PUBLISHER: Meticulous Research | PRODUCT CODE: 1518415
PUBLISHER: Meticulous Research | PRODUCT CODE: 1518415
Biosensors Market by Product (Wearable Biosensors, Non-wearable Biosensors), Type (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors), Application, and Industry (Healthcare, Food & Beverages), and Geography-Global Forecast to 2031.
The research report titled 'Biosensors Market by Product (Wearable Biosensors, Non-wearable Biosensors), Type (Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors), Application, and Industry (Healthcare, Food & Beverages), and Geography-Global Forecast to 2031' provides an in-depth analysis of global biosensors market across five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2031.
The global biosensors market is projected to reach $48.9 billion by 2031, at a CAGR of 9.1% from 2024 to 2031.
The growth of the biosensors market is driven by the emergence of nanotechnology-based biosensors, technological advancements in biosensors, and supportive government initiatives for the innovation & development of biosensors. However, the slow rate of commercialization and high installation & operational costs associated with biosensors restrain the growth of this market.
Furthermore, emerging markets in developing countries and growth potential in the wearable devices market are expected to create growth opportunities for the stakeholders in this market. However, limited adoption in hazardous sectors and the technological immaturity of biosensors are some of the challenges impacting the market's growth.
The biosensors market is segmented by product (wearable biosensors (embedded devices, non-embedded devices), non-wearable biosensors), type (electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, other biosensor types), application (medical (cholesterol monitoring, blood glucose testing, pregnancy testing, infectious testing, other medical application), food toxicity, agriculture, wastewater treatment, other applications), industry (healthcare, food & beverages, forensic and biodefense, environmental monitoring, other industries). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product, the biosensors market is segmented into wearable biosensors and non-wearable biosensors. In 2024, the wearable biosensors segment is expected to account for the larger share of the global biosensors market. The large market share of this segment is attributed to the wearable biosensors' potential to enhance medical diagnostics and continuous health monitoring capabilities. Additionally, wearable biosensor applications aim to change centralized hospital-based care systems to home-based personal medicine and reduce healthcare costs and the duration required for diagnosis. Moreover, the wearable biosensors segment is projected to register the highest CAGR during the forecast period.
Based on type, the biosensors market is segmented into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, and other biosensor types. In 2024, the electrochemical biosensors segment is expected to account for the largest share of the global biosensors market. The large market share of this segment is attributed to its advantages, such as low detection limits, wide linear response range, excellent stability, and repeatability. Additionally, electrochemical biosensors are highly used in non-medical applications, such as environmental monitoring and quality control of food & beverages.
However, the optical biosensors segment is projected to register the highest CAGR during the forecast period. The segment's growth is driven by the increasing demand for optical biosensors in examination due to their varied analytical coverage. Furthermore, optical biosensors are suitable for architectural studies, fermentation monitoring, receptor-cell interactions, concentration, kinetic, and equilibrium examination.
Based on application, the biosensors market is segmented into medical, food toxicity, agriculture, wastewater treatment, and other applications. In 2024, the medical segment is expected to account for the largest share of the global biosensors market. The large market share of this segment is attributed to the widespread usage of biosensors in the medical field for cholesterol testing, blood glucose monitoring, drug discovery, pregnancy testing, infectious disorders, and other medical testing.
However, the agriculture segment is projected to register the highest CAGR during the forecast period. This growth is driven by the advantages of biosensors over traditional methods in safeguarding livestock and crops against various threats.
Based on industry, the biosensors market is segmented into healthcare, food & beverages, forensic and biodefense, environmental monitoring, and other industries. In 2024, the healthcare segment is expected to account for the largest share of the global biosensors market. The large market share of this segment is attributed to advancements in technology, leading to the development of innovative biosensor products and the rising investments, funding, and grants within the healthcare industry. Moreover, the healthcare segment is projected to register the highest CAGR during the forecast period.
Based on geography, the biosensors market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the global biosensors market. North America's large market share is attributed to rising health awareness, an increase in the aging population, growing chronic and lifestyle illnesses, and technological advancements in biosensors facilitating their adoption across various applications.
However, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is driven by supportive government policies & initiatives aimed at improving healthcare infrastructure and promoting the use of advanced medical technologies, rising healthcare expenditure, and the increasing prevalence of chronic diseases, necessitating continuous monitoring & management.
The key players operating in the biosensors market are F. Hoffmann-La Roche Ltd (Switzerland), Abbott Laboratories (U.S.), Thermo Fisher Scientific Inc. (U.S.), Danaher Corporation (U.S.), DuPont de Nemours, Inc. (U.S.), Siemens Healthineers AG (Germany), Ercon, Inc. (U.S.), Innovative Biosensors Inc. (U.S.), Ascensia Diabetes Care Holdings AG (Switzerland), Bio-Rad Laboratories, Inc (U.S.), Biosensors International Group, Ltd. (Singapore), Dexcom, Inc. (U.S.), LifeScan Inc. (U.S.), Masimo Corporation (U.S.), Nova Biomedical (U.S.), Pinnacle Technologies Inc. (U.S.), QTL Biosystems (U.S.), and TE Connectivity Corporation (Switzerland).
Biosensors Market Assessment-by Product
Biosensors Market Assessment-by Type
Biosensors Market Assessment-by Application
Biosensors Market Assessment-by Industry
Biosensors Market Assessment-by Geography