The global biosensors market size is anticipated to reach USD 33.76 billion by 2026 registering a CAGR of 8.1%, 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 biosensors market growth. 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 market.
Continuous technological developments are also expected to boost the market. 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 the biosensors market growth. In addition, the development of nano particle-based electrochemical biosensors is expected to create growth opportunities for the key comapnies, thereby driving the market.
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Further key findings from the study suggest:
Medical application segment led the market in 2018. Medical wearable biosensors are 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 2018 and are anticipated to witness a significant growth over the forecast period
This growth can be attributed to its 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 a rapid growth owing to 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
Asia Pacific market is expected to witness the fastest growth over the forecast period owing to increasing awareness regarding wearable biosensors and constantly improving healthcare facilities in the region
Key companies in the market includes AZUR Environmental; Abbott Laboratories; Biosensor BV; Bayer AG; Cranfield Biotechnology Centre; DuPont Biosensor Materials; Ercon, Inc.; and Johnson & Johnson
Grand View Research has segmented the global biosensors market on the basis of technology, application, end use, and region:
Biosensors Technology Type Outlook (Revenue, USD Million, 2015 - 2026)
Biosensors Application Outlook (Revenue, USD Million, 2015 - 2026)
Blood Gas Analyzer
Biosensors End Use Outlook (Revenue, USD Million, 2015 - 2026)
Home Healthcare Diagnostics
Security and Bio-defense
Biosensors Regional Outlook (Revenue, USD Million, 2015 - 2026)
Middle East & Africa
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