The global Biosensors Market is estimated to be valued at US$ 295.52 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Biosensors are analytical devices used for detection of an analyte which combines a biological component with a physicochemical detector. The biological components, usually, tissues, microorganisms, organelles, cell receptors, enzymes, antibodies, or nucleic acid probes, recognize the analyte. Biosensors have applications in medicine, bioprocess/biomonitoring, environment and is gaining acceptance point-of-care testing. The advantages of biosensors are smaller size, low cost, easy to use and disposable. With major applications in medical diagnostics, human genome projects, food-safety testing, bio-defense and environmental monitoring, biosensors market is growing rapidly.
Market key trends:
One of the key trends in the biosensors market is the rising adoption of electrochemical biosensors. Electrochemical biosensors are increasingly being used in medical diagnostic devices and point-of-care testing due to their advantages such as high sensitivity, low cost, easy to manufacture and suitability for miniaturization. These biosensors detect biological reactions through either amperometric, potentiometric or conductometric techniques. With technological advancements electrochemical biosensors have potential applications in detection of infectious diseases, blood glucose monitoring and cancer detection. Another trend is the increasing demand for wireless and wearable biosensors. With the advent of Internet of Things, biosensors are being integrated with smartphones to facilitate constant monitoring of vital health parameters remotely. This allows for early detection of health issues and timely medical intervention.
Threat of new entrants: The biosensors market has moderate threat of new entrants due to high capital investment required for R&D. However, new startups are developing innovative technologies. Bargaining power of buyers: Individual consumers have high bargaining power due to availability of alternatives. However, pharmaceutical and healthcare industries have low bargaining power due to reliance on biosensors.
Bargaining power of suppliers: The biosensors market has low bargaining power of suppliers as raw materials are available from numerous sources globally. Threat of new substitutes: New technologies like AI providing alternative medical diagnostic methods pose medium threat of substitutes to biosensor market.
Competitive rivalry: Intense competition exists between existing players in biosensors market to launch innovative products and gain market share.
The Global Biosensors Market Size is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period 2023 to 2030, due to increasing applications in healthcare sector for disease diagnosis and treatment.
Regional analysis: North America dominates the global biosensors market, with the largest market share, followed by Europe and Asia Pacific. The demand is high in these regions due to advanced healthcare infrastructure and focus on R&D. However, Asia Pacific is expected to grow at the fastest rate, during the forecast period, due to surging medical tourism, rising healthcare expenditure and increasing awareness.
Key players: Key players operating in the biosensors market are Nemaura Medical, Inc., MediWise Ltd., Integrity Applications Inc., OrSense, Medtronic Plc, GE Healthcare, Philips Healthcare, Akers Biosciences, Inc., Abbott Laboratories, F. Hoffman-La Roche Ltd., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, Sysmex Corporation, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., LifeSensors, Inc., Johnson & Johnson, Bayer AG, Smiths Detection, TaiDoc Technology Corporation, Efferent Labs, and I-SENS, Inc.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it