Future Market Insights (FMI) has released its latest analysis report on the global Biosensors Market, revealing a promising growth trajectory in the coming decade. According to the report, the market size in 2022 was valued at an impressive USD 24.5 Billion. Driven by advancements in technology and increasing demand across various applications, the market is expected to expand at a robust compound annual growth rate (CAGR) of 9.5% from 2023 to 2033.
This growth rate marks a significant acceleration compared to historical trends, underscoring the expanding role of biosensors in both medical and non-medical applications. Notably, the medical biosensors segment is anticipated to be the highest revenue-generating category. It is projected to experience a CAGR of over 10.5% during the forecast period, highlighting the growing reliance on biosensors for healthcare and diagnostic purposes.
The biosensors market is being driven by an increase in chronic illnesses such as diabetes, an increase in biotechnology research and development, and an increase in demand for homecare equipment. The increased use of biosensors in glucose monitoring systems has resulted in market expansion. However, market growth is expected to be hampered by the high costs associated with these devices, as well as a lack of willingness to embrace new treatment devices. Improvements in biosensor technology, on the other hand, that add portability, are expected to drive market growth.
Nanotechnology-based biosensors are expected to be profitable in a variety of industries, including food analysis, imaging operations, and microbial activity monitoring. The market is consolidating as a result of the increasing popularity of medical equipment and customised drugs, as well as a greater demand for non-invasive biosensors and increased research collaboration and agreements among various producers.
Because of their ability to assess fitness as well as the onset and progression of illness, biosensors are widely used in home-based healthcare by patients. As a result, the market is expected to expand throughout the forecast period. A variety of non-medical activities, as well as technological advancement, are expected to broaden its applicability and, as a result, support its growth. Pregnancy testing, cholesterol testing, blood glucose testing, and drug detection are some of the healthcare services that are expected to have a positive market impact.
Competitive Analysis
Because of the increased demand for biosensors, global manufacturers are accelerating and improving their manufacturing processes by implementing cost-effective solutions. A few of the key players in the biosensors market include Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, Biosensors International Group, Ltd., Pinnacle Technologies Inc., Ercon, Inc., DuPont Biosensor Materials, Johnson & Johnson, Koninklijke Philips N.V., LifeScan, Inc., QTL Biodetection LLC, Molecular Devices Corp., Nova Biomedical, Molex LLC, TDK Corporation, Zimmer & Peacock AS, and Siemens Healthcare.
Some of the recent developments of key Biosensors providers are as follows:
- In January 2022, Roche and Sysmex agreed to a Global Business Partnership (GBP) to provide haematological diagnostic services. The new collaboration will use IT technology to improve clinical decision-making and the consumer experience. This long-running, fruitful collaboration is still going strong, providing haematological diagnostic improvements to labs worldwide.
- In December 2020, Abbott announced that FreeStyle Libre 2, its next-generation sensor-based glucose monitoring device, has been approved by Health Canada for adults and children (4 years and older) with diabetes.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Biosensors Market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Product Type (Medical, Food Toxicity, Bioreactor, Agriculture, Environment and Others), Technology (Thermal, Electrochemical, Piezoelectric and Optical), End-Use (Home Healthcare Diagnostics, PoC Testing, Food Industry, Research Laboratories and Security & Biodefence) and across key regions (North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa).
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Market Segments Covered in Biosensors Market Analysis :
By Product Type:
- Medical
- Cholesterol
- Blood Glucose
- Blood Gas Analyzer
- Pregnancy Testing
- Drug Discovery
- Infectious Disease
- Food Toxicity
- Bioreactor
- Agriculture
- Environment
- Others
By Technology:
- Thermal
- Electrochemical
- Piezoelectric
- Optical
By End-Use:
- Home Healthcare Diagnostics
- PoC Testing
- Food Industry
- Research Laboratories
- Security & Biodefense
By Region:
- North America
- Latin America
- Europe
- APAC
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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