Biosensors Market Synopsis
The global biosensors market size reached USD 25.5 Billion in 2021 and is expected to register a revenue CAGR of 8.0% during the forecast period. Increasing use of biosensors in monitoring blood glucose levels in individuals with diabetes and increasing use of biosensors in application areas such as agriculture, healthcare, and environmental monitoring are some of the key factors expected to drive the global biosensors market revenue growth during the forecast period.
Emergence of nanotechnology-based biosensors is expected to continue to drive revenue growth of the global biosensors market to a significant extent. Nanotechnology-based biosensors have dimensions ranging from 1 to 100 nanometers and are made up of nanomaterials. Advancements in biological techniques involving fluorescence tags to nanomaterials have increased the sensitivity limit of biosensors. Several nanomaterials have been discovered such as nanowires, nanotubes, nanoparticles and nanorods, which have electronic and mechanical properties. These are used in improving biological signaling and transduction mechanism, which involves the conversion of one form of energy to another. These nanosensors can be used in applications ranging from quantum dots as fluorescence agents for detection of binding and bio-conjugated nanomaterials for biomolecular detection to amperometric devices for enzymatic detection of glucose.
The nanotechnology-based biosensor or nanobiosensor is revolutionizing the healthcare sector as it is used for monitoring diabetes. In the food & beverages industry, biosensors are used for remote sensing and determination of residue and quality of food and water. Biosensors are also used for detection of river water contaminants caused by heavy metal ions and genome analysis of organisms and communications.
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In addition, extensive adoption of biosensors in the agriculture sector is expected to boost growth of the market during the forecast period. Nanotechnology is an emerging technology, which has potential to bring about major changes in the agricultural sector. Advanced technological developments in nanotech-based tools and devices such as nanobiosensors helps to increase efficiency and overcome certain challenges in the agricultural sector. Nanobiosensors can be utilized for monitoring healthy seeds that can improve plant germination, growth, crop yield, and quality. Organic pesticides and fertilizers can be developed, which can increase the productivity of land with the help of nanotechnology. Increasing application of nanobiosensors for ascertaining quality of soil and nanomagnets for removing soil contaminants are expected to continue to drive growth of the global biosensors market to some extent.
However, high initial costs associated with Research and Development (R&D) on biosensors are major factors expected to hamper revenue growth of the market to some extent during the forecast period. Large companies are more capable of investing in the development of biosensors as the costs can range between USD 40 to 50 million. In addition, technologically advanced biosensors require a significant amount of time to be developed. Slow rate of commercialization of biosensors and approval can take up to five years of the company’s time and wealth, which is expected to hamper market growth.
Product Insights:
Wearable biosensors segment accounted for largest revenue share in the global biosensors market in 2021
On the basis of product, the global biosensors market is segmented into wearable biosensors and non-wearable biosensors. Wearable segment is expected to account for largest revenue share during the forecast period. Benefits of wearable biosensors are resulting in an increasing number of hospitals using these products to monitor patient health as this opens up potential to change health monitoring and traditional medical diagnostic concepts. Wearable biosensors can change centralized hospital-based care systems to home-based personal medicine, which also reduce diagnosis time and healthcare costs. Wearable biosensors are convenient and comfortable as these eliminate need for painful fingersticks and provides real-time data on health status of a patient. This real-time data helps to provide better diagnosis and clinical decisions in lesser time, which results in better and more accurate health results and more efficient use of healthcare systems. Wearable biosensors are integrated with innovative features such as sensors that measure glucose levels every minute and provide real-time updates and alerts, which helps to monitor critical events such as hypoglycemia or hyperglycemia.
Technology Insights:
Electrochemical biosensors segment revenue is expected to expand at a rapid CAGR in the global biosensors market during the forecast period
On the basis of technology, the global biosensors market is segmented into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, and nanomechanical biosensors.
Electrochemical biosensors segment is expected to register a rapid revenue growth rate during the forecast period. Electrochemical biosensors are able to detect various biomolecules such as cholesterol, glucose, lactate, uric acid, hemoglobin, DNA, blood ketones, and others in the human body. Other characteristics of electrochemical biosensors include a wide linear reaction range, low detection limits, optimum stability and others, which result in higher usage and extensive market penetration. Electrochemical biosensors have various applications in the agriculture sector such as for crop, field, organic, and inorganic substance monitoring, and also to monitor quality of food and beverages. Glucose sensor is the most commonly used electrochemical biosensor, and is used in home diagnostic applications.
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Optical biosensors segment is expected to register a steady growth rate during the forecast period owing to rising demand in research and laboratories owing to flexibility and accuracy in research analysis. Optical biosensors are applied for fundamental research, receptor cell interactions, kinetic analysis, equilibrium study, and others.
Application Insights:
Healthcare segment accounted for largest revenue share in the global biosensors market in 2021
On the basis of application, the global biosensors market is segmented into healthcare, agriculture, bioreactors, food toxicity, and others.
Healthcare segment is expected to account for largest revenue share over the forecast period. Biosensors are used for drug discovery, pregnancy tests, and monitoring cholesterol and blood sugar levels. These are also used to discover infectious diseases, which is expected to contribute to growth of the market during the forecast period. Moreover, various medical applications of biosensors are gaining popularity in diagnosing diseases such as cancers, cardiovascular diseases, and for genetic testing.
Food toxicity segment is expected to register a rapid growth rate during the forecast period. Concerns regarding food toxicity and risks to human health is rising and has become more concerning globally due to increasing number of mass catering establishments, increasing number of consumers eating out or ordering in, and changing food habits. As food supply chains are globalized, identifying food toxicity is a major exercise and stringent norms are being implemented in various countries. Moreover, food quality control is critical for the food industry and for consumer safety and protection. Thus, screening for food contaminants is becoming dynamic across food industries, and this is expected to boost growth of the market over the forecast period.
