Farmington, May 10, 2023 (GLOBE NEWSWIRE) -- The Global Biosensors Market was valued at USD 28.6 billion in 2022 and is projected to reach USD 70.18 billion by 2030, growing at a CAGR of 7.90% from 2023 to 2030. Biosensors are devices that utilize biological or biochemical reactions to detect and quantify a variety of analytes, including gases, chemicals, and biomolecules.
Increasing need for point-of-care testing (POCT), personalized medicine, and the prevalence of chronic diseases such as diabetes and cancer are some of the major forces propelling the biosensors market. In addition, advances in nanotechnology and the growing usage of biosensors in food safety testing and environmental monitoring are driving the market's expansion.
Due to the existence of a large number of significant players and the high rate of biosensor adoption in healthcare and biomedical applications, North America is the largest market for biosensors at now. Europe and Asia-Pacific are also anticipated to experience substantial growth throughout the projected period, owing to the rising demand for biosensors in various sectors and the expansion of the healthcare infrastructure, respectively.
Request Sample Copy of Report “Biosensors Market Size, Share & Trends Estimation Report By Type Outlook (Rigid, Semi-rigid & Flexible) By Material Type (Paper & Paper-based, Plastic, Metal, Glass & Others) By Application Outlook (Bakery & Confectionery, Dairy Products, Fruits &Vegetables, Meat, Poultry, & Seafood, Sauces & Dressings & Others) By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Segmentation Overview:
Technology Outlook:
On the basis of technology, the industry is divided into piezoelectric, electrochemical, thermal, and optical subsectors. In 2022, the electrochemical segment held the largest market share, approximately 71.4%. Due to its pervasive use in biochemical and biological processes for measurement and analysis, this is the case. Electrochemical biosensors have low detection limits, a wide linear response range, exceptional stability, and repeatability. Electrochemical detection is superior to piezoelectric, thermal, and optical detection, resulting in greater market penetration and consumption.
Several advantages include durability, compatibility with new microfabrication technologies, simplicity of operation, low cost, disposability, independence from sample turbidity, and low power requirements. Optical is anticipated to experience the highest growth rate over the forecast period. Due to their extensive analytic coverage, it is anticipated that the demand for optical biosensors in analysis will increase over the upcoming years. Optical biosensors allow for the analysis of receptor-cell interactions, fermentation monitoring, structural research, concentration, kinetics, and equilibrium. The market for optical biosensors is anticipated to expand due to these factors.
Application Outlook:
Based on application, the market is segmented into bioreactor, medical, agricultural, environmental, and food toxicity segments. The medical segment dominated the industry in 2022, accounting for approximately 66.7% of the total revenue share. In the medical sector, biosensors are utilized for cholesterol testing, blood glucose monitoring, drug discovery, pregnancy testing, blood gas analyzer, and infectious diseases. It is regarded as an indispensable tool for the detection and monitoring of numerous medical conditions, including diabetes and malignancy.During the forecast period, agriculture is anticipated to have the highest CAGR.
In contrast to traditional methods used to prevent the loss of livestock and commodities due to natural hazards and bioterrorism, biosensors enable the rapid and specific identification of a wide variety of fungi. This instrument measures pesticides, heavy metals, and herbicides, as well as pesticides in the ground and soil water. These are also used to predict the emergence of soil disease, which was previously impossible with conventional technology, and therefore provide dependable, enhanced methods for soil disease remediation and early prevention. These factors are contributing to the expansion of the market.
End-User Outlook:
The end-use segment is comprised of research laboratories, the food industry, home healthcare diagnostics and security POC testing, as well as biodefense. In 2022, point-of-care biosensors dominated the market, accounting for approximately 46.7% of total revenue. Technological advancements that create innovative products, such as ultra-sensitive printable biosensors for point-of-care applications that help detect or monitor organic fluids such as urine, saliva, blood, and sweat, are key factors fueling the growth of biosensors in the POC testing market. In August 2022, for instance, NanoDx, Inc., a provider of innovative medical diagnostic solutions, and SkyWater Technology announced the first protein-responsive nano biosensor to be commercially available.
