March 1, 2024
Biosensors Market

The Rising Demand For Point-Of-Care Testing Drives The Rapid Growth Of The Biosensors Market

Biosensors are analytical devices that utilize biological components such as enzymes, antibodies, nucleic acids, living cells or tissues to detect specific chemical substances that are associated with clinically important parameters. These sensors have various applications in medical diagnostics, food toxicity detection, environmental monitoring and biodefense. The biosensing components recognize a certain analyte and the accompanying transducers generate a quantifiable signal proportionate to analyte concentration or mass.

The increasing requirement for point-of-care testing has significantly spurred demand for biosensors. Point-of-care testing facilitates disease diagnosis closer to the patient with quick turnaround time compared to conventional diagnostic methods. Biosensors enable convenient, affordable and real-time monitoring of clinical analytes outside a central lab setting. The devices empower patients to efficiently self-monitor health parameters such as blood glucose, lactate levels and cholesterol at home. Besides supporting disease management, biosensors play a crucial role in reducing strain on healthcare systems by curbing hospital visits and providing timely treatment.

The global Biosensors Market is estimated to be valued at US$ 27.2 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising popularity of wearable biosensors among fitness and healthcare enthusiasts is emerging as a key trend in the global market. Wearable sensors can continuously track vital signs, measure biomarkers, detect stress levels and monitor calories burnt during activities. Integrating biosensing technology into smartwatches, fitness trackers, patches and clothing expands real-time health monitoring capabilities. The convergence of biosensors, artificial intelligence and cloud computing also enables predictive healthcare through advanced data analytics. Furthermore, governments across nations are increasing funding for biosensor research to enhance disease diagnostics, biodetection and environmental monitoring which will considerably augment the industry outlook.

Porter’s Analysis

Threat of new entrants: The biosensors market requires heavy investments in R&D which poses high entry barriers for new companies.

Bargaining power of buyers: Individual consumers have low bargaining power given the specialized nature of products. However, large organizations can negotiate on price and demand custom solutions.

Bargaining power of suppliers: A few large companies dominate the supply of key biosensor components like enzymes and biomaterials. This gives them significant influence over prices.

Threat of new substitutes: Alternative monitoring technologies like imaging and chromatography exist but each has limitations. No direct substitute offers the portability and cost-effectiveness of biosensors.

Competitive rivalry: The market is growing rapidly attracting many new players. Companies compete based on technology innovations, design improvements and strategic partnerships.

Key Takeaways

The Global Biosensors Market Share is expected to witness high growth. Continuous advancements in bioelectronics and medical technologies will expand biosensors applications in various fields including food safety, water quality monitoring and medical diagnostics. The global Biosensors Market is estimated to be valued at US$ 27.2 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.

Regional analysis – North America currently dominates due to rapid technological adoptions and healthcare spending. Asia Pacific is emerging as the fastest growing region on back of large patient pools, improving access to healthcare and government funding for medical innovation.

Key players operating in the biosensors market are Abbott, Medtronic, F. Hoffmann-La Roche Ltd, Siemens Healthineers, LifeScan, LifeSensors, Nova Biomedical and Acon Laboratories. Abbott and Roche are leaders in the blood glucose testing segment while Medtronic excels in implantable biosensors. Startups are exploring unconventional biosensing areas like wearables and printed electronics.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it