Biosensors Market Size, Share & Trends Analysis Report By Technology (Electrochemical, Thermal, Piezoelectric), By Application By End-user, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the biosensors market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for biosensors market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of biosensors market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Biosensors Market Categorization:

The biosensors market was categorized into four segments, namely technology (Thermal, Electrochemical, Piezoelectric, Optical), application (Medical, Cholesterol, Blood Glucose, Blood Gas Analyzer, Pregnancy Testing, Drug Discovery, Infectious Disease, Food Toxicity, Bioreactor, Agriculture, Environment), end-user (Home Healthcare Diagnostics, POC Testing, Food Industry, Research Laboratories, Security and Bio-Defense), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The biosensors market was segmented into technology, application, end-user, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The biosensors market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Belgium; Switzerland; The Netherlands; Russia; Japan; China; India; Australia; South Korea; Indonesia; Brazil; Mexico; Colombia; Argentina; South Africa; Saudi Arabia; UAE; Turkey.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Biosensors market companies & financials:

The biosensors market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• ABBOTT - Abbott is a global healthcare company focused on the development, manufacture, and commercialization of healthcare products across the globe. The company operates through four segments: pharmaceutical products, diagnostic products, nutritional products, and medical devices. Abbott’s product segment offers generic medicines for pain, fever, pancreatic disorders, hypertension, cardiovascular & metabolic products, and vaccines. The medical devices products segment of the company includes vascular & structural heart devices, electrophysiology & rhythm management, as well as heart failure devices for the treatment of cardiovascular diseases. In addition, this segment offers neuromodulation devices for the management of movement disorders and chronic pain. The company also offers blood glucose monitoring systems. It has a global presence with operations in more than 160 countries. St. Jude Medical operates as a subsidiary of Abbott.

• MEDTRONIC - Medtronic is a global health solutions company involved in the development, manufacture, distribution, and commercialization of device-based medical therapies & services. It operates through four segments: minimally invasive therapies, cardiac & vascular groups, restorative therapies, and diabetes groups. Their minimally invasive therapies segment consists of mesh fixation devices & hardware instruments; surgical products, including vessel sealing instruments, wound closure, and stapling devices; electro-surgery products; and mesh implants. In addition, it offers products in the fields of minimally invasive gastrointestinal diagnostics, inhalation therapy, renal care, and interventional lung solutions. The company has a global presence and operates from more than 370 locations in approximately 160 countries around the world. Its products are used mainly in surgical centers, hospitals, home care, and long-term care facilities. Medtronic markets its products through direct representatives in the U.S. and independent distributors & direct marketing methods in markets overseas.

• BIOSENSOR INTERNATIONAL GROUP, LTD. - Biosensors International Group, Ltd. is a medical devices company that manufactures & commercializes devices for critical care and interventional cardiology procedures. It operates through four segments: interventional cardiology, cardiac diagnostic, licensing revenue, and critical care. It is the first company to develop and launch a biodegradable polymer stent, which reduces systemic exposure. It operates as a subsidiary of Blue Sail Medical Co. Ltd. The company does not manufacture or distribute interventional cardiology products in the U.S., as they are not approved by the U.S. FDA.

• ASCENSIA DIABETES CARE HOLDINGS AG (PHC HOLDINGS) - Ascensia Diabetes Care Holdings AG is a part of Panasonic Healthcare Holdings, engaged in developing, manufacturing, and commercializing medical devices & solutions for diabetes management. It operates as a stand-alone company, established after the purchase of Bayer AG’s Diabetes Care by PHC Holdings in 2016. Its leading product includes CONTOUR brand blood glucose monitoring systems that are user-friendly and technologically advanced. The company has a strong pipeline and invests in R&D for new product development to improve patient care. It has a global presence and markets its products in more than 125 countries.

• CRANFIELD BIOTECHNOLOGY CENTRE - Cranfield Biotechnology Centre is a clinical research unit that works under the Cranfield University. It is involved in R&D for disease prevention and detection. The research center is engaged in biomedical engineering for the development of point-of-care and hand-held diagnostic technologies using biosensors. These include lateral flow devices, assay platforms, and drug discovery technologies. The center provides clinical research capabilities for the development of biomedical diagnostics, nanomedicine, bioinformatics, biosensors, environmental & food monitoring, phenotypic assay technologies, and sensors for extreme environments. Major research expertise at Cranfield is in biosensors for defense & security, aerospace, transport systems, environment & agrifood, energy, and water.

• PINNACLE TECHNOLOGIES, INC. - Pinnacle Technology Inc., is a preclinical research tools manufacturing company. The company is involved in research & designing of data acquisition and analytical solutions for the central nervous system. It develops sophisticated new tools for simplifying clinical research. The company offers biosensors, EEG/EMG, optogenetics, laboratory equipment, and video-tracking tools to analyze research in freely moving rodents. Pinnacle offers interventions and drugs for brain & sleep disorders, such as Parkinson’s disease, Huntington’s disease, and Schizophrenia.

• DUPONT MATERIALS (DUPONT) - DuPont is a scientific materials and engineering technology company. It develops science-based products and is a services-oriented firm. The company offers its products and solutions through five reportable business segments: nutrition & biosciences, safety & construction, transportation & industrial, electronics & imaging, and non-core. It provides a range of products and services for communications, agriculture & food, building & construction, and transportation. It also produces a range of screen-printable inks that are utilized in metallurgy and organic systems as biosensors. These materials are also used in medical monitoring, drug delivery, food, diagnostics, and environmental sensors. The company has an international presence and operates in more than 90 countries.

• ERCON, INC. - Ercon, Inc. is a privately held company involved in the manufacture and commercialization of electrochemical sensor coating electronics and medical diagnostics. The company designs polymer thick-film inks for printing diagnostic biosensors and electrodes. These inks are utilized in blood-glucose sensor test strips, body electrodes, touch screens, membrane switches, and RFID by using silver, silver/silver chloride, graphite, carbon, gold, platinum, and insulator materials. The company’s products are utilized worldwide for their high-quality products and services. Most of the glucose test strip manufacturing companies throughout the world use Ercon's inks to produce sensors available on the point-of-care market.

• ANALOG DEVICES, INC. - Analog Devices, Inc. is a company segmented into four business units: communications, automotive, industrial, and healthcare business group. It specializes in digital, analog, & mixed signal processing and is involved in manufacturing semiconductors. The product portfolio of the company includes amplifiers, audio-video products, digital-to-analog converters, linear products, microwaves, and optical & other sensors. The company offers these products to more than 100,000 clients across a broad range of industries, including IT, automotive, Health imaging, communication, electronics, and others. Analog Devices has a global presence and operates in North & South America, Europe, Japan, and China.

• SENSIRION AG SWITZERLAND - Sensirion AG Switzerland is one of the leading manufacturers of digital microsensors and systems for measurement & control of humidity, gas, & liquid flows. It is a spin-off of the Swiss Federal Institute of Technology, Zurich. Sensirion’s product range includes liquid and gas flow sensors, environmental sensors, and differential pressure sensors. It has a distribution network with sales offices in various countries, such as Korea, Japan, Taiwan, China, Europe, and the U.S. The company’s sensors are utilized in analytical instruments, consumer goods, HVAC products, and medical, industrial, and automotive sectors.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Biosensors Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Biosensors Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.