The global biosensors market size is anticipated to reach USD 49.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.0% from 2022 to 2030. The primary driving reasons for market growth are many applications in the medical/healthcare sector, increased demand in the bioprocessing industry, and the rapid technological advancements in the drug screens area due to the COVID-19 pandemic. Furthermore, due to the COVID-19 outbreak, the biosensor industry has experienced rapid expansion in recent years due to the expanding number of hospitals around the world which will result in high adoption of biosensors because they are cost-effective and time-saving, which are driving the biosensor market.
According to the FDA, surging demand for home-based point of care devices due to the COVID-19 pandemic will provide lucrative opportunities for market growth in the near future. Over the forecast period, technological advancements are expected to be a crucial driver in the growth of the market. For example, the U.K. established the Defense and Security Accelerator (DASA) competition, a wide-area biosensor competition, in April 2020. This competition aims to provide cutting-edge technology for Phase 2 of the Wide-area Biosensor Program, which will locate and detect harmful biological pathogens in the field. In April 2020, for example, Australian researchers developed the world's first biosensor capable of monitoring changes in pH levels in cancer and stroke patients. Furthermore, growing demand for biosensors in drug development and bioreactors is likely to drive market expansion in the near future, owing to biosensors' increasing technological capabilities.
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By technology, the electrochemical biosensors segment accounted for the largest revenue share in 2021 and is anticipated to witness significant growth over the forecast period owing to the widespread applications for quantification and analysis in biochemical and biological processes
Based on the application, the medical segment dominated the market in 2021. This device is considered an essential tool in the detection and monitoring of a wide range of medical conditions, such as diabetes and cancer
In the Middle East and Africa, the market is expected to witness the fastest growth over the forecast period owing to an increase in biosensors research and development and constantly improving healthcare facilities in the region
Grand View Research has segmented the global biosensors market on the basis of type, product, technology, application, end user, and region:
Biosensors Type Outlook (Revenue USD Million; 2017 - 2030)
Sensor Patch
Embedded Device
Biosensors Product Outlook (Revenue USD Million; 2017 - 2030)
Wearable Biosensors
Non-wearable Biosensors
Biosensors Technology Outlook (Revenue USD Million; 2017 - 2030)
Thermal
Electrochemical
Piezoeletric
Optical
Biosensors 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
Biosensors End User Outlook (Revenue USD Million; 2017 - 2030)
Home healthcare diagnostics
POC testing
Food industry
Research laboratories
Security and bio-defense
Biosensors Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Europe
UK
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
List of Key Players in the Biosensors Market
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
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