Bioelectronics are electronics that involve biological entities such as tissues,organisms or biologically derived components.They harness biological processes and mechanisms to sense, process and transmit information. Bioelectronics have wide applications in healthcare sector including diagnosis of disorders, drug delivery systems, implantable and wearable medical devices.Biosensors are becoming increasingly important in fields like medical diagnostics,food safety testing and environmental monitoring due to their ability to provide rapid,cost-effective and accurate analysis of biological or chemical samples.The growing adoption of biosensors for non-invasive and real-time monitoring is driving the demand for bioelectronics.
The global Bioelectronics Market is estimated to be valued at US$23530 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of wearable bioelectronics devices is one of the major trends in the bioelectronics market. Wearable bioelectronics integrate biosensors with flexible and stretchable electronic components mounted on lightweight and comfortable platforms such as temporary tattoos and adhesive skin patches. They are being increasingly adopted for non-invasive and continuous health monitoring applications such as monitoring blood pressure, heart rate, brain waves and body temperature. Companies are focusing on developing sophisticated wearable bioelectronics that can closely monitor health parameters and alert patients and doctors in case of abnormalities. For instance, MC10 has developed BioSticker, a wearable biosensor that can continuously monitor 8 physiological signals and detect potential health issues.
Strength: The bioelectronics market has promising growth potential due to increase in chronic diseases and rise in investment in R&D activities.
Weakness: High cost of development and complex manufacturing process of bioelectronic devices pose a major challenge to industry growth.
Opportunity: Growing focus on bioelectronic medicine and investment in emerging technologies like nanotechnology offer lucrative opportunities.
Threats: Stringent regulations for approval of bioelectronic devices and ethical issues related to integration of electronics and biology could hamper market expansion.
The global bioelectronics market demand is expected to witness high growth over the forecast period owing to rising prevalence of chronic diseases and increasing application of bioelectronics. The global Bioelectronics Market is estimated to be valued at US$23530 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis indicates that North America dominates the global market and is expected to continue its dominance in the coming years. This is attributed to presence of major players, rise in research activities and continuous technological innovations in bioelectronics.
Asia Pacific is expected to show fastest growth rate during the forecast period driven by growing healthcare expenditure, rising geriatric population and increasing investments by private players in development of bioelectronic devices.
Key players operating in the bioelectronics market are BBI-Biotech GmbH, Bioengineering AG, Danaher Corporation, Eppendorf AG, Getinge, Infors HT, Merck KGaA, Sartorius AG, Solaris Biotech Solutions, Thermo Fisher Scientific, Inc. These players are focusing on new product launches, expansions and collaborations to gain competitive edge in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it