End-use Insights:
Home diagnostics segment accounted for largest revenue share in the global biosensors market in 2021
On the basis of end-use, the global biosensors market is segmented into Point of Care (POC), home diagnostics, research labs, environmental monitoring, food & beverages, biodefense and others.
Home diagnostics segment is expected to lead in terms of revenue share contribution to the global biosensors market over the forecast period owing to increasing developments in new diagnostics devices and methods in the healthcare sector. Home-based medical devices are convenient to use and are a good option for older adults as this enables personalized care and eradicates need for frequent trips to hospital. It also reduces need for appointing family caregivers. In addition, the COVID-19 pandemic increased the need for home quarantine, which has led to an increase in demand for home diagnostics and is expected to support growth of the market during the forecast period.
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Environmental monitoring segment is expected to register a considerably robust revenue growth rate over the forecast period due to increasing need for a clean and sustainable environment. Biosensors can be useful for determining the type and concentration of contaminants that are present in an environment. Optical and electrochemical biosensors are commonly used for environmental monitoring.
Regional Insights:
North America accounted for a relatively larger revenue share than other regional markets in the global biosensors market in 2021
North America accounted for largest revenue share in 2021 and is expected to register a significantly robust revenue growth rate during the forecast period owing to advancements in miniaturization technology and presence of key market players in the region. Rapid growth rate of the North American market is attributed to increasing expenditure by governments in countries in the region, which is driving increased demand for biosensors in the healthcare sector. In addition, rising need for cost-effective medical diagnostics and rising demand for home diagnosis are factors expected to drive market growth in this region. Moreover, increasing government funding for conducting research and development of advanced biosensors for various application areas such as agriculture, biodefense, environmental monitoring, and others in countries such as the U.S. and Canada is expected to propel growth of the market during the forecast period.
Market in Asia Pacific is expected to register fastest revenue growth rate during the forecast period. Increasing demand for biosensors from agriculture and healthcare sectors are some key factors expected to drive market revenue growth over the forecast period. In addition, increasing prevalence of chronic and lifestyle diseases and increasing number of elderly and age-related diseases and conditions are other factors contributing to growth of the Asia Pacific market. Furthermore, availability of supportive policies and initiatives from government and regulatory bodies for development of advanced healthcare facilities and infrastructure in countries such as China and India are expected to drive market revenue growth. For instance, newly added raw materials and vaccines in China’s National Encouraged Lists indicate that China is encouraging investors to build more advanced healthcare facilities, which is creating new opportunities for foreign investors to invest in this region.
Market in Europe is expected to register high growth rate over the forecast period. Countries in Europe are more developed in terms of infrastructure and technology, which is creating revenue opportunities for providers offering the latest biosensors solutions.
Major Companies and Competitive Landscape
The global biosensors market is consolidated, with a few players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective biosensors. Some major companies included in the global biosensors market report are:
- Abbott
- Medtronic
- Bio-Rad Laboratories, Inc.
- Cytiva
- LifeScan IP Holdings, LLC
- Nova Biomedical
- Universal Biosensors
- AgaMatrix
- PHC Holdings Corporation
- ACON Laboratories, Inc.
Strategic Development
- In January 2021, Sysmex Corporation announced signing of a Global Business Partnership Agreement (GBPA) with Roche Diagnostics International Ltd., which is a diagnostic reagent business unit of F. Hoffmann-La Roche, Ltd. in December 2020. Under this agreement, the parties renewed their Distribution, Sales and Service (DSS) agreement, which allows Roche Diagnostics International Ltd. to continue the distribution of Sysmex hematology products, including instruments and reagents. This new agreement also aims to utilize the IT systems to lead improved clinical decision-making and customer satisfaction.
- In December 2020, Abbott launched FreeStyle Libre 2, which is a next-generation, sensor-based glucose monitoring technology used for patients suffering from diabetes. It received approval from Health Canada and is suitable for adults and children above 4 years of age. Its features such as real-time alarms measure glucose levels every minute and wearable technology eliminates the need for painful fingersticks, and also provides high accuracy and actionable information to better manage patient condition.
Scope of Research
| Report Details | Outcome |
| Market size in 2021 | USD 25.5 Billion |
| CAGR (2021–2030) | 8.0% |
| Revenue forecast to 2030 | USD 50.7 Billion |
| Base year for estimation | 2021 |
| Historical data | 2019–2020 |
| Forecast period | 2022–2030 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2021 to 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, technology, application, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Abbott, Medtronic, Bio-Rad Laboratories, Inc., Cytiva, LifeScan IP Holdings, LLC, Nova Biomedical, Universal Biosensors, AgaMatrix, PHC Holdings Corporation, ACON Laboratories, Inc. |
| Customization scope | 10 hours of free customization and expert consultation |
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Segments Covered in Report
For the purpose of this report, 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
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
Some Key Questions the Report Will Answer
- What is the expected revenue Compound Annual Growth Rate (CAGR) of the global biosensors market over the forecast period (2022–2030)?
- The global biosensors market revenue is expected to register a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period.
- What was the size of the global biosensors market in 2021?
- The global biosensors market size was USD 25.5 Billion in 2021.
- Which factors are expected to drive the global biosensors market growth?
-
- Emergence of nanotechnology-based biosensors and the increasing use of biosensors to monitor glucose levels in individuals with diabetes are key factors driving growth of the global biosensors market.
- Which was the leading segment in the biosensors market in terms of application in 2021?
-
- Healthcare segment was leading the biosensors market in terms of application in 2021.
- What are some restraints for growth of the global biosensors market?
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- Slow rate of commercialization and reluctance in adopting new treatment practices is a major factor restraining growth of the global biosensors market.
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