Biosensors Market Size & Share, by Application (Medical, Food Toxicity, Bioreactor, Agriculture, Environment); End-User (Home Healthcare Diagnostics, POC Testing, Food Industry, Research Laboratories, Security and Bio-Defense); Technology (Electrochemical, Optical, Piezoelectric, Thermal, Nanomechanical); Product (Wearable Biosensors, Non-wearable Biosensors) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5832
  • Published Date: Mar 08, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Biosensors Market size is expected to reach USD 58 Billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of biosensors was USD 29 Billion. The reason behind the growth is impelled by the increasing wearable technology industry across the globe. For instance, the growth of 5G technology is expected to enhance the wearable market, which will reach over 450 million units shipped in 2022. Moreover, the number of wearable devices that are connected worldwide grew significantly from around 928 million to over 1 billion in 2022.

The growing advancements in biosensor technology are believed to fuel the market growth. For instance, a biosensor combined with an IGZO-FET-based machine-learning method was recently proposed to identify BC in clinical urine samples and to create a portable device for POC applications.


Biosensors Market
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Biosensors Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising Agriculture Industry - Many agricultural applications, including evaluating soil and crop toxins and identifying and diagnosing infectious diseases, can benefit from the use of biosensors as they can detect disease outbreaks early on and provide ongoing monitoring and are considered one of the main advances in human civilization, which produces crops and raises livestock to meet the needs of humans for food sustainably.
  • Growing Utilization in the Oil and Gas Sector- Gas and oil are essential to modern living, and their safe production is essential therefore the industry has made extensive use of sensing technology to monitor a range of petroleum production processes, including exploration, fracking, pigging, well drilling, completion, and decommissioning.
  • Increasing Need for Environment Monitoring- The kind and concentration of pollutants in an environment can be ascertained with the help of biosensors, which are promising for on-site monitoring and continuous real-time environmental data collection.
  • Surging Demand for Food- Biosensor instruments are becoming one of the most important diagnostic tools for food surveillance as they can be utilized to monitor food processing, identify naturally occurring poisons and antinutrients, look for genetically engineered organisms, and are utilized to calculate the number of acids, alcohols, and carbs in fermented foods. For instance, by 2050, the world's food demand will increase by more than 24%.

Challenges

  • High Cost of Development - The high cost of biosensors owing to specific equipment needs has hindered the biosensor technology's development in recent years. One of the main factors anticipated to restrain market revenue growth is the high initial cost of research and development which is impeding the adoption of the product. For instance, the R&D expenses for developing a novel biosensor are still very substantial, ranging from USD 45-50 million and requiring over 5 years for development.
  • Complex technology can make it challenging to develop efficient biosensors
  • A stringent regulatory process may increase the overall cost of the production

Biosensors Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~8%

Base Year Market Size (2023)

~ USD 29 Billion

Forecast Year Market Size (2036)

~ USD 58 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Biosensors Segmentation

Technology (Electrochemical, Optical, Piezoelectric, Thermal, Nanomechanical)

The electrochemical segment is predicted to account for 73% share of the global biosensors market by 2036. owing to the growing usage in point-of-care diagnosis. The discipline of point-of-care (POC) sensing is one of the most promising and emerging areas in identifying and measuring health indicators, as a result of which medical biosensors have been growing in importance.

One common type of sensing device that converts biological events into electrical impulses is the electrochemical biosensor which provides a means of directly sending a biological change variation to a signal that is being monitored, allowing for an examination of the contents of any organic material. To identify biomarkers in the field of clinical diagnosis, electrochemical biosensors are particularly important in the development of quick and point-of-care diagnostic systems for important analytes, including glucose, lactic acid, cholesterol, uric acid, blood ketones, hemoglobin, neurotransmitters, amino acids, soluble gases, and immunoglobulin.

Application (Medical, Food Toxicity, Bioreactor, Agriculture, Environment)

The medical electronics segment in biosensors market is set to garner a notable share shortly. Biosensors offer efficient tools for the early detection and diagnosis of a wide range of diseases, including cancer enabling early detection, personalized treatment, and improved prognosis. Biosensors for infectious disease diagnosis enable the detection of pathogens such as viruses, bacteria, and parasites, facilitating timely intervention and infection control measures.