Regional Analysis:
In 2022, North America accounted for more than 39.50% of the global revenue due to the presence of key actors and the rising incidence of targeted diseases. During the forecast period, technological advancements, such as the introduction of miniaturized diagnostic equipment that provides increased market penetration of Electronic Medical Records (EMR), as well as accurate and speedy findings, are anticipated to drive market growth. In addition, the Clean Air Act, the Clean Water Act, and the National Environmental Policy Act all exist in the United States and are anticipated to create growth opportunities for the North American market over the forecast period.
Buy this Premium Research Report@
https://www.contrivedatuminsights.com/buy/248610
Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 7.9% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 70.18 billion |
| By Technology |
|
| By Application |
|
| By End-user |
|
| By Companies |
|
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Dynamics:
Driving Factors
Several factors are contributing to the expansion of the global market for biosensors, including:
Utilization of biosensors for the detection of pathogens, toxins, and other contaminants in food products has increased as concern for food safety has increased. Biosensors provide rapid and accurate results, making them a valuable tool for testing food safety.
Adoption of personalized medicine: The shift towards personalized medicine is fueling the demand for biosensors, which can be used for early disease detection and monitoring at the individual level. The increasing use of biosensors in the creation of personalized treatment plans is fueling the demand for biosensors in the healthcare industry.
Restraining Factors:
There are a number of factors contributing to the growth of the global biosensors market, as well as a number of factors that may inhibit market expansion, such as:
Limited awareness and adoption: Biosensors are a relatively new technology, and consumers and healthcare professionals may have limited knowledge of their benefits and applications. This can restrict the use of biosensors in various industries and impede market expansion.
Concerns regarding ethics and privacy are raised by the expanding use of biosensors in personalized medicine and health monitoring. For instance, the collection and storage of personal data via biosensors may raise concerns regarding data privacy and security, which may hinder market expansion.
Opportunity Analysis:
The global market for biosensors presents several opportunities for industry participants to expand their product offerings and increase their market share, including:
Adoption of point-of-care testing: Demand for point-of-care testing is increasing, especially in developing nations with limited access to healthcare facilities. This market can be tapped by investing in the development of portable, cost-effective biosensors for point-of-care testing.
The shift toward personalized medicine presents an opportunity for companies to develop biosensors for early disease detection and monitoring at the individual level. Companies can invest in the development of personalized biosensors and profit from the rising demand for personalized medication by pursuing this strategy.
Key Segments Covered:
Top Market Players:
- IBM Corporation
- Microsoft Corporation
- Google LLC
- Amazon Web Services, Inc.
- Oracle Corporation
- MuleSoft LLC (Salesforce.com, Inc.)
- Red Hat, Inc.
- Axway Inc.
- SAP SE
- Dell Boomi, Inc.
By Technology
- Thermal
- Electrochemical
- Piezoelectric
- Optical
By Application
- Medical
- Cholesterol
- Blood Glucose
- Blood Gas Analyzer
- Pregnancy Testing
- Drug Discovery
- Infectious Disease
- Food Toxicity
- Bioreactor
- Agriculture
- Environment
- Others
By End-user
- Home Healthcare Diagnostics
- POC Testing
- Food Industry
- Research Laboratories
- Security & Bio-Defense
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
Check out more related studies published by Contrive Datum Insights:
- Geospatial Analytics Market - At a compound annual growth rate (CAGR) of 12.8% between 2022 and 2030, the global geospatial analytics market is expected to expand from its 2022 level of USD 56.88 billion to a 2030 level of USD 63.61 billion.
- Blockchain Market - By 2030, the Global blockchain market is expected to be worth USD 39.7 billion, up from an estimated USD 3.0 billion in 2022. This represents a CAGR (Compound Annual Growth Rate) of 67.3%.
- Artificial Intelligence Market- In 2022, the Global AI market was estimated at USD 136.55 billion; between 2023 and 2030, that number is expected to grow to USD 1,811.75 billion, or a CAGR of 37.3 percent.
Customization of the Report: The report can be customized as per client needs or requirements.For any queries, you can contact us on anna@contrivedatuminsights.com or +1 215-297-4078. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
Social: Facebook / LinkedIn / Twitter
Contact Us:
Anna B. | Head Of Sales
Contrive Datum Insights
Phone: +91 9834816757 | +1 2152974078
Email: anna@contrivedatuminsights.com
Website:
https://www.contrivedatuminsights.com
Contrive Datum Insights Press Releases
Latest Contrive Datum Insights Latest Reports
