Biosensors Market Size, Share & Trends Analysis Report By Application (Medical, Agriculture, Bioreactor) By Technology (Thermal, Electrochemical, Optical), By End Use, By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global biosensors market size was valued at USD 19.6 billion in 2019 and is expected to witness a CAGR of 7.9% during the forecast period. Demand for biosensors is increasing due to various applications of biosensors in the medical field, rising diabetic population, high demand for miniature diagnostic devices, and rapid technological advancements.

Early and precise disease diagnosis is essential for the successful prognosis of the disease and the survival of the patient. In recent years, the demand for disposable, cost-efficient, and user-friendly devices with fast response time has extensively increased. These devices owing to their potential to fulfill these criteria through an interdisciplinary combination of approaches from medical science, chemistry, and nanotechnology have paved their way rapidly in the medical field.

Biosensors for measuring blood metabolites such as lactate, glucose, creatinine, and urea, using both optical and electrochemical modes of transduction, are being routinely used and commercially developed in the point of care testing, laboratories, and self-testing for glucose monitoring. They have applications in various segments in the healthcare industry.

Governmental initiatives aimed at the development of proteomics and genomics are expected to drive the global biosensor market. For instance, National Information and Communication Technology Australia (NICTA) is expected to advance its research on data mining, networks, and embedded systems to be used in this field. Most of the IT companies are also significantly investing in this industry. Investments from major IT players such as IBM, Infosys, and TCS are expected to boost the market for biosensors. In addition, the Chinese Government is also investing heavily in its computing infrastructure majorly via the China Grid initiated by the Chinese Academy of Sciences and Ministry of Education and the China National Grid (CNGrid) supported by the Ministry of Science and Technology. Presence of such favorable initiatives is expected to have a positive impact on the biosensors market.

Application Insights

Based on the applications, the market is segmented into medical, food toxicity, bioreactor, agriculture, environment, and others. In 2019, the medical segment dominated the market for biosensors with around 66.5% of the revenue share. The medical segment comprises use of biosensors in the field of cholesterol testing, blood glucose monitoring, blood gas analyzer, pregnancy testing, drug discovery, and infectious diseases. It is considered as an essential tool in the detection and monitoring of a wide range of medical conditions from diabetes to cancer.

Agriculture is anticipated to witness the fastest growth over the forecast period. Biosensors provide rapid and specific detection of various fungus as compared to the older techniques that are adopted to reduce the loss of livestock and crops by natural threats and bioterrorism. This device is used to measure the concentrations of pesticides, heavy metals and herbicides, and pesticides in the ground and soil water. These are also used to forecast the possible occurrence of soil disease, which was not feasible with the conventional technology and hence providing reliable, advanced ways for the decontamination and prevention of soil disease at an early stage. Such factors are contributing towards the growth of the market for biosensors.

Technology Insights

Based on technology, the market is categorized into thermal, electrochemical, piezoelectric, and optical. Electrochemical segment captured the largest market share in 2019owing to its widespread applications for quantification and analysis in biochemical and biological processes. Electrochemical biosensors have advantages such as wide linear response range, low detection limits, reproducibility, and optimum stability. Electrochemical transduction presents considerable advantages over thermal, piezoelectric, or optical detection, thereby leading to high consumption and greater market penetration. These advantages include robustness, compatibility with new microfabrication technologies, disposability, low cost, ease-of-operation, independence from sample turbidity, and minimal power requirements.

The optical segment is expected to witness the fastest growth over the forecast period. Rising demand of optical biosensors in analysis owing to their versatile analytical coverage is expected to boost the growth of segment over the forecast period. Optical biosensors are applicable for structural studies, fermentation monitoring, receptor-cell interactions, concentration, kinetic, and equilibrium analysis. Such factors are anticipated to boost the growth of the market for optical sensors.

End-use Insights

The end use segment includes home healthcare diagnostics, PoC testing, food industry, research laboratories, and security and bio-defense. Biosensors in PoC testing dominated the market for biosensors in 2019 with around 46.6% revenue share. Technological advancements pertaining to novel product development such as ultrasensitive printable biosensors for point of care applications that help in detecting or monitoring biological fluids such as urine, blood, sweat, and saliva are amongst key rendering drivers attributing to the growth of biosensors in point of care diagnostics market over the forecast period.

Biosensors in the food industry are anticipated to witness the fastest growth over the forecast period. Key factors attributing to its rapid growth include its ability to overcome various challenges in food processing industries, which includes minimization of costs incurred during the hygiene analysis by providing rapid and accurate test results. Rising concerns for detection of allergic components and pathogens in food and biosensors have paved the way for rapid food analysis to maintain product freshness and routine monitoring of raw materials, which are some of the potential application areas of biosensors in the food industry.

Regional Insights

North America held the largest market share of around 40% in 2019 owing to the growing prevalence rate of targeted diseases and presence of key innovative players in the region. Technological advancements such as the introduction of miniaturized diagnostic equipment rendering rapid and accurate results and rising market penetration of Electronic Medical Records (EMR) are also expected to drive market growth over the forecast period. In addition, presence of Clean Air Act, Clean Water Act, and National Environmental Policy Act in the U.S. continuously monitor environmental pollution and is expected to provide lucrative growth opportunities for the market in North America, over the forecast period.

The Asia Pacific is expected to exhibit the fastest growth rate during the forecast period closely followed by Latin America. Presence of high unmet medical needs pertaining to target disease, such as cancer, diabetes, and other infectious diseases, growing patient awareness levels, and constantly improving healthcare expenditure in the region, are some of the key factors attributing to the growth of the market for biosensors in Asia Pacific and Latin America. Rising demand for point-of-care, home healthcare, other healthcare establishments catering to the adult population, and initiatives undertaken by governments to shorten hospital stays by establishing outpatient care models are also expected to drive market growth over the forecast period.

Key Companies & Market Share Insights

A few of the major players include AZUR Environmental; Abbott Laboratories; Biosensor BV; Bayer AG; Cranfield Biotechnology Centre; Pinnacle Technologies Inc.; DuPont Biosensor Materials; Ercon, Inc.; EG and IC Sensors, Inc.; Johnson and Johnson, Innovative Biosensors Inc.; LifeScan, Inc.; Strategic Diagnostics; Sysmex Corporation; Molecular Devices Corp.; QTL Biosystems; and Roche Diagnostics.

Major players implement strategies such as mergers, acquisitions, and liaison to expand their market share. For instance, in June 2014, Johnson and Johnson’s division, Ethicon, entered into a research agreement with Brainstem Biometrics for confirming the clinical utility of the Tremor Monitor Unit. The company funded the clinical research of biosensor of Biometrics, which is used in measuring brainstem function in metabolic disease treatment.

Biosensors Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global biosensors market report on the basis of technology, application, end use, and region:

• Technology Outlook (Revenue, USD Million, 2016 - 2027)

  • Thermal

  • Electrochemical

  • Piezoelectric

  • Optical

• Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Medical

    • Cholesterol

    • Blood Glucose

    • Blood gas analyzer

    • Pregnancy testing

    • Drug discovery

    • Infectious disease

  • Food Toxicity

  • Bioreactor

  • Agriculture

  • Environment

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2027)

  • Home healthcare diagnostics

  • PoC testing

  • Food industry

  • Research Laboratories

  • Security and Bio-defense

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Belgium

    • Switzerland

    • Netherlands

    • Russia

    • ROE

  • Asia Pacific

    • Japan

    • China

    • South Korea

    • India

    • Australia

    • Indonesia

    • ROAPAC

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Columbia

    • ROLATAM

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Turkey

    • ROMEA