Biosensors Market Share, Industry Trends, Growth, Development Status, Future Plans Analysis by 2030

The Global Biosensors Market size is estimated to be USD 19.67 billion in 2019 and is predicted to reach USD 44.04 billion by 2030 with a CAGR of 7.6% from 2020-2030.

Biosensor is a device used to detect presence of chemical component or biological analyte with the help of a physiochemical detector. These devices consist of three parts namely; a component that recognizes the biological analyte and produces a signal, a signal transducer, and a reader device. Biosensors are used as monitoring and analytical tools that have wide range of applications in clinical diagnostics, food industry, and environmental monitoring.

A primary example of biosensor was launched in 1962, to monitor blood gas levels during surgery. Followed by this introduction, various other biosensors were developed and launched in the market. Currently, the most common biosensors available in the healthcare industry are pregnancy tests and blood glucose detectors. Apart from this, researchers are driven towards developing biosensors for a wide range of applications such as food analysis, deoxyribonucleic acid testing and drug detection. Moreover, a common trend observed in the biosensors market is miniaturization of the sensors. The traditional, bulky instruments are now being replaced by portable and integrated biosensors due to improved electrochemical properties of micro-electrodes. Such advancements offers new growth opportunities in the global biosensors market.

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Top Companies: LifeSensors, Inc., Siemens AG, Abbott Laboratories, Inc., Nova Biomedical Corporation, Medtronic PLC, Johnson and Johnson, Roche Diagnostics, I-SENS, Inc., ACON Laboratories and Thermo-Fisher Scientific and others.

Market Dynamics and Trends:

One of the major factors driving the growth of the global biosensors market is increasing demand for point-of-care testing. With development of portable and integrated devices, the demand for point-of-care testing is increasing significantly. This provide rapid detection of analytes facilitating better disease diagnosis and management. It also helps in providing remote patient care. Additionally, increasing prevalence of medical conditions such as diabetes, cardiovascular disease and growing awareness for maintaining healthy lifestyle has encouraged people to adopt portable and wearable biosensors that monitors health parameters. However, high cost involved in research and development and stringent regulations for commercialization are likely to have a negative impact on this market.

Biosensors market is experiencing a significant growth based technological advancements in this field. Major players in this industry are focusing on developing and introducing innovative products to sustain their market presence. In February 2016, Philips Philips launched a wireless, wearable, medical-grade biosensor designed to measure vital signs in low-acuity clinical settings. Also, in February 2018 VitalConnect, Inc. launched Vista Solution platform that enables wireless, real-time, continuous patient monitoring and delivers the patient data to the physician in hospital or at home. In addition to this, companies such as Abbott, Siemens and Medtronic are participating in various conferences to display their products and also focus on strategic collaborations to improve their existing product offerings.

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Market Segmentations and Scope of the Study:

Global biosensors market share is analysed on the basis of technology, product, application and geography. On the basis of technology, the market is segmented into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, and others. By product the market is segmented into wearable biosensors and non-wearable biosensors. The application segment includes medical/point of care (PoC), home diagnostics, research labs, biodefense, environmental monitoring, and food & beverages industry. The regional analysis of the market comprises of North America, Europe, Asia Pacific, and Rest of the World.

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