The Biosensors Market is projected to reach $43.8 billion by 2030, at a CAGR of 8.2% from 2024 to 2030. 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, emerging markets 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.
Emergence of Nanotechnology-based Biosensors in Various End-use Industries
Biosensor is an analytical device that is used to detect a biological product. Nanotechnology is playing an increasingly important role in the development of biosensors. The nanotechnology-based biosensor or nano biosensor technology is revolutionizing the health care industry as nano biosensor technology is used in the measurement of metabolites, monitoring of diabetes, forensic medicine, and homeland security. In the food and drink industry, these are used for remote sensing of water quality, determination of drug residue in food etc. For environment protection, these are used in detecting pesticides and river water contaminants like heavy metal ions and genome analysis of organisms and communications. Nanotechnology-based biosensors are made up of nanomaterials and have dimensions ranging from 1 to 100 nm. These biosensors play a vital role in sensing the mechanism of biosensing technology. Integrating devices of nanomaterials with electrical systems has led to the development of nanoelectromechanical systems. Several nanomaterials have been explored for electronic and mechanical properties to improve biological signaling and transduction mechanism, which involves converting one form of energy to another. A few such materials that are widely employed include nanotubes, nanowires, nanorods, nanoparticles, and thin films made up of crystalline matter. These sensors can be used in applications ranging from amperometric devices for the enzymatic detection of glucose to the use of quantum dots as fluorescence agents for the detection of binding and bio-conjugated nanomaterials for biomolecular detection. Thus, growing technological innovation and the proliferation of new technologies increase business complexities, boosting the growth of the biosensors market.
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Key Findings in the Biosensors Market Study:
The Wearable Biosensors Segment to Register the Highest CAGR During the Forecast Period
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. The wearable biosensors segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the 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.
The Optical Biosensors Segment to Register the Highest CAGR During the Forecast Period
Based on type, the biosensors market is segmented into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, and other biosensor types. The optical biosensors segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing demand for optical biosensors in examination owing to their varied analytical coverage is required. Furthermore, optical biosensors are suitable for architectural studies, fermentation monitoring, receptor-cell interactions, concentration, kinetic, and equilibrium examination.
The Agriculture Segment to Register the Highest CAGR During the Forecast Period
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. The agriculture segment is projected to register the highest CAGR during the forecast. The growth of this segment is driven by the benefits offered by biosensors compared to traditional techniques used to prevent the loss of livestock and crops due to natural threats and bioterrorism.
The Healthcare Segment to Register the Highest CAGR During Forecast Period
Based on industry, the biosensors market is segmented into healthcare, food & beverages, forensic and biodefense, environmental monitoring, and other industries. The healthcare segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the technological advancements that create innovative products, easy to use, growing investments, funds, and grants.
Asia-Pacific to be the Fastest-growing Regional Market
Based on geography, the biosensors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is slated to register the highest CAGR during the forecast period. The high growth rate is mainly attributed to increasing health awareness, a rising aging population, growing chronic and lifestyle illnesses, and technological progress for several home use and proper insurance coverage. Asia-Pacific countries are also expected to adopt biosensor technologies in genomics, agriculture, food safety, and the environment due to their improved economic situation and increased pollution.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the biosensors market in the last three to four years. The key players profiled in the biosensors market report 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).
Scope of the report:
Biosensors Market Assessment, by Product
- Wearable Biosensors
- Embedded Devices
- Non-embedded Devices
- Non-wearable Biosensors
Biosensors Market Assessment, by Type
- Electrochemical Biosensors
- Optical Biosensors
- Piezoelectric Biosensors
- Thermal Biosensors
- Other Biosensor Types
Biosensors Market Assessment, by Application
- Medical
- Cholesterol Monitoring
- Blood Glucose Testing
- Pregnancy Testing
- Infectious Testing
- Other Medical Applications
- Food Toxicity
- Agriculture
- Wastewater Treatment
- Other Applications
Biosensors Market Assessment, by Industry
- Healthcare
- Food & Beverages
- Forensic and Biodefense
- Environmental Monitoring
- Other Industries
Biosensors Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
Key questions answered in the report:
