Global Biosensors Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
The Biosensors Market Report has been segmented on the basis of product, technology, application, and region. In Biosensors Market the development of nanotechnology-based biosensors is a factor fueling the growth of the target market. Furthermore, government initiatives for the use of advanced technology for diagnostics are a factor expected to support the growth of the global biosensors market in the near future.
Global Biosensors Market Overview:
The Biosensors Market was valued at $25.3 billion in 2021 & is projected to reach $35 billion by 2028. It is expected to grow at an 8.7% CAGR between 2021 and 2028.
Biosensors are analytical devices that contain a combination of biological detecting components such as a transducer and sensor system. These sensors have features such as sensitivity, stability, and reproducibility.
Biosensors can be divided into four types namely voltammetric biosensors, impedimetric biosensors, potentiometric biosensors, and amperometric biosensors.
Global Biosensors Market Dynamics:
The increasing adoption of biosensors for glucose level monitoring in the healthcare sector is a major factor driving the growth of the global biosensors market. In addition, the high adoption of biosensors for point of care applications for monitoring and testing the health condition of an individual is another factor supporting the growth of the global market.
However, the high cost of research and development activities is a factor that may hamper the growth of the global biosensors market. In addition, the slow rate of commercialization of biosensors is another factor that could affect the growth of the global market.
Nevertheless, increasing demand for biosensors for environmental monitoring and in the food and beverage sector can create high revenue opportunities for players in the target market.
Global Biosensors Market Segment Analysis:
Among the product segments, the wearable biosensors segment is expected to register high growth in terms of revenue over the forecast period. Increasing the adoption of wearables for health monitoring as they are cost-effective, easy to use, and offer mobility and comfort to the end-users is a factor driving the growth of the wearable biosensors segment in the global market.
Among the technology segments, the optical biosensors segment is expected to register lucrative growth in terms of revenue in the near future. Optical biosensors offer label-free, real-time, and direct detection of various chemical and biological substances.
They are cost-effective sensors that come in small sizes. Optical biosensors also offer high sensitivity and specificity. These are some of the factors supporting the growth of this segment in the target market.
Global Biosensors Market Regional Analysis:
Currently, the market in North America accounts for a major share in terms of revenue and is expected to register lucrative growth over the forecast period. The growing prevalence of chronic diseases is a major factor driving growth of the target market in this region.
In addition, increasing demand for point of care devices such as glucose monitoring, hematology devices, coagulation monitoring, cholesterol testing, etc. is another factor fueling the growth of the target market, especially in the US in this region.
The market in the Asia Pacific is expected to register the fastest growth in terms of revenue in the near future. Growing healthcare infrastructure, coupled with increasing healthcare spending are factors supporting the growth of the target market in this region.
Additionally, rising awareness regarding various diseases and their treatment among individuals is another factor anticipated to augment the growth of the biosensors market in the next 10 years.
Global Biosensors Market Segmentation:
Segmentation by Product:
- Non-wearable Biosensors
- Wearable Biosensors
- Body Wear
- Wrist Wear
Segmentation by Technology:
- Nano-Mechanical Biosensors
- Thermal Biosensors
- Piezoelectric Biosensors
- Optical Biosensors
- Electrochemical Biosensors
Segmentation by Application:
- Food & Beverages
- Environmental Monitoring
- Research Lab
- Home Diagnostics
- Point of care (POC)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Abbott Laboratories Inc.
- Hoffmann-La Roche AG
- Medtronic plc
- Universal Biosensors
- Siemens AG
- LifeScan, Inc.
- Bayer HealthCare AG
- Bio-Rad Laboratories, Inc.
- DowDuPont Inc.
- Sysmex Corporation
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