. Hoffmann-La Roche, Ltd.'s diagnostic reagent business unit and the parties to renew their Distribution, Sales, and Service (DSS) agreement. This enables Roche Diagnostics International Ltd. to continue distributing Sysmex hematology goods such as instruments and reagents.

December 2020 Abbott introduced the FreeStyle Libre 2, a next-generation, sensor-based glucose monitoring system for diabetic patients. It has been approved by Health Canada and is acceptable for adults and children over the age of four. Its features include real-time alerts that detect glucose levels every minute and wearable technology that eliminates the need for painful fingersticks while still providing high accuracy and actionable information to help patients manage their conditions.

Biosensor Market Segmentation

Biosensor Technology Outlook

  • Electrochemical

  • Optical

  • Thermal

  • Piezoelectric Biosensors

Biosensor Application Outlook

  • Medical Testing

  • Food Toxicity

  • Industrial Process

  • Environmental

  • Agricultural Testing

Biosensor End-User Outlook

  • Point-of-Care

  • Home Diagnostics

  • Research Laboratories

  • Food Industry

  • Security & Biodefense

Biosensor 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

Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 21 billion
Market Size 2022 USD 22.6 billion
Market Size 2032 USD 39.2 billion
Compound Annual Growth Rate (CAGR) 7.7% (2023-2032)
Base Year 2021
Market Forecast Period 2023-2032
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Technology, Application, and End-User
Geographies Covered Europe, North America, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Medtronic Inc (Ireland), Abbott Laboratories (US), F. Hoffmann Roche (Switzerland), and Nova Biomedical Corporation (US).
Key Market Opportunities High-growth opportunities in the food industry and environmental monitoring applications
Key Market Dynamics Growing prevalence of chronic and lifestyle-induced diseases. The emergence of nanotechnology-based biosensors

Frequently Asked Questions (FAQ) :

The market size of the biosensor market was valued at USD 21 Billion in 2021.

The market is estimated to expand at a CAGR of 7.7% during the forecast period 2023-2032.

The largest share of the market was held by North America.

The major market players in the market are Medtronic Inc (Ireland), Abbott Laboratories (US), F. Hoffmann Roche (Switzerland), and Nova Biomedical Corporation (US).

The electrochemical biosensor technology dominated the market in 2021.

The medical application had the largest share in the market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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