Biosensors Market Size, Share & Trends Analysis Report By Technology (Thermal, Electrochemical, Optical), By Application (Medical, Agriculture), By End User (POC Testing, Food Industry), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global biosensors market size was valued at USD 24.9 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030. Biosensor demand is increasing due to a variety of medical applications, a growing diabetes population, a high need for tiny diagnostic devices, and quick technological improvements. Accurate and early disease diagnosis is critical for a positive disease prognosis and patient survival. The demand for disposable, user-friendly, and cost-effective devices with quick response times has skyrocketed in recent years. These devices have made rapid progress in the medical field due to their ability to meet these criteria through an interdisciplinary combination of approaches from chemistry, nanotechnology, and medical science.

The growth of the market, on the other hand, is influenced by a number of factors that affect the market's dynamics in both positive and negative ways. The growing demand for point-of-care testing procedures is driving up the demand for effective biosensors, according to a global market report on biosensors. Furthermore, consumers are being urged to use biosensors for regular detection of pathogenic activities in the body due to the prevalence of chronic and lifestyle-related ailments, which is projected to drive up demand for biosensors. Biosensor applications are expanding due to a noteworthy increase in worldwide elderly demographics and the expansion of nanotechnology, which is increasing their availability and affordability.

Biosensors, which incorporate nanotechnology, are expected to find lucrative uses in various industrial activities such as food analysis, imaging operations, and microbial activity monitoring. The market is consolidating due to the rising popularity of medical equipment and tailored medications, increased preference for non-invasive biosensors, and increased research collaboration and agreements between diverse manufacturers. For instance, through a contract managed by Johnson & Johnson Innovation, Ethicon Endo-Surgery Inc., has entered into a research option agreement and partnership with Biometrics BrainStem Inc. Ethicon will use several co-funding mechanisms to confirm the operational and clinical efficacy of Biometrics BrainStem 'Tremor Monitor Unit, a compact, medical device non-invasive biosensor that detects minute eye movements in anesthesia patients.

As a credible assessment of basic brainstem function, this technology has the capacity to distinguish between safe and hazardous levels of sedation for patients all over the world, which is predicted to fuel market growth. Furthermore, in November 2019, scientists from Brazil and the U.S. developed a biosensor that is a glasses-based device that can give diabetics a less invasive test by measuring blood glucose levels through tears. Besides, another important element propelling this market forward is increased awareness of continuous health monitoring. Athletes have increasingly become more interested in this. Many sportsmen utilize EMG biosensors to keep a close eye on their health and receive alerts if anything is wrong.

Athletes will be able to perform better and stay ahead of the competition thanks to this early detection. For instance, in September 2020, Abbott introduced the Libre Sense Glucose Sport Biosensor, a glucose sport biosensor designed for athletes to continually test glucose in order to better understand the relationship between glucose levels and athletic performance. The FreeStyle Libre continuous glucose monitoring technology underpins the Libre Sense biosensor, which was created with diabetics in mind. This is the first personal-use gadget based on that technology that isn't just for diabetes.

Despite these considerations, the global market for biosensors is projected to be constrained by tight regulatory regulations and complicated reimbursement policies enacted in the global healthcare sector. Furthermore, the rate at which existing rules adjust to newer technologies is slow, hampering biosensor acceptance and limiting the global market's progress. According to the WHO, as of May 2020, there have been more than 42,48,389 COVID-19 reported cases and 2,94,046 deaths globally. The emergence of the outbreak of COVID-19 has shown a positive impact on the medical device industries. The early symptoms of COVID-19 have been scanned using a variety of methods. The employment of a sensor is one of the approaches.

Sensors are integrated with a biological component and a physicochemical detector to detect chemical molecules in conjunction with a systematic device. Using a smart band, optical sensor, wearable sensor, cell-based sensors, plasmonic photothermal sensor, and nano-sensor, this biosensing system can diagnose COVID-19. Various manufacturers are providing a rapid arrangement for clinical surveillance to help reduce the risk of exposure of healthcare personnel while obtaining regular patient vitals and lessening the demand for personal protective equipment (PPE) at this unprecedented time of COVID-19. COVID-19 emergency circumstances by remotely monitoring patients in isolation rooms who have COVID but do not require ventilation.

