Biosensors Market Size By Type (Wearable, Non-wearable), By Technology (Electrochemical, Optical, Thermal, Piezoelectric), By Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectious Disease Testing), By End-use (Point of Care Testing, Homecare Diagnostic, Research Laboratories), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 – 2027
Published Date: Jan 2021 | Report ID: GMI747 | Authors: Sumant Ugalmugle, Rupali Swain
Biosensors market size was valued over USD 25 billion in 2020 and is projected to witness growth of around 7.4% from 2021 to 2027. Increasing use of biosensors in various applications of healthcare and continuous technological advances are the factors contributing to the market growth. The demand for biosensors is increasing owing to wide use in clinical care and medicine. Moreover, biosensors have emerged in several fields such as diagnosis, patient health monitoring, detection of disease, and human health management, that will further aid in paving robust growth opportunities in the future.
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Increasing number of product launches coupled with rising adoption of novel biosensors will stimulate the global market expansion. Growing number of FDA approvals and development of wearable biosensors are gaining significant traction. For instance, in May 2020, Philips launched next generation wearable biosensor for detection of early deterioration of patient. Such products create breakthroughs in diagnostics field and are expected to drive the demand for the biosensors in the coming years.
|Base Year:||2020||Historical Data for:||2016 to 2020|
|Market Size in 2020:||USD 26.1 Billion||Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2027 CAGR:||7.4%||No. of Pages:||208|
|2027 Value Projection:||USD 43.4 Billion||Tables, Charts & Figures:||128|
|Geographies covered (16):||U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Switzerland, India, China, Japan, Brazil, Mexico, South Africa, Saudi Arabia|
|Segments covered:||Type, Technology, Medical Application, End-use|
|Pitfalls & Challenges:|
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Rising incidence of diabetes globally and growing acceptance of biosensors by diabetic patients are the factors contributing to the market revenue. The demand for rapid and preventive diagnosis of diabetes are augmenting the demand. Continuous monitoring of blood glucose levels is the prerequisite in management of diabetes mellitus. Significant advancement in glucose biosensor technology including continuous glucose monitoring system, non-invasive glucose monitoring system, and point of care glucose testing are boosting the market demand. Furthermore, advances in biosensors have allowed to measure blood glucose over a wide range of temperature, concentrations, and in the presence of several interfering substances. The ever-increasing precision and accuracy of biosensors in a minute sample volume is rising the usage in diabetes space and will continue to foster the market value over the coming years.
COVID-19 has positively impacted the global biosensors market. The deleterious impact of Coronavirus has prompted the development of novel biosensors in order to detect presence of proteins in the causative agent at real-time. Chip-based and paper-based biosensors are typically user-friendly, low-cost and provide rapid diagnosis for COVID-19. Thus, several industry players are focusing on development of rapid, reliable, and sensitive biosensors for COVID-19 diagnosis. These advanced biosensors are employed not only for real-time COVID-19 detection but also as a global screening tool to address control, surveillance, and preparedness in the event of future outbreak. Thus, the industry is expected to foresee robust growth in the near future owing to high demand for rapid diagnostic tools.
Increasing number of product launches and favourable reimbursement policies are predicted to fuel the demand for the market
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The wearable biosensors segment in the biosensors market accounted for USD 15 billion in 2020 led by rising adoption and continuous technological advancements in the field of wearable technology. Growing geriatric population and rising incidence of various chronic diseases are creating demand for vital parameter monitoring and progression of disease for proper disease management.
The smart wearable feature of biosensors allows aging population to monitor their health condition without intervention. Wearable biosensors have improved the quality of life of aged people by allowing them to remotely share their health data with healthcare providers, thereby lowering frequent hospital visits. In addition, ubiquitous use of wearable sensors will mitigate the burden of healthcare cost. Thus, expanding geriatric population coupled with growing inclination towards wearable technology among youth will create new opportunities for segment growth.
Rising acceptance of electrochemical biosensors will drive the demand for the market
The electrochemical biosensors dominated more than 67% of the biosensors market share in 2020 impelled by features such as direct monitoring and analysis of enzymes or living cells among others.
