Biosensors Market Size, Share, Growth Analysis, By Type (Sensor Patch, Embedded Devices), Product (Wearable, Non-Wearable), Technology(Piezoelectric, Electrochemical, Thermal, Optical, Nanomechanical), Component, Application, End-User, and Region - Industry Forecast 2024-2031

Global Biosensors Market size was valued at around USD 26.76 billion in 2022 and is poised to grow from USD 28.9 billion in 2023 to USD 53.59 billion by 2031, at a CAGR of 8.0% over the forecast period (2024–2031). 

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. '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)', '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.'

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. 

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. 

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.