USD 25.5 billion
Biosensors Market Size, Share, Growth Analysis, By Type(Sensor Patch, and Embedded Device), By Product(Wearable Biosensors (Wristwear, Eyewear, Footwear, Neckwear), By Technology(Electrochemical Biosensors (Amperometric, Potentiometric and Conductometric), Optical Biosensors (SPR, Colorimetric and Fluorescence)), By Component(Bioreceptor Molecules, Biological Elements, and Transducer), By Application(POC (Glucose Monitoring, Cardiac Marker, Infectious Disease Detection, Coagulation Monitoring), By End-User(Medical Device Companies, Contract Development and Manufacturing Organizations (CDMOs)), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG45J2077 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
67
|Figures:
80
Biosensors Market Insights
Biosensors Market size was valued at USD 28.9 Billion in 2023 and is poised to grow from USD 31.21 Billion in 2024 to USD 57.88 Billion by 2032, growing at a CAGR of 8.0% during the forecast period (2025-2032).
Biosensors are analytical devices that detect target chemicals or probes by biological reactions that convert cells, tissues, organisms and enzymes into electrical signals. A typical biosensor consists of a bioreceptor that explicitly detects the analyte and a transducer transforming the bio-detection phenomenon into a measurable signal, environmental monitoring, food security and biomedical research.
The incidence of chronic diseases such as diabetes and cardiovascular diseases is increasing worldwide. Increasing population has increased the availability of medical tools for diagnosis of population manifestations in hospitals and pharmacies. Besides, an increase in diagnostic devices equipped with biosensors helps in diagnosing diseases in patients quickly and accurately. The increasing joint venture between semiconductor and medical device companies to develop such device platforms is fueling the growth of the global market.
US Biosensors Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024–2031
Global Market Size
Largest Segment
Electrochemical
Fastest Growth
Electrochemical
Growth Rate
7.5% CAGR
Global Biosensors Market ($ Bn)
Country Share for North America Region (%)
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Biosensors Market Segmental Analysis
Global Biosensors Market is segmented by Type, Product, Technology, Component, Application and Region. Based on Type, the market is segmented into Sensor Patch, and Embedded Device. Based on Product, the market is segmented into Wearable Biosensors (Wristwear, Eyewear, Footwear, Neckwear, Bodywear and Others) and Non-wearable Biosensors. Based on Technology, the market is segmented into Electrochemical Biosensors (Amperometric, Potentiometric and Conductometric), Optical Biosensors (SPR, Colorimetric and Fluorescence), Piezoelectric Biosensors (Acoustic and Microcantilever), Thermal Biosensors, and Nanomechanical Biosensors. Based on Components, the market is segmented into Bioreceptor Molecules, Biological Elements, and Transducer. Based on Application, the market is segmented into POC (Glucose Monitoring, Cardiac Marker, Infectious Disease Detection, Coagulation Monitoring, Pregnancy Testing, Blood Gas & Electrolyte Detection, Detection of Tumor or Cancer Marker, Urinalysis Testing and Cholesterol Testing), Home Diagnosis (Glucose Monitoring, Pregnancy Testing and Cholesterol Testing), Research Labs, Environmental Monitoring, Food and Beverages and Biodefense. Based on End-User, the market is segmented into Medical Device Companies, Contract Development and Manufacturing Organizations (CDMOs). By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Technology
The electrochemical segment occupied the largest market share of around 71.5% in 2023 and is expected to grow at a rapid rate of CAGR of 8.0% from 2024 to 2031. This is in the context of both biochemical and biological methods of measurement and analysis. The reason for their use is low detection limit, wide linear response range, good stability, and repeatability are all advantages of electrochemical biosensors. Electrochemical detection has many advantages over piezoelectric, thermal and optical detection, leading to increased market penetration and adoption.
Robustness, compatibility with new micromanufacturing technologies, ease of use, low cost, disposability, freedom from sample staining, low power requirement is some of the advantages where the optical segment is expected to witness the fastest CAGR from 2024 onwards until 2031. Receptor-cell interaction, fermentation monitoring, structural investigation, concentration, and kinetic equilibrium analysis are all possible in optical biosensors. The optical segment is expected to grow due to the above factors.
Analysis by End-User
The medical device companies segment accounted for the largest share of the market in 2023. Furthermore, the demand for biosensor devices in healthcare continued to drive the segment to a larger share in the global market. In January 2023, DuPont announced that DuPont Livo Healthcare Solutions has partnered with STMicroelectronics to develop a new smart wearable device concept for remote BioSignal monitoring. Medical device companies play an important role in the biosensor market by promoting innovation and commercialization of biosensor technology. These companies are leaders in the development of advanced biosensors for applications such as glucose monitoring, heart health, infection detection etc. Further integration of Vedkans into wearable devices and other healthcare applications is what available to consumers and healthcare professionals.
The contract development and manufacturing organizations (CDMOs) segment is predicted to show the best CAGR during 2024-2031. The increase was due to increased strategic making plans in manufacturing businesses and research institutes. This growth is attributed to analyzing trends inclusive of technological advances in evolved nations, and multiplied manufacturing of medicine by using CDMOs. Contract development and manufacturing units (CDMOs) are important in the biosensor market by providing key services that help take biosensor products from concept to commercialization. CDMO provides expertise in areas such as biosensor design, prototyping, scale-up, and large-scale production. Their role is especially important for start-ups and small businesses that don’t have internal manufacturing capabilities. By working in partnership with the CDMO, these agencies can accelerate the development process, ensuring product quality and meeting regulatory requirements.
Global Biosensors Market By End-User (%)
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Biosensors Market Regional Insights
North America is the dominant region in the global biosensors market. North America held the largest revenue share of over 39.60% in 2023 owing to the presence of key populations and rise in targeted diseases during the forecast period, technological advancements, that the introduction of small diagnostic tools that increase the penetration of electronic medical records into the market. Additionally, the Clean Air Act, Clean Water Act and National Environmental Policy Act all exist in the US. and is expected to boost the regional market.
Increasing prevalence of chronic diseases such as diabetes and cancer among the population is fueling the growth of the market in Asia-Pacific. The region is expected to exhibit the highest CAGR during the forecast period owing to the increasing demand for diagnostic monitoring facilities in healthcare settings. Increasing number of diagnostics will drive the adoption of biosensor-based devices consumption across the globe is growing, driving the market from 2024 to 2031. In 2021, there will be more than 90.0 million people (about twice the population of California) in Southeast Asia aged 20 to 79, and the number is expected to rise to 113.0 million by 2030, according to data from the International Diabetes Federation (IDF).
Global Biosensors Market By Geography
- Largest
- Fastest
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Biosensors Market Dynamics
Biosensors Market Drivers
Growing Demand for Point-of-Care Testing
- The biosensors market is driven by the growing demand for point-of-care (POC) assays, especially in the healthcare industry. Biosensors enable rapid, accurate and portable assays, essential for monitoring chronic diseases, managing acute conditions, and responding to public health emergencies. POC testing and its efficiency leads to its adoption in various settings, from clinical to home care, thereby boosting biosensors market growth.
Rise in the Advancements in Nanotechnology and Biochemistry
- Technological advances, especially in nanotechnology and biochemistry are driving the biosensors market forward. These innovations have led to the development of sensitive, accurate, and versatile biosensors. The incorporation of nanomaterials into biosensors has improved their performance, enabling them to be used in various fields such as medical research, environmental monitoring, food safety, biodefense etc. These innovations this continues to expand the capabilities and applications of biosensors, leading to market growth.
Restraints
High Cost of Advanced Biosensors
- One of the most important restraints in the biosensors market is the high cost associated with advanced biosensors. The design and manufacture of highly sensitive and specific biosensors often involves expensive materials and complicated manufacturing processes. These costs can be barriers to adoption, especially in resource-limited environments and emerging markets, where affordability is a key factor.
Legal Challenges and Delayed Approval
- The biosensors market also faces regulatory approval challenges. Biosensors used in biomedical research and other important applications must undergo rigorous testing and certification to comply with stringent regulatory standards. A long and complicated approval process can delay the commercialization of new biosensor technologies, preventing them from entering the market. Moreover, different regulations in different regions can further complicate market growth for biosensor manufacturers.
