Biosensors Industry Overview
The global biosensors market size is anticipated to reach USD 49.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.0% from 2022 to 2030. The primary driving reasons for market growth are many applications in the medical/healthcare sector, increased demand in the bioprocessing industry, and the rapid technological advancements in the drug screens area due to the COVID-19 pandemic. Furthermore, due to the COVID-19 outbreak, the biosensor industry has experienced rapid expansion in recent years due to the expanding number of hospitals around the world which will result in high adoption of biosensors because they are cost-effective and time-saving, which are driving the biosensor market.
Biosensors Market Segmentation
Grand View Research has segmented the global biosensors market on the basis of technology, application, end-user, and region:
Based on the Technology Insights, the market is segmented into Thermal, Electrochemical, Piezoelectric and Optical.
- The electrochemical segment dominated the market and captured the largest revenue share of around 71.1% in 2021. This is due to its ubiquitous use in biochemical and biological processes for measurement and analysis.
- The optical segment is expected to witness the fastest growth over the forecast period. The need for optical biosensors in the analysis is predicted to increase throughout the forecast period, owing to their broad analytical coverage.
Based on the Application Insights, the market is segmented into Medical, Food Toxicity, Bioreactor, Agriculture, Environment and Others.
- The medical segment dominated the market and accounted for the largest revenue share of around 66.7% in 2021. The rising prevalence of diabetes is a major factor contributing to the growth of the segment.
- The agriculture segment is expected to witness the fastest CAGR during the projection period. In comparison to traditional techniques used to prevent the loss of livestock and crops due to natural threats and bioterrorism, biosensors allow rapid and specific identification of numerous funguses.
- Pesticides, heavy metals, and herbicides, as well as pesticides in the ground and soil water, are measured with this instrument.
Based on the End-user Insights, the market is segmented into Home healthcare diagnostics, POC testing, Food industry, Research laboratories and Security & bio-defense.
- The food industry segment is anticipated to witness the fastest growth over the forecast period. Its capacity to tackle many issues in the food processing sectors, such as minimizing expenses incurred during hygiene analysis by precise tests and offering speedy findings, are key elements contributing to its rapid growth.
- The point-of-care testing segment led the market and accounted for a revenue share of roughly 49.8% in 2021. Among the key rendering drivers attributed to the growth of biosensors in the PoC testing market over the forecast period are technological advances in breakthrough product creation, such as biosensors ultrasensitive printable for point-of-care applications that help monitor or sense organic fluids like blood, urine, saliva, and perspiration.
Biosensors Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
With the surge in demand for biosensors, global manufacturers are speeding up their production processes while also upgrading them through the use of cost-effective solutions. To maintain the surge in demand from diverse biosensor applications, leading businesses in the market are enforcing higher product quality.
Some prominent players in the Biosensors market include
- Bio-Rad Laboratories Inc.
- Medtronic
- Abbott Laboratories
- Biosensors International Group, Ltd.
- Pinnacle Technologies Inc.
- Ercon, Inc.
- DuPont Biosensor Materials
- Johnson & Johnson
- Koninklijke Philips N.V.,
- LifeScan, Inc.
- QTL Biodetection LLC
- Molecular Devices Corp.
- Nova Biomedical
- Molex LLC
- TDK Corporation
- Zimmer & Peacock AS
- Siemens Healthcare
Order a free sample PDF of the Biosensors Market Intelligence Study, published by Grand View Research.
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