The global biosensors market size is anticipated to reach USD 36.0 billion by 2027, expanding at a CAGR 9%, according to a new report by Grand View Research, Inc. Various applications in the medical field, high demand for miniature diagnostic devices, and rapid technological advancements are the key driving factors for the market.
Early and precise disease diagnosis is essential for successful prognosis of diseases and survival of patients. In recent years, the demand for simple, disposable, user-friendly, and cost-efficient devices with fast response time has increased extensively leading to increase in the sales of these products, thereby driving the biosensor market.
Increase in technological development is expected to be a significant factor for the growth of the market over the forecast period. For instance, in October 2015, Abbott Laboratories launched FreeStyle Libre Glucose Monitoring System in Europe. It is intended to be a replacement for blood glucose meters. Moreover, rising applications of thermal biosensors in biomolecular interaction and hybridization analysis, environmental monitoring, and cosmetic analysis are expected to boost market growth. In addition, the development of nano particle based electrochemical biosensors is expected to create opportunities for the key players, thereby driving the market.
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Further key findings from the study suggest:
On the basis of application, the medical segment dominated the biosensors market in 2019. The device is considered an essential tool in the detection and monitoring of a wide range of medical conditions, such as diabetes and cancer
Electrochemical biosensors accounted for the largest market share in 2019 and is anticipated to witness a significant growth over the forecast period owing to the widespread applications for quantification and analysis in biochemical and biological processes
On the basis of end use, biosensors in food industry are expected to witness fastest growth over the forecast period owing to the rising pressure from regulatory bodies pertaining to the hygiene standards of the food items where this device plays a vital role for detecting pathogens, allergens, and pesticides in the food items
In Asia Pacific, the market is expected to witness the fastest growth over the forecast period, closely followed by Latin America owing to increase in awareness regarding biosensors, and constantly improving healthcare facilities in the region
Key players in the industry includes AZUR Environmental; Abbott Laboratories; Biosensor BV; Bayer AG; Cranfield Biotechnology Centre; DuPont Biosensor Materials; Ercon, Inc., and Johnson and Johnson.
Grand View Research has segmented the global biosensors market on the basis of application, technology, end use, and region:
Biosensors Technology Outlook (Revenue, USD Million, 2016 - 2027)
Biosensors Application Outlook (Revenue, USD Million, 2016 - 2027)
Blood Gas Analyzer
Biosensors End-use Outlook (Revenue, USD Million, 2016 - 2027)
Home Healthcare Diagnostics
Security and Bio-defense
Biosensors Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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