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Biosensors Market size exceeded USD 26 billion in 2021 and is set to register over 7.3% CAGR between 2022 and 2028. Rapid advancement in the industry including emergence of nanotechnology in biosensors is one of leading factor driving market growth.
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Biosensors developed using nanotechnology are mainly composed of nanoparticles with diameters ranging between 1 to 100 nanometres. Nano-electromechanical systems have been built by combination of electrical system and nanomaterial-based devices. The mechanical as well as electrical properties of numerous nanomaterials have been studied for application in enhancing transduction mechanism along with biological signalling, that leads to conversion of one form of energy into another.
Nanorods, nanotubes, nanowires, nanoparticles, and thin films composed of crystalline solids are some examples of commonly used materials. These devices can be utilized in a range of applications, including amperometric glucose detection, quantum dots as fluorescent agent for detection of binding activity, and use of bio-conjugated nanomaterials for biomolecular detection. Thus, aforementioned factors will fuel the overall market statistics.
The COVID-19 virus outbreak has positively influenced the biosensors market growth. Sudden upsurge in number of patients has elevated the demand for biosensors in several countries. Adding to this, several industry players are continuously involved in development of innovative biosensors for detection of COVID-19 virus thereby, demand for diagnostics has surged exponentially and rose by several folds. Moreover, some research organizations are also focusing on innovating face masks and wearable devices including smart watches for early detection of the pathogen as well as wide range of product approvals for emergency use in COVID-19 treatment. These factors have augmented market demand during the pandemic situation.
A biosensor is an analytical device containing an immobilized biological material such as an antibody, hormone, enzyme, organelle, or nucleic acid. These biosensors can interact with an analyte and produce an electrical, physical, or chemical signal that can be measured. Biosensors are devices that combine a physicochemical component and a biological component to detect an analyte into electrical measurement using electric circuits.
Report Coverage | Details |
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Base Year: | 2021 |
Market Size in 2021: | 26,700.8 Million (USD) |
Forecast Period: | 2022 to 2028 |
Forecast Period 2022 to 2028 CAGR: | 7.3% |
2028 Value Projection: | 43,638.0 Million (USD) |
Historical Data for: | 2017 to 2021 |
No. of Pages: | 208 |
Tables, Charts & Figures: | 241 |
Segments covered: | Type, Technology, Medical Application, End-use, and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Strong focus on discovery and development of novel biosensing therapeutics to offer highly specific treatment to complex and severe diseases such as cardiovascular disease, diabetes will stimulate market growth potential. The increasing use of biosensors in drug discovery, biomedicine, maintaining food safety standards, and environmental monitoring will further drive the industry landscape.
Collaborations between government organisations and research institutes to develop advanced and novel biosensors will also drive the market growth. For instance, In February 2018, the University of Cincinnati received a contract worth USD 750,000 for the development of real-time sweat biosensors.
Moreover, development of novel biosensors that enhance wound healing process are currently in developmental stage. Hence, growing government and private funding for development of next-generation innovative biosensing devices for medical applications is expected to lead to market growth in the forthcoming years.
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Biosensors market based on type is classified into wearable and non-wearable. Wearable biosensors segment dominated the biosensors industry with more than 57% market share in 2021. Wearable biosensors aim to shift the paradigm from centralised hospital-based care to home-based personal care, lowering healthcare costs and diagnosis time. These devices are causing a surge of innovation in society today. Their convenience and improved effectiveness may provide a new level of insight into a patient's current health status. The real-time data deliverance enables better clinical judgments, that leads to improved health outcomes and more efficient health-care utilisation.
Moreover, several market players are also focusing on development of innovative biosensors for rapid disease detection such as for COVID-19 patients. These developments will support the segmental growth during the analysis period.
Biosensors market by technology is classified into electrochemical, optical, thermal, piezoelectric, and others. Electrochemical segment is anticipated to proceed at 7.4% CAGR over the analysis timeline. The advancements in wearable biosensors have resulted in highly sensitive electrochemical analysis, that enhances ECG, heart rate, and EEG measurement. Wearable electrochemical biosensors have been incorporated into textile materials and the epidermis to allow for real-time monitoring of numerous physiological variables in order to improve overall patient's physiological health. In the next years, such improvements will offer unprecedented growth opportunities to the segment in future.
Biosensors market based on medical application is segmented into blood glucose testing, cholesterol testing, blood gas analysis, pregnancy testing, drug discovery, infectious disease testing, and others. Blood glucose testing segment surpassed USD 19 billion in 2021 owing to rising advancements in biosensor design for monitoring glucose and other body fluids except blood.
According to the study published by the American Chemical Society, novel biosensors for monitoring glucose levels in tears and sweat have been developed to provide real time data about the patient. Thus, development of such innovative devices monitoring blood glucose levels in real time especially for diabetic patient will stimulate the industry outlook in the forthcoming years.
Biosensors market on the basis of end-use is segmented into point of care testing, home healthcare diagnostics, research laboratories, and others. Home healthcare diagnostics segment crossed USD 6.2 billion in 2021 owing to increasing advancements in the healthcare sector, a high rate of acceptance of new diagnostic procedures, and ease of use of home-based medical devices contributing to market growth. Demand for home diagnostics has increased considerably due to the new coronavirus outbreak. As a result, several healthcare companies are developing cost-effective, smaller, and easy-to-use biosensing devices that could be used by broader population at home. Home healthcare diagnostics with the help of biosensors will have a huge impact on the industry, thereby impelling segment demand.
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North America biosensors market held majority of market share that accounted for more than 38% in 2021. The regional market growth is primarily due to growing prevalence of infectious diseases and rising application of point of care diagnostics for safe and early disease detection. Existence of a technologically advanced medical framework, sophisticated co-payment and insurance system enhances regional growth capabilities.
Moreover, increasing R&D investment by private and government organizations for development of novel biosensing therapeutics will further accelerate regional market size. Surging demand for rapid and portable tests, current expansion of molecular methods for development of rapid, inexpensive, and simple to use tests, increasing adoption of diagnostics for use in and away from the hospital setting will be a highly influential for industry expansion.
Some of notable players operating in the global biosensors industry include Abbott Laboratories, Ascensia Diabetes Care Holdings AG, Bio-Rad Laboratories, Inc, Biosensors International Group, Ltd, Danaher Corporation, Dexcom, Inc, F. Hoffmann-La Roche Ltd, LifeScan Inc, Masimo, Nova Biomedical, Pinnacle Technology, QTL Biosystems, Siemens Healthineers AG, TE Connectivity Corporation, and Thermo-Fisher Scientific among others. These market players are adopting numerous growth strategies to strengthen their product portfolio and broaden market footprint to garner high profit levels as well as expand consumer portfolio of the company.
Some of the recent industry developments:
The biosensors market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028 for the following segments:
By Type
By Technology
By Medical Application
By End-use
The above information is provided for the following regions and countries: