Increasing prevalence of chronic diseases across the globe, rising applications of biosensors in the healthcare and medical sectors, and growing demand for portable biosensors are some key factors expected to drive global Biosensors market growth.
Increasing prevalence of chronic diseases across the globe, rising applications of biosensors in the healthcare and medical sectors, and growing demand for portable biosensors are some key factors expected to drive global Biosensors market growth.
According to Emergen Research, the global biosensors market size was USD 25.5 billion in 2021 and is expected to reach USD 50.7 billion in 2030 and register a steady CAGR of 8.0% during the forecast period, 2021-2028.
Market Dynamics
A biosensor is a device that measures chemical or biological reactions by generation signals that are proportional to concentration of an analyte in the reaction. Biosensors are well-researched tools used in various sectors including medical, food and beverages, pharmaceutical, and agriculture. Depending on the application, biosensors are also known as glucometers, biochips, resonant mirrors, immunosensors, or biocomputers. These biosensors are widely used in applications such as drug discovery, disease monitoring, or detection of disease-causing microorganisms, pollutants, and markers. Over the recent years, there has been a rapid increase in the research and development activities for developing next-generation medicines such as personalized medicine and ultrasensitive point-of-care detection of markers for diseases.
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Factors such as increasing prevalence of diseases such as cardiovascular diseases and diabetes across the globe, rapid advancements in biosensors, rising adoption of home-based point-of-care devices amidst the COVID-19 pandemic, and growing demand for wearable devices are expected to drive global market growth over the forecast period. In addition, growing adoption of advanced biosensors across various sectors, rising demand for POC technologies, and increasing funds by public and private organizations to develop novel and advanced biosensors are expected to drive global market growth. However, factors such as high cost of product development, poor sensitivity of certain biosensors, and stringent regulatory approvals are some key factors that can hamper global market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Agriculture Segment To Register Rapid Revenue CAGR:
The agriculture segment is expected to register rapid revenue CAGR over the forecast period. This can be attributed to rapid advancements in the agriculture sector, increasing adoption of advanced techniques for improving crop yield and preventing loss of livestock, and high usage of biosensors for measuring the levels of pesticides, heavy metals, and herbicides and predicting the possible occurrence of soil diseases.
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Home Diagnostics Segment to Account for Largest Revenue Share:
The home diagnostics segment is expected to account for largest revenue share during the forecast period. Factors such as increasing adoption of home care settings, rising demand for personalized medicine, rapid adoption of home-based medical devices, and rising elderly population are expected to drive revenue growth of the segment during the forecast period.
North America to Lead In Terms of Revenue Share:
North America is expected to dominate other regional markets in terms of revenue share over the forecast period owing to increasing prevalence of various lifestyle-associated diseases, rapid adoption of point-of-care technologies, and rising government funds for conducting research-based activities.
Major Companies in the Market Include:
- Abbott
- Medtronic
- Bio-Rad Laboratories, Inc.
- Cytiva
- LifeScan IP Holdings, LLC
- Nova Biomedical
- Universal Biosensors
- AgaMatrix
- PHC Holdings Corporation
- ACON Laboratories, Inc.
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For the purpose of this report, Emergen Research has segmented the global biosensors market on the basis of product, technology, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019–2030)
- Wearable Biosensors
- Non-wearable Biosensors
Technology Outlook (Revenue, USD Billion; 2019–2030)
- Electrochemical Biosensors
- Optical Biosensors
- Piezoelectric Biosensors
- Thermal Biosensors
- Nanomechanical Biosensors
Application Outlook (Revenue, USD Billion; 2019–2030)
- Healthcare
- Agriculture
- Bioreactor
- Food Toxicity
- Others
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Point of Care (POC)
- Home Diagnostics
- Research Labs
- Environmental Monitoring
- Food & Beverages
- Biodefense
- Others
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Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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