Meticulous Research®—a leading global market research company, published a research report titled, ‘Biosensors Market by Product (Wearable Biosensors, Non-wearable Biosensors), Type (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors), Application, and Industry (Healthcare, Food & Beverages) - Global Forecast to 2030.’
According to this latest publication from Meticulous Research®, the biosensors market is projected to reach $43.8 billion by 2030, at a CAGR of 8.2% during the forecast period. The growth of this market is driven by the emergence of nanotechnology-based biosensors in various end-use industries, the availability of advanced biosensors, and rising government initiatives. Furthermore, the emerging market in developing countries and growth potential in the wearable devices market are expected to create market growth opportunities.
However, the slow rate of commercialization and high installation and operational costs restrain the growth of this market. Also, limited adoption in hazardous sectors and the unexplored potential of biosensors pose major challenges for the players in this market.
The biosensors market is segmented by product, type, application, and industry. The study also evaluates industry competitors and analyzes the market at the region/country level.
Based on product, the biosensors market is segmented into wearable biosensors and non-wearable biosensors. The wearable biosensors segment is further segmented into embedded devices and non-embedded devices. In 2023, the wearable biosensors segment is expected to account for a larger share of the global biosensors market. The large market share of this segment is mainly attributed to wearable biosensors’ potential to enhance medical diagnostics and continuous health monitoring capabilities. Additionally, wearable biosensor applications aim to change centralized hospital-based care systems to home-based personal medicine and reduce healthcare costs and the duration required for diagnosis.
Based on type, the biosensors market is segmented into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, and other biosensor types. In 2023, the electrochemical biosensors segment is expected to account for the largest share of the global biosensors market. The large market share of this segment is mainly attributed to its advantages such as low detection limits, wide linear response range, excellent stability, and repeatability. Additionally, electrochemical biosensors are highly used in non-medical applications, such as environmental monitoring and quality control of food & beverages.
Based on application, the biosensors market is segmented into medical, food toxicity, agriculture, wastewater treatment, and other applications. The medical segment is further segmented into cholesterol monitoring, blood glucose testing, pregnancy testing, infectious testing, and other medical applications. In 2023, the medical segment is expected to account for the largest share of the global biosensors market. The large market share of this segment is attributed to the wider usage of biosensors in the medical field for cholesterol testing, blood glucose monitoring, drug discovery, pregnancy testing, infectious disorders, and other medical testing.
Based on industry, the biosensors market is segmented into healthcare, food & beverages, forensic and biodefense, environmental monitoring, and other industries. In 2023, the healthcare segment is expected to account for the largest share of the global biosensors market. The large market share of this segment is attributed to the technological advancements that create innovative products and growing investments, funds, and grants.
Based on geography, the biosensors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the biosensors market, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The rapid growth of this market is attributed to increasing health awareness, the rising aging population, growing chronic and lifestyle illnesses, and technological progress for several uses at home and proper insurance coverage.
The key players operating in the biosensors market are F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Danaher Corporation (U.S.), DuPont de Nemours, Inc. (U.S.), Siemens Healthineers AG (Germany), Ercon, Inc. (U.S.), Innovative Biosensors Inc. (U.S.), Ascensia Diabetes Care Holdings AG (Switzerland), Bio-Rad Laboratories, Inc (U.S.), Biosensors International Group, Ltd. (Singapore), Dexcom, Inc. (U.S.), LifeScan Inc. (U.S.), Masimo Corporation (U.S.), Nova Biomedical (U.S.), Pinnacle Technologies Inc. (U.S.), QTL Biosystems (U.S.), and TE Connectivity Corporation (Switzerland).
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