The electrochemical sensors provide early diagnosis of diseases and provide sensitivity, practicality, and fast response. The advance feature of these biosensors such as ease-of-use, miniaturization and broad detection limit with the restricted volume of analyte are transforming the overall customer preference. Thus, miniaturization of wearable technologies coupled with improved accuracy and application in various fields of healthcare will enhance the segment expansion.
Expanding diabetes population coupled with growing dependency on blood glucose monitoring devices will spur adoption of biosensors
Blood glucose testing in the biosensors market is poised to showcase 7.3% growth rate till 2027. Increasing burden of diabetes coupled with product launches will contribute to the market demand.
The use of non-invasive sensors in various insulin monitoring and delivery devices are influencing the segment revenue. Real-time communication and low power consumption of these sensors are the factors increasing the acceptance rate. These non-invasive sensors are allowing patients to connect their diabetes devices with smart phones and perform visualization task. Hence, the use of Internet of Things (IOT) and biosensors in diabetes space are allowing portability and accessibility of data, thereby aiding in the industry growth.
Increasing number of point of care tests across the globe are propelling the biosensors market expansion
The point of care testing end-use segment is estimated to attain a CAGR of 7.3% through 2027. Growing focus on creating awareness among diabetes patients and rising number of glucose point of care tests are driving the market size.
Favourable reimbursement policies coupled with speedy FDA approval due to shortage of laboratory-based testing in COVID-19 pandemic has increased the demand. Owing to COVID-19 pandemic, major players in industries have manufactured easy-to-use devices to facilitate testing outside laboratory settings. Point of care in the recent time has drastically revolutionized driven by COVID-19 pandemic. Also, the technology is getting smaller and lab-on-chip devices are gaining popularity, that will contribute to the market revenue during the forecast period.
Presence of key players will positively impact the growth for North America region
North America biosensors market size was USD 10 billion in 2020 on account of technological advancements coupled with growing applications of biosensors in various therapeutic area. The region is a home of several key market leaders such as Abbott Laboratories, Bio-Rad International, and Johnson and Johnson among others. This has increased the availability of advanced products in region, thereby contributing to revenue generation.
Furthermore, local manufacturers are continuously involved in technological advancements that is anticipated to influence the market value. Large population at high risk of diabetes in the region is further fuelling the regional revenue. According to the International Diabetes Federation, there were more than 30 million people were living with diabetes in 2019 in U.S. Thus, the presence of large patient pool and major industry participants will boost the regional expansion.
Major companies are continuously innovating their products to cater to the rising demand in the market
Some of the major players operating in the market are Abbott Laboratories, Bio-Rad International, Biosensor International, DowDuPont Inc, Ercon Inc., Gwent Group, Johnson & Johnson, Molecular Devices Corp, Pinnacle Technologies, QTL Biosystems, Roche Diagnostics, and others. These leaders are continuous innovating their products and introducing in the market. Moreover, technological collaboration coupled with increasing distribution partnership among major participants are augmenting their market growth.
Some of the recent industry developments:
- In May 2020, Philips received 510k FDA clearance for its wearable biosensor. The BX100 can help in managing confirmed and suspected cases of COVID-19 in hospitals.
- In July 2020, Roche Diagnostics launched SARS-CoV-2 rapid antibody test. This launch is a partnership with SD Biosensors Inc. The SARS-CoV-2 rapid antibody test is for use in point of care setting, that will increase its customer base.
- In September 2020, Abbott laboratories launched Libre Sense glucose sports biosensors in Europe. The device is built upon world’s leading CGM technology, that will help athletes to better understand correlation of glucose level and athletic performance, thereby strengthening its client base.
Biosensors market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027 for the following segments:
Market, By Type
Market, By Technology
- Electrochemical Biosensors
- Optical Biosensors
- Thermal Biosensors
- Piezoelectric Biosensors
Market, By Medical Application
- Blood Glucose Testing
- Cholesterol Testing
- Blood Gas Analysis
- Pregnancy Testing
- Drug Discovery
- Infectious Disease Testing
Market, By End-use
- Point of Care Testing
- Home Healthcare Diagnostics
- Research Laboratories
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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