Biosensors Market Size, Share & Trends Analysis Report By Technology (Thermal, Optical), By Application (Medical, Food Toxicity), By End-user (Home Healthcare Diagnostics, POC Testing), And Segment Forecasts, 2023 - 2030

Report Overview

The global biosensors market size was valued at USD 26.8 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030. The demand for biosensors is increasing due to the diversity of medical applications, the increasing number of diabetic patients, the high demand for compact diagnostic devices, and rapid technological improvement. Accurate early diagnosis of the disease is critical to a positive disease prognosis and patient survival. Demand for disposable, convenient, and economical devices with fast response times has increased dramatically in recent years. These devices have made rapid advances in the medical field due to their ability to meet these criteria through a combination of interdisciplinary approaches in chemistry, nanotechnology, and medicine. The growth of the marketis influenced by a number of factors that affect the market’s dynamics in both positive and negative ways.

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 the demand for biosensors.The application of biosensors is expanding due to the rising elderly population worldwide and the increased availability and affordability due to the adoption of nanotechnology.

Nanotechnology-based biosensors are expected to have lucrative applications in various industries, such as food analysis, imaging, and microbial activity monitoring. The global market is consolidating due to the growing preference for non-invasive biosensors, the rising popularity of medical devices and specialty drugs, and increasing research collaborations and contracts between various manufacturers. For example, Ethicon Endo-Surgery Inc.under contracts administered by Johnson & Johnson Innovation. Also, another important factor boostingindustry growth is the rising awareness about continuous health monitoring. As a result, the interest of athletes is increasing. Many athletes use Electromyography (EMG) biosensors to keep a close eye on their health and get alerts if something goes wrong.

This early detection can help athletes perform better and stay ahead of their competition. For example, in June 2022, biosensor company Nix will launch its first consumer product, a wearable sign language monitor, on its website. The Hydration Nix Biosensor consists of a Bluetooth-enabled reusable module, a mobile app, and a single-use patch. Endurance athletes are targeted for launch, but Nicks has run pilot programs with motorsport, military and industrial environments, tennis players, etc.Despite these considerations, the global market is expected to be constrained by strict regulations and complex cost recovery policies in the global healthcare sector. In addition, existing regulations are slow to adapt to new technologies, hindering the adoption of biosensors and limiting the development of the industry.

The emergence of COVID-19 has had a positive impact on the medical device industry. Early symptoms of COVID-19 have been scanned using a variety of methods. Using a sensor is one way. Sensors are integrated with biological components and physicochemical detectors to detect chemical molecules with system units. Using smart bracelets, optical sensors, wearable sensors, cellular sensors, plasmonic photothermal sensors, and nanosensors, this biosensor system can diagnose COVID-19.Various manufacturers are providing rapid clinical follow-up to reduce the risk of exposure to healthcare workers while obtaining regular patient essential data and reducing the demand for personal protective equipment(PPE) during the unprecedented time of COVID-19.

For instance, In May 2020, global medical technology pioneer Royal Philips approved the use of its wearable biosensor (Philips Biosensor BX100) by the U.S. Food and Drug Administration (FDA) to help hospitals treat patients with confirmed and suspected COVID-19. In addition, next-generation wireless wearable biosensors will improve clinical monitoring for Philips solutions, detecting patient deterioration, enabling doctors to recognize risks early, and improve patient care in low-acute conditions. The technology has already been CE certified and is being used by OLVG Hospital in the Netherlands to support COVID-19 patient triage and clinical follow-up. The biosensor market will witness a significant increase in demand as the need for testing and tracing of viruses increases as a result of the pandemic.

Diagnostic laboratories require a wide range of skills to test hundreds of samples per day. For instance, in July 2020, MIT engineers developed a nanoparticle-based sensor device that can diagnose and monitor lung disease by monitoring the molecules released during breathing. Therefore, the highprevalence of the Omicron variant presented a lucrative potential for market expansion, 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 industry is projected to be driven by government programmes 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 in 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, the Ministry of Education, and the China National Grid (CNGrid), which is supported by the Ministry of Science & Technology. The presence of such beneficial initiatives is projected to boost the market growth.

Technology Insights

Based on technology, the industry is categorized into piezoelectric, electrochemical, thermal, and optical. The electrochemical segment captured the largest market share of around 71.4% in 2022. 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 among a few benefits. The optical segment is expected to witness the fastest growth rate 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.

Application Insights

Based on the applications, the industry is segmented into bioreactor, medical, agriculture, environment, food toxicity, and others. In 2022, the medical segment dominated the industry and accounted for around 66.7% of the total revenue share. Biosensors are used in the fields of cholesterol testing, blood glucose monitoring, drug discovery, pregnancy testing, blood gas analyzer, 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.Agriculture is expected to grow at the fastest CAGR during the forecast 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 thus, provide dependable, improved methods for soil disease cleanup and prevention at an early stage. These aspects are assisting in the market’s expansion.

End-user Insights

The end-use segment includes research laboratories, the food industry, home healthcare diagnostics and security POC testing, and bio-defense. Biosensors in point-of-care testing led the market in 2022, accounting for roughly 46.7% of total revenue. Key factors driving the growth of biosensors in the POC testing market include technological advancements that create innovative products, such as ultra-sensitive printable biosensors for point-of-care applications that help detect or monitor organic fluids like urine, saliva, blood, and sweat. For instance, in August 2022, NanoDx, Inc., a developer of innovative medical diagnostic solutions, and SkyWater Technology announced the first commercially available protein-responsive nano biosensor.

Biosensors in the food industry are anticipated to witness the fastest growth over the forecast period. Its capacity to tackle many issues in the food processing sector, 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 including fast analysis of food to keep the freshness of the product and raw material inspections on a regular basis.

Regional Insights

North America held the largest share of more than 39.50% of the global revenue in 2022 owing to the presence of key players and increasing incidence 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 growth possibilities for the market in North Americaover the projected period.

Middle East & Africa is expected to exhibit the fastest growth rate during the forecast period. The presence of significant unmet medical requirements for target diseases, such as cancer, diabetes, and other infectious diseases, as well as continuously improving healthcare expenditure in the region and increasing patient awareness, drive the regional market. During the forecast period, increasing demand for home healthcare, point-of-care & other healthcare businesses serving the adult populationand government efforts to reduce hospital stays through the creation of outpatient care models are likely to drive the market expansion.

Key Companies & Market Share Insights

As the demand for biosensors increases, global manufacturers are accelerating their production processes and modernizing them with cost-effective solutions. To support the growing demand for various biosensor applications, leading companies in the global market are pushing for higher product quality. For instance, Linxens supports Siemens Healthineers with point-of-care diagnostics solutions. Siemens Healthineers has seen a growing demand for epoc systems deployed in ICUs and emergency rooms around the world to rapidly diagnose patients. As demand increases, so does the need for consumables, doubling the demand for Linxens coil biosensors, which is expected to boost the market growth in the near future. Some of the prominent players in the global 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 Corp.

• Zimmer & Peacock AS

• Siemens Healthcare

Biosensors Market Report Scope

Global Biosensors Market Segmentation

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

  • Thermal

  • Electrochemical

  • Piezoelectric

  • Optical

• 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

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

  • Home Healthcare Diagnostics

  • POC Testing

  • Food Industry

  • Research Laboratories

  • Security & Bio-Defense

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

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Belgium

    • Switzerland

    • The 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