According to the latest report by IMARC Group, titled " Global Biosensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global biosensors market reached a value of US$ 24.2 Billion in 2021. Biosensors are medical devices that are generally used by laboratory professionals to determine the presence of biological substances, such as microorganisms and biomolecules. They are usually embedded with a mediator, signal conditioning circuit, analyte, reader device, microcontroller and transducer to convert a biological response into an electronic or digital signal. Additionally, they are widely utilized to monitor disease progression and assist the experts in forensic research and drug discovery. Apart from this, they also aid in point-of-care (POC) diagnostics, along with the treatment of numerous chronic and lifestyle disorders by monitoring regular pathogenic activities in the body.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biosensors Market Trends:
The global market is primarily driven by the rising prevalence of chronic illnesses among the masses. Coupled with the shifting lifestyle patterns and the increasing geriatric population that is more susceptible to developing medical ailments, this is also contributing to the market growth across the globe. Along with this, various technological advancements in the healthcare sector are favorably impacting the market growth. For instance, the widespread product integration with nanomaterials, such as crystals and quartz, and the rising utilization of fluorescence tags with biosensors to improve the sensitivity and detection limit are creating a positive outlook for the market. Furthermore, increasing investments by private and public firms in the development of proteomics and genomics are also providing an impetus to market growth. Additionally, with the sudden outbreak of coronavirus disease (COVID-19) on the global level, there has been a substantial rise in the adoption of biosensors for continuous monitoring of patients, which is providing an impetus to the market growth further. Some of the other factors contributing to the market growth include extensive research and development (R&D) activities and continuous improvements in the healthcare and biotechnology infrastructures. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 8.51% during 2022-2027.
- On the basis of the product, the market has been bifurcated into wearable biosensors and non-wearable biosensors.
- Based on the technology, the market has been segmented into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors, nanomechanical biosensors and others.
- On the basis of the application, the market has been categorized into blood glucose testing, cholesterol testing, blood gas analysis, pregnancy testing, drug discovery, infectious disease testing and others.
- Based on the end-use, the market has been classified into point of care testing, home healthcare diagnostics, research laboratories, security and biodefense and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Abbott Laboratories, AgaMatrix Inc. (WaveForm Technologies Inc), DuPont de Nemours Inc., F. Hoffmann-La Roche AG, General Electric Company, LifeScan Inc. (Platinum Equity LLC), Medtronic PLC, Nova Biomedical Corporation, PHC Holdings Corporation, Siemens AG and Thermo Fisher Scientific Inc.
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