Biosensors Market Size, Share & Trends Analysis Report By Technology (Thermal, Electrochemical, Piezoelectric, Optical), By Application (Medical, Food Toxicity, Bioreactor, Agriculture, Environment), By End-User (Home Healthcare Diagnostics, POC Testing, Food Industry, Research Laboratories, Security and Bio-defense) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global biosensors market size was estimated at USD 22.40 billion in 2021 and is expected to reach USD 44.79 billion at a CAGR of 8% during the forecast period (2021–2030).

Biosensors are medical devices used to detect biological analytes, such as microorganisms, biological structures, or biomolecules. The device comprises three parts, a reader device, a signal transducer, and a component that identifies the analyte and produces a signal. The medical sensor market is mainly driven by the growing demand for these devices in the therapeutic and diagnostic segments. These segments are estimated to grow at a lucrative rate over the forecast period due to technological advances in this field, which have enhanced the reliability and measuring capabilities of these products.

Nanotechnology-enhanced biosensors are anticipated to be highly profitable in various industrial applications, including food analysis, imaging processes, and microbial activity monitoring. The market is consolidating due to increased demand for non-invasive biosensors, customized medications, and medical equipment, as well as agreements and research collaboration between various manufacturers.

Market Dynamics

Global biosensors market drivers

Widescale applications of biosensors in medical fields

Early and precise disease diagnosis is essential for the survival of patients and the successful prognosis of diseases. In recent years, the demand for simple, disposable, user-friendly, and cost-efficient devices with fast response times has increased extensively. Biosensors fulfill all these measures.

Biosensors for measuring glucose, urea, creatinine, and lactate, using electrochemical and optical modes of transduction, are being used and commercially developed in laboratories, including self-testing, point of care testing, and glucose monitoring. Biosensors have applications in various dimensions of the healthcare industry, such as cardiovascular, cancer, and diabetes. The rising incidence of these diseases globally has led to the increased use of biosensors for their early detection. Biosensors are ideal for new applications in hospitals, by patients at home, and by caregivers in non-hospital settings, thus boosting the use of biosensors.

Rising prevalence of diabetes

The rising prevalence of diabetes across the globe is anticipated to boost the biosensors market growth. Factors such as antimicrobial resistance, adoption of unhealthy and sedentary lifestyles, alcohol consumption, and smoking are major factors contributing to the rising prevalence of diabetes. According to National Diabetes Statistic Report 2017, published by the Centers for Disease Control and Prevention (CDC), more than 100 million people in the US were living with diabetes or prediabetes conditions. In addition, the WHO reported that in 2016, approximately 1.6 million deaths globally were directly caused due to diabetes. These statistics demonstrate how growing instances of diabetes fuel the demand for biosensors.

Global biosensors market restraints

High cost of research and development

There is a need to develop compatible single-task tools in combination with the available software. A large amount of data with a lack of standardization has impeded the growth of the biosensors market. There is a need for a user-friendly database to reduce the effort and time associated with analyzing the extensive data available to institutions and governments globally. It is also necessary to enhance integration methods to overcome statistical challenges arising from the integrated analysis of high-throughput biomedical research and genomic data.

However, the high cost of the development of such activities may hamper the growth of the biosensors market. Similarly, the constant addition of new genomes in public sequences databases also leads to errors, making standardization crucial for optimum results of simulation and modeling and increasing the expenses that impede the global biosensor market.

Global biosensors market opportunities

Introduction of technologically advanced products

The introduction of technologically advanced products by players operating in the 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. The introduction of such technologies in the market may create opportunities for further development and growth over the forecast period.

Regional Analysis

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

Significant growth in north america and asia-pacific

The biosensors market in North America was valued at USD 9,731.9 million in 2021 and is expected to grow at a CAGR of 7.63% during the forecast period, to reach an expected value of USD 18,941.4 million in 2030. 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. The increasing prevalence of diabetes in the US is one of the major factors driving the regional market growth.

Moreover, an increase in the number of COVID-19 patients in this region also boosted the demand for biosensors. The recent outbreak of COVID-19 has positively impacted the biosensors market. Rapid technological advancements, such as the introduction of miniaturized diagnostic equipment providing prompt and accurate results and the growing market penetration of Electronic Medical Records (EMR), are expected to drive the market growth over the forecast period. Furthermore, the presence of the Clean Air Act, Clean Water Act, and National Environmental Policy Act in the US, which are continuously monitoring environmental pollution, is expected to create lucrative growth opportunities in this region over the forecast period.

The biosensors market share in Asia-Pacific was valued at USD 4,874.7 million in 2021 and is expected to grow at a CAGR of 8.7% during the forecast period, to reach an expected value of USD 10,327.9 million in 2030. Asia-Pacific is expected to witness the fastest growth over the forecast period, owing to the increasing geriatric population and growing prevalence of diabetes.

Moreover, Asia-Pacific has been one of the worst-hit regions by COVID-19. China and South Korea have reported very high COVID-19 cases. In addition, densely populated pockets in this region have facilitated community transmission of the virus. An increased number of at-risk patients in this region is anticipated to drive the biosensors market growth over the forecast period. The presence of a huge target population, an increasing number of government initiatives, a rising incidence of food allergies, and massive research and development investments are a few factors driving the biosensors market.

The market is anticipated to grow most quickly in the Middle East and Africa during the forecast period. Some of the main factors propelling the market in the Middle East and Africa are the presence of significant unmet medical needs for target diseases like diabetes, cancer, and other infectious diseases, as well as continuously improving healthcare expenditure in the region and increasing patient awareness. Government initiatives to reduce hospital stays by developing outpatient care models and rising demand for point-of-care, home healthcare, and other healthcare businesses catering to the adult population are likely to fuel market expansion over the forecast period.

Segmental Analysis

In terms of technology, the global biosensors market is segmented into thermal, electrochemical, piezoelectric, and optical. The electrochemical technology segment is the most dominant technology compared to others technology. The electrochemical biosensors market share was valued at USD 17,355.2 million in 2021 and 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.

Technological advancements such as the incorporation of nanoparticles, including composite nanoparticles, metal nanoparticles, and semiconductor quantum dots, have widened the applications in various fields by utilizing the electrochemical biosensor principle. These advancements are expected to boost the market demand, resulting in the growth of this technology segment over the forecast period.

Over the forecast period, the optical segment is anticipated to grow the fastest. Due to their extensive analytical coverage, optical biosensors are expected to become more critical in analysis throughout the forecast period. Optical biosensors allow studying receptor-cell interactions, fermentation monitoring, structural research, concentration, kinetics, and equilibrium. These factors are predicted to lead to growth in the market for optical biosensors. Compared to conventional analytical methods, optical biosensors have several advantages, such as the removal of the need for extensive sample preparation and the freedom to choose a particular biological sensing component.

In terms of 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. Medical sensors are considered an essential tool in detecting and monitoring a wide range of medical conditions such as diabetes and cancer.

The industry segment for agriculture is anticipated to experience the fastest CAGR during the projection period. Biosensors enable quick and accurate identification of a wide range of funguses, in contrast to conventional methods used to stop the loss of livestock and crops due to natural threats and bioterrorism. With the help of this instrument, pesticides, heavy metals, herbicides, and pesticides in the soil and soil water are all measured. Additionally, these are used to predict the emergence of soil disease, which was previously impossible with conventional technology, and thus offer reliable, improved techniques for soil disease cleanup and prevention at an early stage. These elements promote market growth.

In terms of end-users, 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 are expected to witness lucrative growth due to technological advancements pertaining to novel product development. It was valued at USD 12,157.87 million in 2021 and is expected to grow at a CAGR of 8.40% during the forecast period, to reach an expected value of USD 25,125.7 million in 2030. Continuous research and development activities are leading to the development of next-generation point-of-care biosensors, which is anticipated to boost the demand for biosensors over the forecast period.

Over the forecast period, it is anticipated that the food industry segment will grow the fastest. One of the main factors in its rapid growth is its ability to address various issues in the food processing industries, such as minimizing costs associated with hygiene analysis through precise tests and providing prompt results. There are a few potential uses for biosensors in the food industry, including quick food analysis to maintain product cleanliness and frequent raw material inspections. These potential uses for biosensors in the food industry include quick food analysis to maintain product cleanliness and frequent raw material inspections.

Impact of covid-19

The COVID-19 pandemic influenced the global biosensors market significantly. This pandemic, caused by the virus SARS-CoV-2, has drastically increased the research and development of biosensors by many institutions and key companies for COVID-19 testing. For instance, as per the American Association for the Advancement of Science (AAAS), Jing Wang and his team at the Swiss Federal Laboratories for Materials Science and Technology and ETH Zurich have developed a point-of-care biosensor that can specifically detect SARS-CoV-2. This sensor will not replace the established laboratory testing; however, it can be used as an alternative for clinical diagnosis and measuring real-time data of virus concentration in the air.

Similarly, Rogue Valley Microdevices—a manufacturer of microelectromechanical systems and sensors—is working with startups such as Cardea Bio & Hememics to develop biosensors for COVID-19 testing. Researchers at the University of Texas are developing sensors that can test for COVID-19 and flu and simultaneously differentiate between the two illnesses. The dual test device will be convenient and time-saving for patients as they will not have to undergo multiple testing to detect COVID-19. Thus, these factors are anticipated to boost market growth during the forecast period.

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).