Global Biosensors Market Report and Forecast 2024-2032

Global Biosensors Market Outlook

The global biosensors market value was USD 7.5 billion in 2023, driven by the growing demand for point-of-care testing across the globe. The market size is anticipated to grow at a CAGR of 6.4% during the forecast period of 2024-2032 to achieve a value of USD 13.1 billion by 2032.

Wearable Segment to Account for a Substantial Share of the Global Biosensors Industry

Based on product, the wearable segment is expected to hold a significant share in the global biosensors industry in the forecast period. This growth can be attributed to the rising incidences of diabetes and cardiovascular diseases, which require regular monitoring and instant diagnostics. These are portable and allow people to have a home-based diagnosis, which is cost-effective and reduces the time required for the diagnosis. In addition, through wearable biosensors, patients can keep track of their real-time health situation, which helps in effective treatment and early detection of diseases, which could reduce the mortality risk.

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North America to Exhibit a Significant Growth in the Global Biosensors Industry

The North America region is predicted to occupy a considerable share of the global biosensors industry. This surge can be attributed to the increased implementation of biosensors in the region. In addition, this growth is due to the rising incidences of illnesses, which can be tracked and monitored by biosensors in the region, such as diabetes. According to the statistics provided by the American Diabetes Association, diabetes is the 7th primary cause of death in the United States, and around 1.5 million Americans are diagnosed with diabetes every year. In addition, the growing use of biosensors in the food and beverage industry has further boosted the market share of the region in the global biosensors industry.

Biosensors: Market Segmentation

Biosensors are self-containing analytical devices that are used to detect the presence of a biological analyte. It recognises the analyte and produces a measurable signal. The device comprises a transducer and a biological component such as an enzyme, which reacts upon interaction with a biological analyte. This biological reaction is converted into an electrical signal by the transducer. Biosensors are used in multiple ways and can, therefore, be referred to as immunosensor, optrodes, glucometers, biocomputers and biochips, among others. Some commonly found biosensors include store-bought pregnancy tests and glucose detectors.

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By product, the market is bifurcated into:

• Wearable 
• Non-Wearable

On the basis of technology, the industry can be categorised into:

• Electrochemical 
• Optical
• Piezoelectric
• Thermal Biosensors
• Nanomechanical

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rapid Technological Advancements and the Rising Instances of Chronic Illnesses to Bolster the Growth of the Global Biosensors Industry

Biosensors are increasingly being utilised in biomedicine, food safety standards, defence , security, and environmental monitoring, and with rapid advancements, the biosensor devices have become extremely helpful in the healthcare sector. Emerging trends of nanotechnology-based biosensors have increased the sensitivity limit of biosensors. Furthermore, the rising spread of chronic diseases such as cancer, diabetes, and other cardiovascular diseases has increased the demand for biosensors in the market, such as biosensors for blood glucose monitoring, pregnancy tests, and cholesterol monitoring. In addition, with the advent of coronavirus and its rapid spread, consumers are investing in oximeters, which are biosensors that monitor oxygen and blood pressure levels. These are some of the factors that are expected to impact the overall growth of the biosensors industry positively.

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Key Industry Players in the Global Biosensors Market

The report gives a detailed analysis of the following key players in the global biosensors market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• AgaMatrix Holdings LLC
• Abott Laboratories Inc.
• Biosensors International Groups Ltd.
• Medtronic Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report

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Biosensors Market Report Snapshots

Biosensors Market Size

Biosensors Companies