According to the most recent analysis by Emergen Research, the worldwide biosensors market had a value of USD 25.5 billion in 2021 and is anticipated to grow at a rate of 8.0% during the projected period. The use of biosensors in the healthcare and agricultural industries is expanding, and nanotechnology-based biosensors are starting to appear. These developments are expected to promote market revenue growth between 2021 and 2030.
Additionally, the increasing acceptance of biosensors by diabetics for glucose monitoring and the rising prevalence of chronic diseases such as diabetes, cardiovascular disease, and others worldwide are factors driving the market’s revenue growth. The monitoring of blood glucose levels in patients, particularly older persons, has been made easier thanks to significant improvements in biosensor technology, which has aided in the management of diabetes mellitus.
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Point of Care (POC) glucose testing and non-invasive glucose monitoring devices are two additional advantages of biosensors that are anticipated to boost market expansion over the course of the projected period. In-vitro diagnostic (IVD) devices based on biosensors are quickly becoming into good alternatives to traditional diagnostic tools because of the many benefits they provide. Biosensors are also utilised in maternity and reproductive tests. This method, compared to traditional detection techniques in medicine, provides a significant advantage for early diagnosis, allows for accurate screening of the intended population, and also allows for evaluating the effectiveness of a particular therapy.
A growing number of people are becoming increasingly concerned about diabetes, which is not just a problem for older people. 37.3 million Americans, or 11.3% of the population, had prevalence in 2019. A total of 1.9 million Americans, including 244,000 children and teenagers, have type 1 diabetes. Of the 37.3 million adult diabetics, 28.7 million had their condition properly diagnosed, and 8.5 million didn’t. Seniors are more likely to be affected than the general population, with 15.9 million seniors or 29.2% of Americans over the age of 65. (diagnosed and undiagnosed).
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The competitive landscape of the report has been formulated by considering all the vital parameters such as company profiling, market share, recent developments and advancements, gross margins, product portfolio, revenue generation, financial standing, market position, and expansion plans. The report also discusses in detail the recent mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, agreements, corporate and government deals, and partnerships, among others. The report also sheds light on the recent technological developments and product advancements in the Biosensors market.
Furthermore, the report provides details about the new players entering the market, and entry-level barriers and offers strategic recommendations to overcome those barriers to gain a substantial industry presence.
Key players include Abbott, Medtronic, Bio-Rad Laboratories, Inc., Cytiva, LifeScan IP Holdings, LLC, Nova Biomedical, Universal Biosensors, AgaMatrix, PHC Holdings Corporation, ACON Laboratories, Inc.
Key Highlights From the Report
Wearable segment is predicted to contribute the greatest revenue share over the projection period. Wearable biosensors have the potential to significantly alter the concepts of traditional medical diagnostics and the way that patients’ health and wellness are monitored. The development of wearable biosensors may lead to a transition from centralised hospital-based care systems to home-based personal medicine, which would also speed up diagnosis and lower expenses for patients’ healthcare.
Due to the rising development of novel diagnostic equipment and ideas in the healthcare industry, the home diagnostics segment is anticipated to dominate in terms of revenue share contribution to the worldwide biosensors market throughout the forecast period. Older persons find that using home-based medical devices is convenient since they allow for the provision of individualised treatment and eliminate the need for frequent hospital visits.
During the projected period, the Asia Pacific market is anticipated to have the fastest rate of revenue growth. Over the forecast period, rising demand for biosensors in the agricultural and healthcare industries is anticipated to propel global revenue development.
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Regional Analysis:
The report further examines the market in the key regions of the world with regard to production and consumption patterns, import/export, supply and demand ratio, revenue generation, market share and size, and presence of prominent players in the regions. The report also covers the expansion plans undertaken by companies in the regions under the regional analysis section.
Key regions in the market include:
North America
U.S.
Canada
Europe
U.K.
Italy
Germany
France
Rest of EU
Asia Pacific
India
Japan
China
South Korea
Australia
Rest of APAC
Latin America
Chile
Brazil
Argentina
Rest of Latin America
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
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Emergen Research has segmented the global biosensors market on the basis of product, technology, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019–2030)
Wearable Biosensors
Non-wearable Biosensors
Technology Outlook (Revenue, USD Billion; 2019–2030)
Electrochemical Biosensors
Optical Biosensors
Piezoelectric Biosensors
Thermal Biosensors
Nanomechanical Biosensors
Application Outlook (Revenue, USD Billion; 2019–2030)
Healthcare
Agriculture
Bioreactor
Food Toxicity
Others
End-use Outlook (Revenue, USD Billion; 2019–2030)
Point of Care (POC)
Home Diagnostics
Research Labs
Environmental Monitoring
Food & Beverages
Biodefense
Others
Key Features of the Biosensors Market Report:
The report provides information on the major forces, constraints, possibilities, problems, growth prospects, restrictions, and dangers.
The research includes information on the major businesses, their product portfolio and specifications, their production valuation, and their market shares.
It also provides research-backed projections for the forecast period of eight years, particularly to assess the potential market growth. • Evaluation of important existing and developing market trends and growth opportunities.
Brief market overview with respect to product development, technological breakthroughs, and research and development
thorough evaluation of the present market situation, buyers, demands, and upstream raw materials
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