Global Biosensors Market to Earn a Remarkable Market Share During Forecast Period

Introduction

Biosensors are medical equipment that recognizes biological analytes such as bacteria, biological structures, or biomolecules. The growing demand for these sensors in the therapeutic and diagnostic categories is driving the medical sensor market. The advent of cheap and easy-to-use monitoring equipment capable of producing exact data in less time is projected to increase the industry. Furthermore, the rising frequency of chronic diseases and the growing elderly population are also expected to drive market expansion.

Rising Prevalence of Diabetes to Boost the Global Biosensors Market

The rising incidence of diabetes worldwide is expected to drive the global biosensors market expansion. Antimicrobial resistance, the prevalence of unhealthy and unproductive lifestyles, and the consumption of alcohol and cigarettes are all critical contributors to the growth in diabetes prevalence. According to the Centers for Disease Control and Prevention's (CDC) National Diabetes Statistic Report 2017, more than 100 million persons in the United States have diabetes or prediabetes. Furthermore, the World Health Organization claimed that diabetes was directly responsible for nearly 1.6 million deaths worldwide in 2016. These statistics indicate how growing instances of diabetes fuel the demand for biosensors.

Technological Advances to Create New Opportunities for the Global Biosensors Market

Technological advances in products by players operating in the global biosensors market may provide relevant opportunities for segment growth. For instance, in November 2017, lino Biotech AG closed the seed financing round and showcased an innovative label-free biosensor platform to innovate and enhance modern drug screening. This patented technology was expected to offer label-free detection assays by utilizing the power of molecular diffraction while excluding instabilities from environmental factors, such as non-specific binding or temperature changes. This new technology was expected to offer researchers and industry customers a distinctive way to analyze molecular interactions in crude biosystems and living cells. Such technologies will create new market opportunities for biosensors.

Impact Of COVID-19

The COVID-19 pandemic has substantially influenced the global biosensors market. This pandemic, induced by the virus SARS-CoV-2, has significantly spurred scientific research of biosensors for COVID-19 detection by several institutes and prominent corporations. According to the American Association for the Advancement of Science (AAAS), Jing Wang and his colleagues at the Swiss Federal Laboratories for Materials Science and Technology and ETH Zurich have produced a point-of-care biosensor capable of detecting SARS-CoV-2. This sensor can be deployed as a substitute for clinical diagnosis and assessing virus content in the air in real-time. Such variables are expected to drive market expansion throughout the forecast period.

Regional Insights

The global biosensors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America and Asia-Pacific were the most critical biosensors market in 2021. North America held the largest market share in 2021, owing to the increasing prevalence of diabetes and the presence of key market players in this region. It is expected to grow at a CAGR of 7.63% during the forecast period. Moreover, rapid technological advancements, such as the introduction of miniaturized diagnostic equipment providing prompt and accurate results and growing market penetration of Electronic Medical Records (EMR), are expected to drive the market growth over the forecast period. 

The biosensors market in Asia-Pacific is the second-largest. It is expected to grow at a CAGR of 8.7% during the forecast period. Asia-Pacific is expected to witness the fastest growth, owing to the increasing geriatric population and growing prevalence of diabetes.

Key Highlights

• The global biosensors market size in 2021 was estimated as USD 22,409.9 million and is expected to reach USD 44,794.7 million at a CAGR of 8% during the forecast period.
• By technology, the global biosensors market is segmented into thermal, electrochemical, piezoelectric, and optical. The electrochemical biosensors market is the most dominated technology compared to others in the global biosensors market. It is expected to grow at a CAGR of 8.18% during the forecast period, to reach an expected value of USD 35,217.4 million in 2030
• By application, the global biosensors market is segmented into medical, food toxicity, bioreactor, agriculture, environment, and others. The medical segment is the most dominated market for biosensors. It was valued at USD 16,283.7 million in 2021 and is expected to grow at a CAGR of 8.15% during the forecast period, to reach an expected value of USD 32,960.3 million in 2030. 
• By end-user, the global biosensors market is segmented into home healthcare diagnostics, POC testing, food industry, research laboratories, and security and bio-defense. Biosensors in POC (point-of-care) testing was valued at USD 12,157.87 million in 2021 and is expected to grow at a CAGR of 8.40% in 2030.

Competitive Players

1. Sensirion AG Switzerland
2. Bayer AG
3. Abbott
4. Biosensor International Group, Ltd
5. Xsensio
6. Lucentix SA
7. Ascensia Diabetes Care Holdings AG
8. Medtronic

Recent Developments

Recent Developments

• In November 2022, Sensirion (SIX: SENS), a leading supplier of CO2 sensor products, and Energous Corporation (NASDAQ: WATT), a pioneer in RF-based wireless power network charging, announced a partnership to create the next generation of maintenance-free CO2 sensors powered wirelessly over the air for the improvement of indoor air quality (IAQ) in commercial and industrial applications.
• In September 2022, Sensirion's new SEN54 and SEN55 environmental sensor nodes will be included in Seeed Studio's Grove all-in-one environmental sensors.
• In December 2022, Bayer launched the Industry-First Public Database Listing Company's Science Partnerships and Collaborations in the U.S.
• In November 2022, Senseonics and Ascensia announced a collaboration with the nurse practitioner group to increase patient access. This collaboration will offer in-office and at-home insertion options for the Eversense® E3 Continuous Glucose Monitoring System (CGM).

Segmentation

1. By Technology
   1. Thermal
   2. Electrochemical
   3. Piezoelectric
   4. Optical
2. By Application
   1. Medical
   2. Food Toxicity
   3. Bioreactor
   4. Agriculture
   5. Environment
3. By End-User
   1. Home Healthcare Diagnostics
   2. POC Testing
   3. Food Industry
   4. Research Laboratories
   5. Security and Bio-defense