Technological advancements for development of novel and next-generation biosensors will drive the market development. Advanced biosensors have widespread applications in diagnosis, biomedicine, novel drug discovery, environmental monitoring, and food safety and processing. Furthermore, market participants are increasing their R&D expenditures for the development of wearables that address women’s fertility difficulties. Several start-up businesses are working on the development of enhanced wearable gadgets for chronic ailment diagnosis and real-time monitoring. Additionally, developing DNA-based biosensors could be a cost-effective way to identify the presence of viruses, bacteria, and cancer indicators rapidly. Thus, the aforementioned factors are expected to accelerate industry expansion.
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Biosensors market from wearable segment surpassed $15.5 billion in 2021. Increasing emphasis on the development of wearable technologies in health monitoring has resulted in the emergence of biosensors to continuously monitor behavioral and health changes, thus driving the segment revenue. Moreover, adoption of advanced bio-sensing technologies combined with design-oriented thinking will increase the potential of wearable biosensors. Leading industry players in the wearables market are constantly developing upgraded devices that incorporate cutting-edge bio-sensing technologies to enhance their adoption rate.
Some major findings of the biosensors market report include:
- Increasing investment towards new product development owing to significant growth opportunities in biosensors industry will augment the market expansion.
- Growing demand for biosensors for diagnosis of several chronic conditions will fuel the industry progression.
- Rise in adoption of advanced bio-sensing technologies with design-oriented thinking will increase the market forecasts.
- Rising demand for efficient diagnostic and monitoring tools such as assays, handheld devices, and small portable biosensors in patient management drives the product demand.
- COVID-19 pandemic affected product sales across various healthcare domains due to stringent movement restrictions and barriers on transportation.
Browse key industry insights spread across 208 pages with 225 market data tables & 16 figures & charts from the report, “Biosensors Market Forecasts By Type (Wearable, Non-wearable), Technology (Electrochemical, Optical, Thermal, Piezoelectric), Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectious Disease Testing), End -use (Point of Care Testing, Home Healthcare Diagnostics, Research Laboratories), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028“ in detail along with the table of contents:
Optical technology segment is projected to grow at 7% CAGR during the forecast timeframe. Optical biosensors enable receptor-cell interactions, structural research, fermentation monitoring, concentration, kinetic, and equilibrium analysis, among several other applications resulting in market demand. This type of device has several advantages over traditional analytical techniques, including no requirement of extensive sample preparation procedure and the ability to select a specific biological sensing element easily. Additionally, rise in application of optical biosensing devices to measure pCO2 in critical care and surgical monitoring has enhanced the biosensors market share.
Infectious disease testing segment was valued at over $1 billion in 2021. Biosensors provide an easy-to-use, cost-effective, and sensitive platform that assists in quick pathogen identification and prediction of effective treatment. Recent technological advancements in biosensing technology have enabled point of care diagnostics for infectious diseases in comparatively reduced time and cost along with improved accuracy. Growing prevalence of infectious diseases such as hepatitis C and HIV, increasing technological advances, and growing application of biosensors in diagnosis and monitoring devices will augment the business statistics.
Asian-Pacific biosensors market is anticipated to progress at 9.6% CAGR during the analysis timeframe. Asia-Pacific has experienced significant demand for rapid diagnostic tests and advanced biosensing tools with the emergence of COVID-19 pandemic. Considerably increasing population will offer unprecedented growth opportunities to the biosensors industry with higher adoption of point-of-care testing kits as well as home testing solutions. Thus, growing awareness regarding early disease diagnosis and prevention will drive the regional market size.
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Notable companies in the global biosensors market include Bio-Rad Laboratories, Inc, Abbott Laboratories, F. Hoffmann-La Roche Ltd, Ascensia Diabetes Care Holdings AG, Biosensors International Group, Ltd, Danaher Corporation, Dexcom, Inc, LifeScan Inc, Masimo, Nova Biomedical, Pinnacle Technology, QTL Biosystems, Siemens Healthineers AG, TE Connectivity Corporation, and Thermo-Fisher Scientific.
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