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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~8% |
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Base Year Market Size (2023) |
~ USD 29 Billion |
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Forecast Year Market Size (2036) |
~ USD 58 Billion |
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Regional Scope |
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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:
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Application |
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End-User |
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Technology |
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Product |
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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.
Author Credits: Radhika Gupta, Shivam Bhutani
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