PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477269
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1477269
The synthetic biosensors market is estimated to be valued at USD 27.94 Bn in 2024 and is expected to reach USD 45.69 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 27.94 Bn |
Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 7.30% | 2031 Value Projection: | US$ 45.69 Bn |
Synthetic biosensors have emerged as an important tool in biotechnology and biomedicine. They utilize synthetic biology approaches to create artificial receptors that can accurately and sensitively detect target analytes. By interfacing biological components like receptors, enzymes, and signaling molecules with physicochemical transducers, synthetic biosensors offer significant advantages over conventional detection methods like real-time monitoring, high sensitivity and specificity. Areas like medical diagnostics, bioprocess monitoring, food quality control, and environmental monitoring are increasingly leveraging the potential of synthetic biosensors. With continuous technological advancements, the synthetic biosensors market is poised to grow substantially in the coming years.
The global synthetic biosensors market is driven by factors such as rising incidence of chronic and infectious diseases necessitating advanced diagnostic tools, growing demand for point-of-care testing, increasing funding for biosensor related R&D from private and public organizations, and technological developments enhancing sensitivity, stability and miniaturization of biosensors. However, high development costs, regulatory issues regarding commercial approval, and technical limitations pertaining to reproducibility, shelf-life, and signal interference are some challenges restraining the market growth. The advent of microfluidics, nanotechnology, and advanced nanomaterials is widening the applicability of synthetic biosensors and creating new opportunities. Additionally, the growing synthetic biology industry and its ability to create novel biological components like recognition elements, receptors, and signaling modules provides an impetus to ongoing research in this field.