June 16, 2024

Biosensors Market Poised For Rapid Growth Owing to Rising Demand For Point-Of-Care Devices

They are broadly utilized for detection and monitoring of biological events like enzymes, antibodies, nucleic acids, and whole cells. Biosensors offer several advantages like high sensitivity, low sample consumption, real-time detection, and cost-effectiveness as compared to conventional laboratory techniques. Rapid detection of infectious diseases, diabetes diagnosis, drug discovery, food safety testing, and environmental monitoring are some of the key applications of biosensors. The growing need for point-of-care testing and medical diagnostics is augmenting the demand for biosensors across the world.

The Global Biosensors Market is estimated to be valued at US$ 340.44 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Biosensors market are Robert Bosch GmbH, Panasonic Corporation, Toshiba, Continental AG, Denso Corporation, Mitsubishi Electric Corporation,Texas Instruments Incorporated, Infineon Technologies AG, Harman International. These companies are engaged in new product launches, partnerships, and adoption of innovative technologies to gain a competitive edge in the market. The rising investments in research and development of wearables, home healthcare devices, and growing emphasis on decentralized diagnostic are presenting significant growth opportunities for players in the biosensors industry. With advancements in nanotechnology and nanomaterials, companies are expanding their global footprint through acquisitions and new manufacturing plants across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market drivers

The growing geriatric population worldwide and the subsequent increase in the prevalence of chronic and lifestyle diseases are fueling the demand for advanced healthcare monitoring devices integrated with biosensors. According to the World Health Organization, the proportion of the global population over 60 years will nearly double from 12% to 22% between 2015 and 2050. This is expected to create a strong need for continuous health tracking sensors. In addition, increasing investments by governments and private organizations in development of rapid tests for infectious diseases, virus detection, and drug discovery are anticipated to boost the biosensors market during the forecast period.

PEST Analysis
Political: The government bodies are formulating regulations that support the growth and adoption of biosensors technology. They are focusing on improving healthcare infrastructure which will provide momentum to the biosensors market.
Economic: Rising disposable incomes have increased the affordability of biosensor devices among consumers. Growing investments by private players to develop innovative products are positively impacting the market revenues.
Social: Increasing health awareness and focus on disease prevention is driving demand for home use biosensors for applications like glucose monitoring. Aging population has further boosted the need for continuous health monitoring solutions.
Technological: Advancements in areas like nanotechnology, artificial intelligence and miniaturization have enabled development of miniature, wireless and easy-to-use biosensor devices. Integration of biosensors with smartphones is a fast emerging trend.

Geographical Regions of Concentration
North America holds the largest share of the overall biosensors market in terms of value, owing to presence of major players and continuous technological advancements in the region. Favorable government initiatives for research & development and rising healthcare expenditure have contributed to the regional market growth over the years.

Fastest Growing Region
Asia Pacific region is poised to witness the highest growth during the forecast period. Increasing healthcare investments by governments especially in countries like China and India, rising lifestyle diseases and expanding medical tourism industry are some of the key factors propelling the demand for biosensors in Asia Pacific.

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