Biosensors are tiny analytical devices integrated with immobilized or embedded biological components or receptors to detect chemical compounds or biological substances. They provide selective detection of cellular responses and physiological changes by combining biological specificity and signal transduction features. Biosensors find extensive applications in medical diagnosis, disease prevention, drug discovery, healthcare monitoring, agriculture and environmental monitoring due to their advantages such as miniature size, compatibility with micro-fabrication techniques, cost-effectiveness, and functionality in complex biological samples.

The global biosensors market is estimated to be valued at US$ 24 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing application of biosensors in medical devices is one of the key trends driving the growth of the biosensors market. Biosensors are an integral part of medical devices including glucose monitoring devices, pregnancy test kits, coagulation analyzers, blood gas analyzers and others. Ease of use, rapid results, and minimal invasiveness are some major advantages offered by biosensor-based medical devices. Growing prevalence of chronic and lifestyle associated diseases such as diabetes have increased the demand for continuous glucose monitoring (CGM) devices which utilize biosensor technology. Moreover, launch of innovative biosensor based diagnosis and monitoring kits for cardiac disorders, cancer, infectious diseases and brain injuries will also support the market growth over the forecast period.

Segment Analysis

The global biosensors market is dominated by medical biosensors segment which holds more than 70% market share. Medical biosensors are extensively used for diagnostic as well as monitoring purposes e.g. glucose monitoring biosensors help people with diabetes to constantly monitor their blood glucose levels. Other major application segments include food toxicity biosensors and environmental biosensors however medical biosensors segment is expected to continue dominating over forecast period owing to increasing cases of lifestyle diseases like diabetes worldwide.

Key Takeaways

The Global Biosensors Market Share is expected to witness high growth over the forecast period. The global biosensors market is estimated to be valued at US$ 24 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030.

Regional analysis related content comprises North America region currently dominates the biosensors market owing to presence of developed healthcare infrastructure and higher healthcare spending. The US contributes more than 80% of the North America region's biosensor market share. However Asia Pacific region is expected to witness fastest growth over forecast period at a CAGR of around 8% owing to rising healthcare spending, increasing disposable incomes and growing incidence of chronic diseases in emerging economies like India and China in the region.

Key players Key players operating in the biosensors market are Abbott, Johnson &Johnson, Honeywell International, Medtronic, DuPont and Nova Biomedical. Abbott being the global leader with around 30% market share.

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https://www.newsstatix.com/biosensors-market-size-share-growth-outlook-2023/

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