The biosensors market is estimated to be valued at US$ 295.52 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Biosensors are analytical devices that detect biological responses from infectious microbes and chemicals which are then converted into detectable electrical signals. Biosensors have wide range of applications in healthcare, food safety testing, biodefense and environmental monitoring. Key applications includes point-of-care testing, home healthcare diagnosis, food toxicity detection and national security.

Market Dynamics:

The biosensors market is primarily driven by the growing demand for point-of-care testing. Point-of-care testing enables quick medical diagnostics outside conventional laboratory setting which saves time. For instance, glucose biosensors are widely used for diabetes point-of-care testing. Further, growing incidences of infectious and chronic diseases is fueling the demand for advanced diagnostic tools like biosensors. According to World Health Organization, chronic diseases accounted for around 70% of all deaths globally in 2020. Moreover, the outbreak of COVID-19 pandemic has accelerated point-of-care testing with the development of diagnostic biosensors for detection of SARS-COV-2 infection. Rising R&D investments by public and private players for development of accurate and low-cost biosensors will provide growth opportunities in the market over the forecast period.

SWOT Analysis

Strength: The Global Biosensors Market Size has high growth potential due to increasing prevalence of chronic diseases. Biosensors offer minimally invasive and point-of-care disease diagnosis. Moreover, continuous technological advancements are resulting in development of more accurate, affordable, and easy-to-use biosensors.

Weakness: High costs associated with R&D and product development of biosensors limits its adoption. Stringent regulatory approval process also hinders market growth.

Opportunity: Growing funding and investments by government organizations as well as private players provides lucrative opportunities. Emerging economies present significant untapped market potential.

Threats: Alternate medical diagnosis methods and intense competition from established players poses threat to new entrants. Data privacy and security concerns also challenge market growth.

Key Takeaways

The global biosensors market is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing prevalence of chronic diseases and growing elderly population globally.

Regional analysis

North America dominated the global market in 2023 and is projected to maintain its leading position during the forecast period. This can be attributed to presence of advanced healthcare infrastructure and availability of skilled professionals in the region. Asia Pacific exhibits highest growth and is emerging as the fastest growing regional market for biosensors due to growing medical tourism, increasing healthcare expenditure and rapidly expanding medical device industry in countries like China and India.

Key players
Key players operating in the biosensors market include Nemaura Medical, Inc., MediWise Ltd., Integrity Applications Inc., OrSense, Medtronic Plc, GE Healthcare, Philips Healthcare, Akers Biosciences, Inc., Abbott Laboratories, F. Hoffman-La Roche Ltd., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, Sysmex Corporation, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., LifeSensors, Inc., Johnson & Johnson, Bayer AG, Smiths Detection, TaiDoc Technology Corporation, Efferent Labs, and I-SENS, Inc.

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