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Biosensors Market Competitive Landscape
The global biosensors market is highly competitive, with numerous players in the market. An instance of a strategic partnership within the biosensors marketplace is the collaboration among the Abbott Laboratories and Bigfoot Biomedical. The two companies collaborated to develop and commercialize a diabetes management system that combines Abbott’s FreeStyle Libre glucose-sensing technology with Bigfoot Biomedical’s insulin delivery systems. The aim of the collaboration was to develop a simple and user-friendly solution for diabetics, combining continuous glucose monitoring (CGM) with automatic insulin delivery to create a permissive system. Abbott expertise in biosensors and glucose monitoring, paired with Bigfoot's innovation in insulin management. This strategic partnership, which could dramatically improve patients' lives by providing diabetes management facilitates and enhances glucose monitoring.
Biosensors Market Top Player’s Company Profiles
- Abbott Laboratories (US)
- Roche Diagnostics -(Switzerland)
- Johnson & Johnson (US)
- Medtronic (Ireland)
- Siemens Healthcare GmbH (Germany)
- GE Healthcare (US)
- LifeScan, Inc. (US)
- Bio-Rad Laboratories (US)
- Nova Biomedical (US)
- Dexcom (US)
- AgaMatrix, Inc. (US)
- Biosensors International Group, Ltd. (Singapore)
- Sysmex Corporation (Japan)
- F. Hoffmann-La Roche AG (Switzerland)
- PTS Diagnostics (US)
- Acon Laboratories, Inc. (US)
- Medtronic Diabetes (US)
- Universal Biosensors, Inc. (Australia)
- Analog Devices, Inc. (US)
- Lifescan Medical Devices Co., Ltd. (China)
- Biosensing Instrument, Inc. (US)
- Miraculins Inc. (Canada)
- I-SENS, Inc. (South Korea)
- LifeSensors, Inc. (US)
- GlySens Incorporated (US)
Biosensors Market Recent Developments
- August 2023: University of Missouri researchers developed a new technique that uses nanopores to help scientists advance their discoveries in neuroscience, medical biosensors and other medical applications.
- February 2023: Northwestern University developed an accurate, cost-effective, and easy-to-use test to detect toxic fluoride in water. The test is a biosensor that uses RNA, DNA, and protein transcripts to emit a signal when a target contaminant is detected.
- February 2023: Lino Biotech AG is acquired by Miltenyi Biotech. Lino Biotech is a leader in the development of innovative biosensors for sustainable management of bioresources, measuring bacterial populations in cell & gene therapy industries, and testing non-target reactions in living cells to aid drug discovery.
Biosensors Key Market Trends
- Increasing Device Deployment for Diabetes Monitoring: The prevalence of diabetes and associated complications is increasing in populations worldwide because of its high prevalence, most people demand early diagnosis and surveillance. Biosensors enable accurate diagnosis and monitoring of treatment and treatment efficacy in diabetic patients due to their precise advantages, such as accurate insulin estimation, cost, and utilization. According to an article published in 2023 by MDPI, traditional analytical methods for insulin detection are time-consuming, expensive, and lack real-time monitoring capabilities, as these factors can lead to production inspection at the point of view and continuous monitoring.
- Integration of Biosensors with IoT and AI Technologies: The biosensors market is witnessing a tremendous growth with the integration of biosensors with Internet of Things (IoT) and Artificial Intelligence (AI) platforms. This convergence enhances the real-time monitoring capabilities of biosensors, making data collection more efficient and effective. As a result, applications in health care, environmental management, and industrial policy are growing exponentially, leading to advanced research, personalized medicine, and policy as it is the result of smart applications. This trend is expected to drive innovation and expand the applications of biosensors in various industries.
Biosensors Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to SkyQuest analysis, the global market is a rapidly growing industry that is driven by advances in technology and the increasing demand for accurate and reliable diagnostic tools in various industries. The medical segment dominated the market in 2021, accounting for around 66.5% of the total revenue share. The agricultural segment is expected to grow at the fastest compound annual growth rate (CAGR) during the forecast period. North America dominated the global market in 2022, owing to the increasing demand for point-of-care testing, the rising prevalence of chronic diseases, and the presence of major players in the region. However, the Middle East and Africa region is expected to exhibit the highest CAGR during the forecast period due to the increasing adoption of biosensors in the healthcare and agricultural sectors and the growing demand for personalized medicine.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 26.76 billion |
| Market size value in 2031 | USD 53.59 billion |
| Growth Rate | 8.0% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Biosensors Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Biosensors Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Biosensors Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Biosensors Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Biosensors Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Biosensors Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Biosensors Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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