Biosensors Market Size

Biosensors Market Size

Biosensors Market size was valued at over USD 28.5 billion in 2022. Driven by rising incidence rates of diabetes across the globe, the market is poised to register over 7% CAGR from 2023 to 2032.

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Diabetes is among the top chronic health issues that have a profoundly negative impact on public health and socioeconomic progress across the world. Many developed and developing economies have been witnessing a spike in diabetes cases over the last couple of years. In fact, cases of both type 1 and 2 diabetes have risen considerably among children and adolescents during the time. According to current estimates, over 1 million children and adolescents below 20 are suffering from type 1 diabetes.

Diabetes is also one of the leading causes of death across the globe, and co-morbidities such as cardiovascular disorders (CVDs), cancer, and respiratory disease are responsible for over 80% of all early fatalities. This growing disease load is subsequently elevating demand for different diagnostic devices such as biosensors to counter the disease and its associated deaths through early diagnosis.