PUBLISHER: The Business Research Company | PRODUCT CODE: 1509594
PUBLISHER: The Business Research Company | PRODUCT CODE: 1509594
A biosensor represents a compact analytical tool with the capability to detect and quantify biological substances or changes. Its applications span across various sectors, encompassing healthcare, environmental monitoring, and food safety. Biosensors primarily serve the purpose of swiftly and sensitively detecting specific biological substances or processes, facilitating their utilization in diverse fields such as healthcare diagnostics, environmental surveillance, food safety assessment, and industrial bioprocess control.
The principal types of biosensors include wearable and non-wearable variants. Wearable biosensors are portable devices worn on the body, designed to monitor health parameters such as heart rate and activity levels, thereby offering real-time data for individual health and fitness management. Various technologies such as electrochemical, optical, piezoelectric, nanomechanical, and thermal biosensors are employed across applications ranging from medical diagnostics to food toxicity assessment, bioreactor monitoring, agricultural applications, environmental analysis, and beyond.
The biosensors market research report is one of a series of new reports from The Business Research Company that provides biosensors market statistics, including biosensors industry global market size, regional shares, competitors with a biosensors market share, detailed biosensors market segments, market trends and opportunities, and any further data you may need to thrive in the biosensors industry. This biosensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The biosensors market size has grown rapidly in recent years. It will grow from $31.01 billion in 2023 to $24.63 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed during the historic period can be attributed to several factors, including an increased emphasis on preventive healthcare, a rise in the prevalence of chronic diseases, a growing demand for point-of-care diagnostics, and expanding applications in environmental monitoring and food safety.
The biosensors market size is expected to see rapid growth in the next few years. It will grow to $54 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The anticipated growth in the forecast period can be attributed to various factors, including the proliferation of wearable health devices, the increased demand for rapid diagnostic tests, advancements in data analytics and connectivity, the emergence of precision medicine initiatives, the growing focus on environmental monitoring and food safety regulations, and the expansion of applications in personalized nutrition and wellness. Major trends expected in the forecast period encompass increased demand for wearable biosensors, expansion of point-of-care testing, integration of artificial intelligence and machine learning, growth in chronic disease management solutions, rising adoption of biosensors in agriculture, and increased emphasis on environmental monitoring.
The increasing prevalence of chronic disorders is anticipated to drive the growth of the biosensors market in the foreseeable future. Chronic disorders, characterized by long-term medical conditions necessitating ongoing management and treatment, are on the rise due to various factors such as sedentary lifestyles, poor dietary habits, genetic predispositions, and environmental pollutants. Biosensors play a crucial role in enabling early detection and continuous monitoring of biomarkers, thereby transforming the management of chronic disorders. For example, data published by The Lancet in June 2023 indicates a projected increase in global diabetes cases from 529 million in 2021 to 1.3 billion by 2050. Hence, the escalating prevalence of chronic disorders is fueling the growth of the biosensor market.
Key players in the biosensors market are prioritizing the development of advanced non-invasive monitoring products, such as real-time sweat patches, to meet the growing demand for convenient and accurate health monitoring solutions. Real-time sweat patches are wearable biosensors that continuously monitor biomarkers in sweat, offering immediate health insights. For instance, in December 2022, Nix Biosensors, a US-based biosensors product company, introduced the Nix Hydration Biosensor, a pioneering consumer biosensor technology providing personalized hydration data for endurance athletes via sweat analysis. The product comprises a comfortable, non-invasive sweat patch for continuous monitoring of fluid and electrolyte levels, along with a durable pod for data transmission to the Nix App. The app delivers real-time hydration insights to assist athletes in preparing for activities. Nix aims to revolutionize hydration management during exercise with its innovative features and scientific validation.
In February 2023, Miltenyi Biotec, a Germany-based biotechnology company, acquired Lino Biotech AG for an undisclosed sum. Through this acquisition, Miltenyi Biotec intends to leverage Lino's innovative biosensor platform to enhance cell-gene therapy approaches, reduce costs, and set a new standard for potency assays. Lino Biotech AG, headquartered in Switzerland, specializes in innovative biosensor technologies for applications in the life sciences and healthcare sectors.
Major companies operating in the biosensors market are Johnson & Johnson, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Danaher Corporation, Siemens Healthineers, Becton Dickinson and Company, Agilent Technologies, Illumina Inc., Sartorius AG, BioMerieux SA, Cytiva, PerkinElmer Inc., Sysmex Corporation, Dexcom Inc., Bio-Rad Laboratories, Bruker Corporation, HORIBA Ltd., Lifescan Inc., Nova Biomedical, Bio-Techne Corporation, Sensirion AG, Proteus Digital Health, Acon Laboratories Inc., 908 Devices Inc.
North America was the largest region in the biosensors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biosensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the biosensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The biosensors market consists of revenues earned by entities by providing biosensor technologies and related services, including installation, calibration, maintenance, and support for biosensor systems. The market value includes the value of related goods sold by the service provider or included within the service offering. The biosensors market also includes sales of various types of biosensor devices, such as gas biosensors, DNA biosensors, smartphone-based biosensors, and implantable biosensors. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Biosensors Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on biosensors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for biosensors? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The biosensors market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.