Biosensors Market Size To Reach $49.78 Billion By 2030

Biosensors Market Growth & Trends

The global biosensors market size was estimated at USD 28.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2030. The key factors driving the industry growth include various applications in the healthcare/medical sector, increasing demand in the bioprocessing industry, and rapid technological advancements in drug screening due to the COVID-19 pandemic. Moreover, the pandemic led to the rapid expansion of the biosensor industry due to an increase in the number of hospitals worldwide.

Over the forecast period, technological advancements are expected to be significant growth drivers for the industry. For example, in January 2022, a U.S. medical device manufacturer, Abbott, launched a universal consumer wearable device with biosensors. The company announced the development of a new line of consumer biometric wearable devices called Lingo, designed for more general fitness and wellness purposes. In addition, increasing demand for biosensors and bioreactors for new drug development is likely to lead to industry expansion in the near future due to improved biosensor technology.

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Biosensors Market Report Highlights

• The electrochemical biosensors technology segment accounted for the largest revenue share in 2023

• The segment is anticipated to witness significant growth over the forecast period owing to the widespread applications for analysis & quantification in biochemical and biological processes

• Based on the application, the medical segment dominated the industry in 2023. This device is considered an essential tool in the monitoring and detection of a wide range of medical conditions, such as cancer and diabetes

• Middle East & Africa is expected to witness the fastest growth rate over the forecast period

• This is owing to a rise in research & development activities and constantly improving healthcare facilities in the region.

Biosensors Market Segmentation

Grand View Research has segmented the biosensors market report on the basis of technology, application, end-user, and region:

Biosensors Technology Outlook (Volume, Unit; Revenue, USD Million, 2018 - 2030)

• Thermal

• Electrochemical

• Piezoelectric

• Optical

Biosensors Application Outlook (Volume, Unit; Revenue, USD Million, 2018 - 2030)

• Medical

  • Cholesterol

  • Blood Glucose

  • Blood Gas Analyzer

  • Pregnancy Testing

  • Drug Discovery

  • Infectious Disease

• Food Toxicity

• Bioreactor

• Agriculture

• Environment

• Others

Biosensors End-user Outlook (Volume, Unit; Revenue, USD Million, 2018 - 2030)

• Home Healthcare Diagnostics

• POC Testing

• Food Industry

• Research Laboratories

• Security and Bio-Defense

Biosensors Regional Outlook (Volume, Unit; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Belgium

  • Switzerland

  • The Netherlands

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Indonesia

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

  • Colombia

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

  • Turkey

  • Kuwait

List of Key Players of Biosensors Market

• Bio-Rad Laboratories Inc.

• Medtronic

• Abbott Laboratories

• Biosensors International Group, Ltd.

• Pinnacle Technologies Inc.

• Ercon, Inc.

• DuPont Biosensor Materials

• Johnson & Johnson

• Koninklijke Philips N.V.

• LifeScan, Inc.

• QTL Biodetection LLC

• Molecular Devices Corp.

• Nova Biomedical

• Molex LLC

• TDK Corp.

• Zimmer & Peacock AS

• Siemens Healthcare