Global Biosensors Market Size to Reach USD 50.7 Billion in 2030 | Rising Need for Real-Time Monitoring Devices and Increasing Demand for Point of Care Healthcare Services are Some Key Factors Driving Industry Demand, Says Emergen Research
VANCOUVER, B.C., May 19, 2022 /PRNewswire/ -- The global biosensors market size was USD 25.5 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing application of biosensors in various end-use industries such as healthcare, research labs, agriculture, and others for detection and monitoring, and increasing investment by major market players in R&D for development of advanced products are some major factors expected to drive global biosensors market revenue growth.
Drivers:
Rapid technological advancements in biosensors such as Point of Care (POC) testing and the determination of multianalyte for environment monitoring and screening are some key factors also expected to drive revenue growth of the global Biosensors market during the forecast period. Miniaturization in biosensors has led to development of easy-to-use, and compact biosensors, which has improved traditional methods of testing and diagnostics. In addition, increasing investments by key Biosensors market players in research and development of new and more advanced diagnosis and health monitoring products are further expected to boost demand for biosensors.
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Biosensors play a vital role in constant monitoring of patient health conditions, which has made these popular for deployment among an increasing geriatric patient pool. Wearable biosensors technology has greatly benefitted individuals who require long-term care. On 26 May 2020, Philips launched next-generation wearable biosensors for early detection of diseases, including clinical surveillance for COVID-19. Moreover, biosensors are used for remote sensing and determination of residue and quality of food and water in the food and beverage industry. It also measures alcohols, carbohydrates, and acids during quality control processes.
Restraints:
However, high initial costs associated with R&D of biosensors are major factors expected to hamper revenue growth of the Biosensors market during the forecast period. Large companies are more capable of investing in development of biosensors as the cost can range between USD 40 and USD 50 million. High cost is also limiting application in other sectors such as for industrial processes, food packaging and testing, and agriculture and environment monitoring. Furthermore, technologically advanced and reliable biosensors need significant amount of time to complete. Slow rate of commercialization of biosensors and approval can take up to five years and cost a company, which is expected to hamper Biosensors market revenue growth to some extent over the forecast period.
Growth Projections:
The global biosensors market is expected to register a revenue CAGR of 8.0% over the forecast period and revenue is projected to increase from USD 25.5 Billion in 2021 to USD 50.7 Billion in 2030. Increasing technological advancements in biotechnology and nanotechnology and use of biosensors for detection of contamination in river water caused by heavy metal ions such as lead, mercury, iron, and others are also driving revenue growth of the market.
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COVID-19 Impact Analysis:
COVID-19 pandemic has been having a wide-ranging impact on various industries and slowed down global economic growth. However, biosensors industry was positively impacted owing to increasing demand for wearable biosensors in-home care diagnostics due to lockdown and to reduce hospital visits. Biosensors are used in diagnosis of tumors, cancer, medical imaging, and structural health monitoring. The COVID-19 pandemic has prompted development of biosensors to detect presence of proteins in the causative agent in real-time. In addition, paper-based and chip-based biosensors are low-cost, user-friendly, and provide rapid diagnosis for COVID-19. Thus, several industry players are focusing on development of more sensitive and reliable biosensors for COVID-19 diagnosis. Advanced biosensors are also a screening tool, which can be used for surveillance, address control, and can also aid in the preparedness of future outbreaks.
Current Trends and Innovations:
Extensive adoption of biosensors has resulted in the development of quartz, glass, and silica-based biosensors owing to their unique properties. Silicon nanomaterials have greater potential to be technological advanced for use in biosensor applications due to their abundance, biocompatibility, electronic, and mechanical properties. In addition, silicon nanomaterials are important for biomedical and biological applications as these are not toxic. Silicon nanomaterials are used for various applications such as biosensing, bioimaging, and therapy of cancer.
Geographical Outlook:
North America is expected to register a significantly robust revenue growth rate over the forecast period due to presence of well-established medical and biosensors manufacturing industries such as Abbott, Bio-Rad Laboratories, Inc., and others in countries in the region. In addition, rising need for faster, enhanced, and cost-effective medical diagnostics and rising demand PoC and home diagnosis due to COVID-19 are other factors driving Biosensors market revenue growth.
Strategic Initiatives:
Some major companies included in the global Biosensors market report are Abbott, Medtronic, Bio-Rad Laboratories, Inc., Cytiva, LifeScan IP Holdings, LLC, Nova Biomedical, Universal Biosensors, AgaMatrix, PHC Holdings Corporation, and ACON Laboratories, Inc.
- In December 2020, Bio-Rad Laboratories, Inc., which is a global leader of life science research and clinical diagnostic products, announced the expansion of its joint marketing agreement with Siemens Healthineers. As part of the agreement, Bio-Rad will provide quality control products and unity quality control data management solutions for Siemens Healthineers' Atellica Solution platforms.
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Scope of Biosensors Research
Report Details | Outcome |
Biosensors Market size in 2021 | USD 25.5 Billion |
CAGR (2021–2030) | 8.0% |
Biosensors Revenue forecast to 2030 | USD 50.7 Billion |
Base year for estimation | 2021 |
Historical data | 2019–2020 |
Forecast period | 2022–2030 |
Quantitative units | Revenue in USD Billion and CAGR in % from 2021 to 2030 |
Biosensors Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Biosensors Market Segments covered | Product, technology, application, end-use, and region |
Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
Key companies profiled in Biosensors Market | Abbott, Medtronic, Bio-Rad Laboratories, Inc., Cytiva, LifeScan IP Holdings, LLC, Nova Biomedical, Universal Biosensors, AgaMatrix, PHC Holdings Corporation, ACON Laboratories, Inc. |
Customization scope | 10 hours of free customization and expert consultation |
Emergen Research has segmented the global biosensors market on the basis of product, technology, application, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019–2030)
- Wearable Biosensors
- Non-wearable Biosensors
- Technology Outlook (Revenue, USD Billion; 2019–2030)
- Electrochemical Biosensors
- Optical Biosensors
- Piezoelectric Biosensors
- Thermal Biosensors
- Nanomechanical Biosensors
- Application Outlook (Revenue, USD Billion; 2019–2030)
- Healthcare
- Agriculture
- Bioreactor
- Food Toxicity
- Others
- End-use Outlook (Revenue, USD Billion; 2019–2030)
- Point of Care (POC)
- Home Diagnostics
- Research Labs
- Environmental Monitoring
- Food & Beverages
- Biodefense
- Others
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- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
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