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

Biosensors Market Size & 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 demand for biosensors is increasing due to the diversity of medical applications, increasing number of diabetic patients, 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. The emergence of COVID-19 had a positive impact on the medical device industry. Early symptoms of COVID-19 were scanned using a variety of methods.

Using a sensor was one of the key ways. 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, these biosensor systems could diagnose COVID-19. Furthermore, various manufacturers started to provide rapid clinical follow-up to reduce the risk of exposure to healthcare workers while obtaining regular patient essential data. For instance, In May 2020, Koninklijke Philips N.V. received approval from the U.S. FDA for the use of its wearable biosensor (Philips Biosensor BX100) to help hospitals treat patients with confirmed and suspected COVID-19.

Nanotechnology-based biosensors are expected to have wide application scope 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, rising popularity of medical devices & specialty drugs, and increasing research collaborations & contracts between various manufacturers. For example, Ethicon Endo-Surgery Inc.under contracts administered by Johnson & Johnson Innovation. 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 December 2022, biosensor company Nix launched its first consumer product, Nix Hydration Biosensor. The Hydration Nix Biosensor consists of a Bluetooth-enabled reusable module, a mobile app, and a single-use patch.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 product adoption and limiting the industry development. The global industry growth 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 also driven 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), supported by the Ministry of Science & Technology. The presence of such beneficial initiatives is projected to boost the market growth.

Market Dynamic Insights

Biosensors have made rapid advances in the medical field due to their ability to meet various criteria through a combination of interdisciplinary approaches in chemistry, nanotechnology, and medicine. The market growth is influenced by a number of factors that affect industry 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 product demand.

The application of biosensors is increasing due to growing elderly population worldwide and availability & affordability in conducting diagnostic tests. Diagnostic laboratories require various skills to test hundreds of samples per day; thus, the introduction of new-age biosensors will drive segment growth. For instance, in January 2023, researchers from the National Institute of Standards and Technology (NIST), Brown University, and CEA-Leti developed a diagnostic biosensor chip to offer accurate and inexpensive DNA biomarker identification. The key differential in the biomarker chip is its modular design, which allows manufacturers to lower the manufacturing cost.

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 71.5% in 2023 and is expected to grow at the fastest CAGR of 8.2% from 2024 to 2030. 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 CAGR from 2024 to 2030. 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 grow as a result of these factors.

Application Insights

Based on applications, the industry is segmented into bioreactor, medical, agriculture, environment, food toxicity, and others. In 2023, the medical segment dominated the industry and accounted for around 66.8% 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.The agriculture segment will register the fastest CAGR of 9.1% from 2024 to 2030.

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 factors boost the market’s expansion.

End-user Insights

The end-user 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 2023 accounting for a revenue share of 47.3%. Key factors driving the segment growth include technological advancements that create innovative products, such as ultra-sensitive printable biosensors for PoC 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. The food industry segment is anticipated to witness the fastest CAGR of 9.1% from 2024 to 2030. 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 product freshness and raw material inspections on a regular basis.

Regional Insights

North America held the largest share of more than 39.60% of the revenue in 2023 owing to the presence of key players and high 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 & 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 regional market.

Middle East and & Africa is expected to witness the fastest CAGR of 12.1% from 2024 to 2030. 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 growth. Increasing demand for home healthcare, PoC, and other healthcare businesses serving the adult populationand government efforts to reduce hospital stays through the creation of outpatient care models are likely to drive market growth.

Key Companies & Market Share Insights

The market is highly competitive. Key players focus on various strategic initiatives, such as new product launches, geographical expansions, mergers & acquisitions, collaborations, product upgradations, and partnerships, to gain higher industry share. For instance, in January 2023, Intricon Corporation announced the opening of a Bionsensor Center of Excellence (CoE). The center aims to vertically integrate the company’s business to provide biosensors in medical devices.

Biosensors Market Report Scope

Global Biosensors Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the 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 and Bio-Defense

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

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • 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