For instance, in May 2020, Royal Philips, a global pioneer in health technology, stated that the US Food and Drug Administration (FDA) has given its wearable biosensor (Philips Biosensor BX100) authorization to help hospitals manage proven and suspected COVID-19 patients. In addition, the next-generation wireless wearable biosensor improves clinical monitoring in Philips' patient deterioration detection solution, allowing clinicians to recognize risk early and improve care for patients in lower-acuity settings. The technology has already received CE certification and is being utilized at the OLVG Hospital in the Netherlands to assist with COVID-19 patient triage and clinical surveillance. The market will see a considerable increase in demand as a result of the increased need for testing, tracing, and tracking the virus as a result of the COVID-19 epidemic.

The diagnostic labs need a wide range of skills in order to test hundreds of samples per day. For instance, in July 2020, by monitoring molecules released in the breath, MIT engineers developed a nanoparticle sensor device that can diagnose and monitor lung ailments. Thus, the increasing prevalence of Omicron variant instances is expected to present a lucrative potential for market expansion in the near future, allowing the market to continue its post-pandemic growth. In laboratories, point-of-care testing, and self-testing for glucose monitoring, biosensors for measuring blood metabolites such as creatinine, glucose, lactate, and urea are extensively used and commercially developed. They have a wide range of applications in the healthcare industry.

The global market is projected to be driven by government programs focused on the development of proteomics and genomics. National Information and Communication Technology Australia (NICTA), for example, is projected to expand its data mining, networks, and embedded systems research on this subject. The majority of IT firms are also heavily investing in this sector. Market growth is likely to be boosted by investments from major IT companies such as IBM, Infosys, and TCS. Furthermore, the Chinese government is heavily investing in its computing infrastructure, primarily through the China Grid, which was launched by the Chinese Academy of Sciences and the Ministry of Education, and the China National Grid (CNGrid), which is supported by the Ministry of Science and Technology. The presence of such beneficial initiatives is projected to boost the biosensors market.

Technology Insights

The electrochemical segment dominated the market and captured the largest revenue share of around 71.1% in 2021. This is due to its ubiquitous use in biochemical and biological processes for measurement and analysis. Low detection limits, wide linear response range, excellent stability, and repeatability are all advantages of electrochemical biosensors. Electrochemical detection has a number of advantages over piezoelectric, thermal, and optical detection, resulting in higher market penetration and consumption. Robustness, compatibility with new microfabrication technologies, ease of operation, low cost, disposability, independence from sample turbidity, and low power needs are only a few of the benefits.

The optical segment is expected to witness the fastest growth over the forecast period. The need for optical biosensors in the analysis is predicted to increase throughout the forecast period, owing to their broad analytical coverage. Receptor-cell interactions, fermentation monitoring, structural research, concentration, kinetic, and equilibrium analyses are all possible with optical biosensors. The market for optical biosensors is expected to increase as a result of these factors. Optical biosensors provide a number of advantages over traditional analytical techniques, including the elimination of the requirement for substantial sample preparation and the option to pick a specific biological sensing element.

Application Insights

The medical segment dominated the market and accounted for the largest revenue share of around 66.7% in 2021. Biosensors are used in the fields of cholesterol testing, blood glucose monitoring, blood gas analyzer, pregnancy testing, drug discovery, and infectious disorders in the medical segment. It is regarded as a vital instrument in the identification and monitoring of a wide range of medical diseases, including diabetes and cancer. The rising prevalence of diabetes is a major factor contributing to the growth of the segment. A series of advanced glucose biosensors have been developed to help maintain the normal blood glucose level in patients suffering from diabetes.

The agriculture segment is expected to witness the fastest CAGR during the projection period. In comparison to traditional techniques used to prevent the loss of livestock and crops due to natural threats and bioterrorism, biosensors allow rapid and specific identification of numerous funguses. Pesticides, heavy metals, and herbicides, as well as pesticides in the ground and soil water, are measured with this instrument. These are also utilized to predict the emergence of soil disease, which was previously impossible with conventional technology, and so provide dependable, improved methods for soil disease cleanup and prevention at an early stage. Such aspects are assisting in the market's expansion.

