Biosensors are analytical devices that combine a biochemical component with a physicochemical detector. They are used for the detection of an analyte, which may be a molecule, ion or cell. Biosensors have applications in healthcare, food toxins detection, bioprocess & environmental monitoring, and bioresearch. The healthcare application segment dominated the global biosensors market in 2022. Continuous glucose monitoring biosensors are being widely adopted for point-of-care diabetes management.
The global biosensors market is estimated to be valued at US$ 295.52 in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising adoption of point of care devices: As mentioned in the heading, point of care (POC) devices are being increasingly adopted for managing various diseases. Their advantages such as real-time monitoring, compact size, wireless connectivity and convenient usage are driving their adoption. This is augmenting the demand for biosensors used in POC devices such as glucometers, cardiac monitoring sensors etc.
Growth in the healthcare industry: Aging population and rising prevalence of chronic diseases such as diabetes, cardiovascular diseases are leading to higher healthcare spending globally. This is propelling the demand for advanced medical devices, diagnostic equipment and home healthcare devices where biosensors have widespread applications. Growing medical industry is creating a favorable environment for the growth of the global biosensors market over the forecast period.
Segment Analysis
The biosensors market is primarily segmented into wearable biosensors, non-wearable biosensors, and internal biosensors. Within these segments, the wearable biosensors segment currently dominates the market and is expected to continue dominating during the forecast period. This is owing to the increasing demand for home healthcare remote monitoring devices and increasing internet penetration. Wearable biosensors are compact, easy-to-use, and enable real-time tracking of various vital health parameters of patients from any location.
PEST Analysis
Political: Government initiatives towards implementing disease-preventive measures have boosted the demand for biosensors. Several governments are supporting R&D funding for developing advanced biosensors.
Economic: Rising healthcare expenditure across countries and growing incidence of chronic diseases are driving the demand for cost-effective point-of-care testing through biosensors.
Social: Increasing health awareness among people has fueled the adoption of wearable biosensors for tracking fitness metrics. Growing geriatric population prone to various diseases also contributes to market growth.
Technological: Advancements in microfabrication technologies, nanotechnology, and wireless connectivity is enhancing the miniaturization and accuracy of biosensors. Integration of artificial intelligence and IoT further improves real-time data analysis.
Key Takeaways
The Global Biosensors Market Growth is expected to witness high. The global biosensors market is estimated to be valued at US$ 295.52 in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
North America dominates the global market and is expected to continue dominating during the forecast period owing to robust healthcare infrastructure and presence of major market players in the region. Asia Pacific is expected to be the fastest growing market during the forecast period owing to growing middle-class population, increase in medical tourism, and rising prevalence of chronic diseases.
Key players operating in the biosensors market are Robert Bosch GmbH, Panasonic Corporation, Toshiba, Continental AG, Denso Corporation, Mitsubishi Electric Corporation,Texas Instruments Incorporated, Infineon Technologies AG, Harman International. Robert Bosch GmbH and Denso Corporation are the leading players supplying various biosensors for applications across automotive, healthcare and industrial sectors.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
