Biosensors Market

Key Revenue Pockets - Biosensors Market

The biosensors market is estimated to grow from USD 21.2 billion in 2019 to USD 31.5 billion by 2024, at a CAGR of 8.3%. The biosensors market is likely to exhibit prominent growth potential over the next 5 years. This is driven by the continuous technological advancements in the biosensors ecosystem, increase in the use of biosensors for nonmedical applications, lucrative growth in PoC diagnostics, and rise in the demand for glucose monitoring systems.

Biosensors refer to the semiconductor devices designed to sense and convert biological responses into electrical signals using transducers. Biosensors are used as an analytical tool for providing qualitative or quantitative results for the detection of protein or nucleic acid targets. The glucose biosensors market is expected to witness high growth due to the increasing number of diabetic patients. The biosensors market is also witnessing slow commercialization, primarily due to price sensitivity; acceptance from end users; and concerns related to quality, authenticity, and reliability of products.

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In the type segment, embedded device segment accounted for the largest share of the biosensors market in 2018. The growth of the embedded device market is attributed to its implementation in environment monitoring, biodefence, and food & beverages industry to detect and remove contaminants, whether nonliving or living entities. These biosensors can be used for the detection of a broad spectrum of biological analytes, and have shown greater responses and success in medical laboratories, food bioanalysis, and microbial detection. Detection of lower or higher limits of glucose in a body, microbial invasion in a body, microbial activity in food, heavy metals in soil, microbes in water and air, pesticides in water and soil, and various harmful chemicals produced by a body can be easily and timely monitored with precision using different types of embedded biosensors.

The nonwearable biosensor product segment is expected to hold a larger market share during the forecast period. Nonwearable biosensors comprise biosensor devices used mostly for nonclinical applications. Biosensors that are used in food & beverages and environmental monitoring typically fall under the category of nonwearable biosensors. These offer real-time on-site monitoring of production processes. Apart from on-site monitoring, these biosensors help the food industry in addressing challenges, such as meeting food quality guidelines, by providing analytical accuracy within complex food matrices.

The optical biosensor technology segment is expected to grow at the highest CAGR from 2019 to 2024. Optical biosensors are commonly used to analyze biomolecular interactions as these sensors can determine affinity and kinetics of a wide variety of molecular interactions in real time, without requiring a molecular tag or label. Optical sensors are used for several new applications, such as drug discovery, including target identification; ligand fishing; assay development; and quality control.

The food & beverages application segment is expected to grow at the highest CAGR from 2019 to 2024. Biosensors used in the assessment and analysis of drinks, such as wine, beer, and soft drinks, play an important role in quality control in food process industries leading to high market growth.

The biosensor market in APAC is expected to grow at the highest CAGR during the forecast period. The adoption of PoC devices in a view to address lifestyles diseases and enhance general health of people has led to the increased use of biosensors. Also, rising glucose levels in individuals with diabetes and increasing demand for disposable, as well as the growing demand for cost-effective user-friendly devices, are the factors driving the growth of the global biosensors market. Abbott Point of Care and Medtronic are among the major players in this market that are likely to launch biosensor-based products related to blood glucose monitoring.

Related Reports:

Biosensors Market by Type (Sensor patch and embedded device), Product (Wearable and nonwearable), Technology (Electrochemical and optical), Application (POC, Home Diagnostics, Research Lab, Food & Beverages), and Geography - Global Forecast to 2024

Mr. Shelly Singh
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Report Code
SE 3097
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