Biosensor Market worth over $42bn by 2027
Published Date: February 1, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Biosensor Market size is set to surpass USD 42 billion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing prevalence of cardiovascular disorders and obesity among others chronic diseases is surging the adoption of biosensors for wide range of diagnostic tests. Use of biosensors that are being integrated in various wearable and non-wearable technologies is witnessing momentous increase. In future, with mounting incidence of chronic and infectious diseases, the global market will expand at rapid rate.
Rising acceptance of biosensors during COVID-19 for clinical surveillance will boost the market growth
COVID-19 pandemic has affected millions of people worldwide. During this outbreak, biosensors played a crucial role for effective assessment of clinical progress and to provide alertness on any further severity of the infection. Adoption of technically advanced products in the market has helped the healthcare professionals and patients in better diagnosis and outcome. Biosensors have wide utilization in the drug discovery, defense, and biomedicine among others. This has led to invention of powerful and precise analytical tools using biological sensing tools. Integrated approaches provided a better perspective for developing specific and sensitive biosensors with high regenerative potentials. Thus, high sensitivity and accuracy of biosensors has allowed development of novel technologies for effective diagnosis. Moreover, several institutions and research centres are focusing on invention of new tests using biosensors, thereby stimulating the market revenue in the coming year.
Growing demand of devices used in monitoring major health parameters will drive the acceptance of non-wearable biosensors
Non-wearable biosensor market accounted for more than 37% of revenue share in 2020. Benefits such as high efficiency, accuracy and availability of broad range of non-wearable biosensors assist in increasing the customer preference. Non-wearable biosensors including handheld devices used for glucose and blood pressure monitoring among other health parameters are widely adopted in hospitals and point of care testing facilities. Additionally, continuous technological advancements in non-wearable segment and increasing diseased population will hold significant growth opportunity for the segment over the coming year.
Browse key industry insights spread across 208 pages with 113 market data tables & 15 figures & charts from the report, “Biosensor 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, Home Healthcare Diagnostics, Research Laboratories), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020– 2027” in detail along with the table of contents:
Technical advancements in electrochemical biosensors, ensuring accurate diagnosis will foster the segment growth
Electrochemical biosensors segment is projected to showcase 7.5% growth rate till 2027 led by its capability of providing specific quantitative or semi-quantitative analytical information. This technology allows detection of several biological constituents such as ligands, tissues, enzymes and whole cells, to name a few. Thus, rising prevalence of numerous disorders has created requirement for accurate diagnosis with less cost; thereby increasing the application of electrochemical biosensors during the forecast period.
Increasing incidence of infections globally will impel the demand for biosensors
Infectious disease testing application segment in the biosensor market valued at USD 1.4 billion in 2020. Significant rise in COVID-19 patients in 2020 has created need for rapid diagnostic tests for effective management. Use of various rapid tests for diagnosis of infectious diseases in order to facilitate better patient care has surged the market demand.
Growing preference for home healthcare devices will augment home healthcare devices segment expansion
Home healthcare diagnostics held over 23% of the biosensor market share in 2020. Rising geriatric population with diabetes and cardiac disorders, availability of user-friendly and portable devices coupled with increasing awareness about advanced technology to reduce hospital visits will propel the demand for biosensors in home settings. In addition, growing disposable income of the population in developing economies will further enhance the segment revenue.
Rising penetration of market players will create the growth opportunity for European region
Europe biosensor market size was USD 8 billion in 2020. Presence of major market leaders such as Gwent Group, Roche Diagnostics, and Abbott Laboratories among several others drives the market value. These companies are emphasizing on research and development for advancement of novel devices. Also, increasing interest of various research firms and joint ventures for the development of novel biosensor devices will also fuel the regional growth. Furthermore, growing awareness regarding latest technologies will boost the industry expansion in the upcoming years.
New product development will spur the market growth
Some of the notable participants operating in the biosensor market include Johnson & Johnson, DowDuPont, Roche Diagnostics, Abbott Laboratories, and Thermo Fisher Scientific Inc. Launch of new products and strategic alliances are the key strategies adopted by these firms to enhance their market footprint and achieve significant market share.
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