Global Biosensors Market to Reach US$ 48.49 Billion by 2031, Expanding at a CAGR of 7.2%: TMR Report

Wilmington, Delaware, United States, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The global biosensors market is projected to flourish at a CAGR of 7.2% from 2021 to 2031. As per the report published by TMR, a valuation of US$ 48.49 billion is anticipated for the market in 2031. As of 2023, the market for biosensors is expected to close at US$ 26.7 billion.

The growing global burden of chronic diseases such as diabetes, cardiovascular diseases, and cancer has driven the need for continuous monitoring and early diagnosis, where biosensors play a crucial role, and drive the market demand.

Growing investments in healthcare research and development, both by governments and private companies, have accelerated the development and adoption of biosensors for various applications.

The increasing need for rapid and on-site diagnostic testing, particularly in healthcare settings, has boosted the demand for biosensors. POC diagnostics enable timely disease detection and treatment.

The life sciences and biotechnology sectors utilize biosensors for various applications, including drug discovery, genomics, proteomics, and cell culture monitoring, the growing biotechnology sector propels the market demand.

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Market Snapshot:        

Key Takeaways from the Market Study

• As of 2022, the biosensor market was valued at US$ 24.9 billion
• By product type, the non-wearable biosensor segment is expected to dominate the biosensor market during the forecast period.
• Based on technology, the electrochemical biosensor segment accounts for the highest market share during the forecast period.
• Based on application, the drug discovery segment is expected to generate high revenue during the forecast period.

Biosensors Market: Key Trends and Opportunistic Frontiers

• The global aging population has led to an increased prevalence of chronic diseases such as diabetes and cardiovascular conditions driving the demand for biosensors to play a crucial role in continuous monitoring and management of these health conditions.
• Ongoing advancements in biosensor technology, including miniaturization, improved sensitivity, and enhanced selectivity, have expanded their range of applications and made them more accessible.
• Ongoing technological innovations have led to the development of more sensitive, specific, and reliable biosensors. These advancements have broadened the scope of applications and increased the market's appeal.
  

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Biosensors Market – Regional Analysis

• North America, is a significant market for biosensors. The region benefits from advanced healthcare infrastructure, a strong presence of key industry players, and substantial research and development activities in biosensor technology.
• Europe remains the significant market for biosensors due to its advanced healthcare sector, a strong focus on research and development, and a robust pharmaceutical industry. The United Kingdom also contributes to the European biosensor market, with its healthcare institutions and academic research centers involved in biosensor technology development.

Competitive Landscape

The biosensor market is highly consolidated with the presence of a few market players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global biosensor market report:

• Abbott
• ACON Laboratories, Inc.
• Biosensors International Group, Ltd.
• MediaTek Sensio
• Dynamic Biosensors GmbH
• Agilent Technologies, Inc.
• Nanowear, Inc.
• AerBetic
• BioDot
• SD Biosensor, Inc.
• InterAx Biotech AG.
  

Key Developments in the Biosensor Market

• Roche has been actively involved in the development of biosensors for diagnostics. Their Accu-Chek biosensors, used in glucose monitoring systems, have seen continuous improvements in accuracy and response time.
• Abbott has been expanding its portfolio of biosensors for various applications. They recently launched the Libre Sense Glucose Sport Biosensor, a wearable biosensor for athletes and sports enthusiasts to monitor glucose levels in real-time.
• Siemens Healthineers has been focusing on biosensors for immunoassays and clinical chemistry. Their Atellica Solution, which utilizes biosensors, has been designed for high-throughput clinical diagnostics.
• Nova Biomedical specializes in biosensors for blood gas and electrolyte analysis. Their Stat Profile Prime Plus Critical Care Analyzer incorporates biosensor technology to provide rapid and accurate results.
• LifeScan has been working on continuous glucose monitoring (CGM) biosensors for diabetes management. Their OneTouch Verio Reflect CGM system offers real-time glucose data to users.
• Medtronic has been actively involved in the development of biosensors for implantable medical devices, including glucose sensors for insulin pumps and continuous glucose monitoring systems.

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Biosensor Market – Key Segments

Product Type

• Wearable Biosensors
• Non-wearable Biosensors

Technology

• Electrochemical Biosensors
• Optical Biosensors
• Piezoelectric Biosensors
• Thermal Biosensors
• Nanomechanical Biosensors
  

Application

• POC
• Home Diagnostics
• Research Labs
• Environmental Monitoring
• Drug Discovery
• Others (Biodefense, Infectious Disease Testing, etc.)

End-user

• Healthcare
• Food & Beverages
• Others (Research Institutes, Security and Bio-defense, etc.)
  

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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