End-user Insights

The point-of-care testing segment led the market and accounted for a revenue share of roughly 49.8% in 2021. Among the key rendering drivers attributed to the growth of biosensors in the PoC testing market over the forecast period are technological advances in breakthrough product creation, such as biosensors ultrasensitive printable for point-of-care applications that help monitor or sense organic fluids like blood, urine, saliva, and perspiration. These systems provide users with rapid and accurate results that facilitate earlier diagnosis and faster treatment. Constant R&D is leading to the development of next-generation point-of-care biosensors such as label-free optical techniques that include surface plasmon resonance, localized surface plasmon resonance, and improved spectroscopy techniques, which is anticipated to boost the demand for biosensors in point-of-care diagnostics over the forecast period.

The food industry segment is anticipated to witness the fastest growth over the forecast period. Its capacity to tackle many issues in the food processing sectors, such as minimizing expenses incurred during hygiene analysis by precise tests and offering speedy findings, are key elements contributing to its rapid growth. There are some potential application areas of biosensors in the food industry, such as fast analysis of food to keep the freshness of the product and raw material inspections on a regular basis, such as rapid food analysis to preserve product cleanness and repetitive monitoring of raw materials, have paved the way, which is some of the biosensors' potential use in the food industry.

Regional Insights

North America held the largest revenue share of around 39.8% in 2021 owing to the presence of significant players and the increasing incidence rate of targeted diseases in the region. Over the projected period, technological improvements such as the introduction of miniaturized diagnostic equipment that provides increased market penetration of Electronic Medical Records (EMR), as well as precise and quick findings are expected to fuel market expansion. Furthermore, the Clean Air Act, Clean Water Act, and National Environmental Policy Act all exist in the U.S. and are projected to create attractive growth possibilities for the market in North America over the projection period.

In the Middle East and Africa, the market is expected to exhibit the fastest growth during the forecast period. The presence of significant unmet medical requirements for target diseases such as diabetes, cancer, and other infectious diseases, as well as continuously improving healthcare expenditure in the region and increasing patient awareness, are some of the key factors driving the market in the Middle East and Africa. Over the forecast period, rising demand for point-of-care, home healthcare, and other healthcare businesses catering to the adult population, as well as government measures to decrease hospital stays by creating outpatient care models, are likely to fuel market expansion.

Key Companies & Market Share Insights

With the surge in demand for biosensors, global manufacturers are speeding up their production processes while also upgrading them through the use of cost-effective solutions. To maintain the surge in demand from diverse biosensor applications, leading businesses in the market are enforcing higher product quality. For instance, in February 2019, the iQ Group Global introduced the glucose saliva biosensor. This cutting-edge technology is one of the few non-invasive glucose saliva-based testing methods that do not necessitate the collection of blood for diabetes management. The glucose saliva-based test is being developed in order to improve the lives of the world's 425 million diabetics. Some of the prominent players in the biosensors market include:

• 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 Corporation

• Zimmer & Peacock AS

• Siemens Healthcare

Biosensors Market Report Scope

Segments Covered in the Report 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global biosensors market report on the basis of technology, application, end-user, and region:

• Technology Outlook (Revenue, USD Million, 2017 - 2030)

  • Thermal

  • Electrochemical

  • Piezoelectric

  • Optical

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Medical

    • Cholesterol

    • Blood glucose

    • Blood gas analyzer

    • Pregnancy testing

    • Drug discovery

    • Infectious disease

  • Food toxicity

  • Bioreactor

  • Agriculture

  • Environment

  • Others

• End-user Outlook (Revenue, USD Million, 2017 - 2030)

  • Home healthcare diagnostics

  • PoC testing

  • Food industry

  • Research laboratories

  • Security and bio-defense 

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Belgium

    • Switzerland

    • Netherlands

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Indonesia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East and Africa (MEA)

    • South Africa

    • Saudi Arabia

    • UAE

    • Turkey