Global Biosensors Market is valued at USD 24.37 Billion in 2021 and expected to reach USD 41.23 Billion by 2028 with the CAGR of 7.8% over the forecast period.
Biosensors are analytical tools that can convert biological responses into electrical signals. A biosensor consists primarily of three components, consisting of a component that identifies and generates an analyzer, a signal transducer, and a reading device. Biosensors find their applications in food and beverage, environmental monitoring, home care diagnostics. And various nanomechanical biosensors. In addition, biosensor applications for the study of metabolic processes are also widely used in the field of plant biology.
Covid-19 has also impacted the growth of the global biosensor market. The harmful effects of coronavirus have led to the development of new biosensors to detect the presence of proteins in the causative agent in real-time. Chip-based and paper-based biosensors generally provide user-friendly, low-cost, and quick diagnostics for Covid-19. Thus, many players in the industry are focusing on developing fast, reliable, and sensitive biosensors for Covid-19 diagnosis. These advanced biosensors are used not only for real-time Covid-19 detection but also as a global screening tool for future outbreaks, control, surveillance, and preparedness. Thus, the high demand for rapid diagnostic tools has had a positive impact on the market in recent times.
The global Biosensors Market is segmented into product, technology. Based on product, the biosensors sensors market is segmented into wearable biosensors and non-wearable biosensors. Based on technology, the market is segmented into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, nanomechanical biosensors.
The regions covered in these Biosensors market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, market of global Biosensors is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, Southeast Asia, GCC, Africa, etc.
Some of the key players for biosensors sensor market are:
Increasing diabetic population with rising need for blood glucose monitoring devices is one of the major factors driving the growth of the biosensor market. The use of non-invasive sensors in various insulin monitoring and delivery devices is influencing the segment revenue. Real-time communication and low power consumption of these sensors are factors that increase acceptance rates. These non-invasive sensors are allowing patients to connect their Diabetes Devices with smartphones and perform visualization tasks. Thus, the growing use of the internet of things and biosensors in the this filed are providing portability and accessibility of data. As a result, the demand for blood glucose monitoring devices is on the rise. And since the important part of this device is biosensors, the demand for biosensors is increasing tremendously. For instance; Private label blood-glucose meters generated the highest dollar sales in that product category, at USD 167.5 million in 2019. The second best-selling blood glucose meter brand in 2019 was Lifescan One Touch Ultra with nearly USD 32.2 million in sales. And due to the high number of diabetes cases in the United States, the market for diabetic personal care is growing. In 2018, 1.26 million units of blood glucose meters were sold in the U.S., up from approximately 960 thousand units sold in 2017. In 2021, nearby 537 million adults (20-79 years) are living with diabetes.
In addition, rapid technological advancements, supportive governmental initiatives aimed at the development of genomics and proteomics have led to the launch of innovative product launches, which are also accelerating the market growth. For instance; in June 2019, Medtronic announced the launch of two in-home trials of a 780G-automated insulin delivery pump system, similar to 670G, and an updated Continuous Glucose Monitor (CGM) sensor for Guardian Connect. The clinical trial waws completed in early 2020 and the results were to be disclosed in July 2020.
However, high cost of biosensors, the pace of commercialization of biosensor technology has slowed down in recent years. Wearable biosensors seek increasing opportunities to monitor patients, premature infants, children, athletes or fitness enthusiasts, and individuals in remote areas who are far from medical and health services. Wearable and connected biosensors enable remote monitoring to allow patients to avoid hospitalization or leave early. By enabling telemedicine (monitoring and disseminating physiological data from outside the hospital), wearable biosensors can reduce the burden on healthcare workers and free up hospital space for more responsive care. Smart fabrics with sensors in the fabric can provide a simpler, more convenient system for monitoring important signs.
North America is expected to dominate in the global biosensors market due to the increasing prevalence of targeted diseases and the presence of major players in the region. For example; in January 2018, Medtronic and Philips collaborated to develop the Patient Management Platform, LungGPS which helps to diagnose and treat patients suffering from lung cancer. Technological advances such as the introduction of microscopic diagnostic tools that deliver fast and accurate results and the increasing market penetration of electronic medical records (EMRs) are also expected to drive the market in the forecast period. In addition, technological advances in providing minimally invasive equipment, the need for affordable medical diagnostics, and the growing demand for home diagnostics are also supplementing the market growth.
Asia Pacific, is expected to witness a fastest growth in the global biosensors market. The presence of high unmet medical needs about target diseases, such as cancer, diabetes, and other infectious diseases is one of the major factors driving the market growth in this region. For instance; in 2020, an estimated 77 million people in India had diabetes, according to the International Diabetes Federation (IDF). According to the IDF, India has the second highest number of children with type 1 diabetes after the United States. It contributes the most to the incidence of type 1 diabetes in children in the SEA region. According to the World Health Organization, 2 percent of all deaths in India are due to diabetes. Furthermore, growing patient awareness levels, and constantly improving healthcare expenditure in the region, are also attributing to the growth of the market in Asia Pacific.
On August 30th, 2021; XPhyto Therapeutics Corp. with its partner and acquisition target, 3a-diagnostics GmbH (""3a""), successfully registered their first biosensor test in oral inflammation with the German authorities (cosmetic products notification). The easy at-home self-check can be performed without the need for specific medical knowledge or training, analytical equipment or even a power supply. When placed on the tongue, the thin film dissolves and, after 5 minutes, the biosensor releases a bitter taste in case of oral inflammation. The biosensor functions as a quick test for heightened levels of certain bacteria and viruses to check whether a doctor's visit and further tests are necessary.
On December 2nd, 2020; Abbott unveiled its next-generation, sensor-based glucose monitoring technology, FreeStyle Libre 2, which has been approved by Health Canada for adults and children with diabetes (ages 4 and up). Alternatively, with new features like Real-Time Alarm 1, which measures glucose levels per minute, FreeStyle Libre 2 gives users the option to issue real-time alerts in severe cases such as hypoglycemia (low glucose level 3) or hyperglycemia (high glucose level 4). Wearable technology, which eliminates the need for painful finger sticks 5, also provides people with diabetes with excellent accuracy and actionable information to better manage their condition and will be priced the same as the current FreeStyle Libre system.
On August 28th, 2020; AquAffirm launched eChem-Goldtm thin-film planar gold electrodes for Covid-19 biosensor research. AquAffirm, an ATTRACT project awardee for the VL4BD and DetectION projects, launched a range of thin-film planar gold electrodes which are ideal for electrochemistry research associated with Covid-19 biosensor development.
On May 26th, 2020; Royal Philips received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor (Philips Biosensor BX100) to help manage confirmed and suspected COVID-19 patients in the hospital. The next generation wireless wearable biosensor enhances clinical surveillance in the Philips patient deterioration detection solution to help clinicians detect risk so they can intervene earlier and help improve care for patients in lower acuity care areas. The solution has already received CE mark, and is currently in use with the first install at the OLVG Hospital in the Netherlands to help manage the triage and clinical surveillance of Covid-19 patients.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 24.37 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 41.23 Billion|
|Tables, Charts & Figures:||175|
|Biosensors Companies||Abbott Laboratories, AgaMatrix Holdings, DowDupont (DuPont de Nemours, Inc.), Hoffmann-La Roche, General Electric, LifeScan, Inc., Medtronic Plc., Nova Biomedical, PHC Holdings Co., (Ascensia Diabetes Care Holdings AG), Siemens Healthcare & Others.|
|Segments Covered||By Product, By Technology End User.|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|