Biosensors integrated into wearable devices enable continuous monitoring to provide valuable insights into patient health. Wearable sensors can track parameters such as heart rate, blood pressure, oxygen saturation, and temperature, to offer personalized health metrics and to improve disease management and quality of life for patients.

Furthermore, biosensors play a crucial role in drug discovery, development, and therapeutic monitoring by facilitating the evaluation of drug efficacy, toxicity, pharmacokinetics, and pharmacodynamics in preclinical and clinical settings. These devices enable researchers to assess biomolecular interactions, receptor-ligand binding kinetics, enzyme activities, and drug concentrations with high sensitivity and specificity.

Our in-depth analysis of the global biosensors market includes the following segments:

          Application

  • Medical
  •  Food Toxicity
  •  Bioreactor
  •  Agriculture
  •  Environment

          End-User

  • Home Healthcare Diagnostics
  •  POC Testing
  •  Food Industry
  •  Research Laboratories
  •  Security and Bio-Defense

          Technology

  • Electrochemical
  •  Optical
  •  Piezoelectric
  •  Thermal
  •  Nanomechanical

          Product

  • Wearable Biosensors
  • Non-wearable Biosensors

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Biosensors Industry - Regional Synopsis

North American Market Forecast

The Biosensors market in North America is predicted to account for the largest share of 40% by 2036 impelled by the growing food and beverage industry. The food and beverage market in the United States is expected to grow rapidly owing to a growing population, increased disposable incomes, shifting consumer preferences, and new product developments. For instance, between 2021 and 2026, the US food and beverage industry is predicted to have over 1% annual sales growth.

APAC Market Statistics

The Asia Pacific Biosensors market is estimated to be the second largest, during the forecast timeframe led by the growing health awareness. In recent years, there has been an increase in health awareness in India owing to their growing health consciousness and the rising incidence of lifestyle diseases, therefore, Indian consumers are becoming more willing to spend money on exercise programs and activities, natural food intake, health supplements, and specialized diets.

In addition, India, which is still developing quickly, is mostly responsible for the rise in alcohol consumption owing to factors such as rapid urbanization, increased affluence, easy availability, and shifting attitudes towards alcohol and lifestyle. This may lead to an increase in demand for Biosensor sand noninvasive monitoring of alcohol. It was projected that India's alcohol consumption would increase by over 6 billion liters in 2024.

Research Nester
Biosensors Market Size
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Companies Dominating the Biosensors Landscape

top-features-companies
    • Bio-Rad Laboratories Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Abbott Laboratories
    • Medtronic
    • LifeScan, Inc.
    • QTL Biodetection LLC
    • Molecular Devices Corp.
    • Nova Biomedical
    • Molex LLC
    • Biosensors International Group, Ltd.
    • Pinnacle Technologies Inc.
    • DuPont Biosensor Materials
    • Johnson & Johnson
    • Zimmer & Peacock AS

In-the-news

In The News

  • Abbott Laboratories announced the launch of a new line of consumer “wearable” sensors for both professional and amateur athletes to measure glucose, ketones, and lactate, and measure various biometric signals to assist people in "making better decisions" following a night out by providing information on sleep patterns, food, weight reduction, and sports performance.
  • Medtronic announced a partnership with Statis Health, to promote the latter's bedside patient monitoring system in India by providing an AI bedside patient monitoring system and employing predictive artificial intelligence (AI) to generate 24-hour trend data on vital signs to transfer patients between care areas.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 5832
  • Published Date: Mar 08, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The increasing wearable technology industry across the globe and the growing advancements in biosensor technology are the major factors driving the growth of the market.

The market size of Biosensors is anticipated to attain a CAGR of 8% over the forecast period, i.e., 2024-2036.

The major players in the market are Biosensors International Group, Ltd., Pinnacle Technologies Inc., Ercon, Inc., Nova Biomedical, Molex LLC, TDK Corp., Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, Zimmer & Peacock AS, Siemens Healthcare, and others.

The Electrochemical segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Biosensor Market Report Scope
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