The global biosensors market size was estimated at USD 28.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2030. The key factors driving the industry growth include various applications in the healthcare/medical sector, increasing demand in the bioprocessing industry, and rapid technological advancements in drug screening due to the COVID-19 pandemic. Moreover, the pandemic led to the rapid expansion of the biosensor industry due to an increase in the number of hospitals worldwide.
Biosensors Market Report Highlights
- The electrochemical biosensors technology segment accounted for the largest revenue share in 2023
- The segment is anticipated to witness significant growth over the forecast period owing to the widespread applications for analysis & quantification in biochemical and biological processes
- Based on the application, the medical segment dominated the industry in 2023. This device is considered an essential tool in the monitoring and detection of a wide range of medical conditions, such as cancer and diabetes
- Middle East & Africa is expected to witness the fastest growth rate over the forecast period
- This is owing to a rise in research & development activities and constantly improving healthcare facilities in the region.
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Over the forecast period, technological advancements are expected to be significant growth drivers for the industry. For example, in January 2022, a U.S. medical device manufacturer, Abbott, launched a universal consumer wearable device with biosensors. The company announced the development of a new line of consumer biometric wearable devices called Lingo, designed for more general fitness and wellness purposes. In addition, increasing demand for biosensors and bioreactors for new drug development is likely to lead to industry expansion in the near future due to improved biosensor technology.
List of top players of Biosensors Market
- Bio-Rad Laboratories Inc.
- Medtronic
- Abbott Laboratories
- Biosensors International Group, Ltd.
- Pinnacle Technologies Inc.
- Ercon, Inc.
- DuPont Biosensor Materials
- Johnson & Johnson
- Koninklijke Philips N.V.
- LifeScan, Inc.
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We have segmented the biosensors market report on the basis of technology, application, end-user, and region.
- Biosensors Technology Outlook
- Thermal
- Electrochemical
- Piezoelectric
- Optical
- Biosensors Application Outlook
- Medical
- Food Toxicity
- Bioreactor
- Agriculture
- Environment
- Others
- Biosensors End-user Outlook
- Home Healthcare Diagnostics
- POC Testing
- Food Industry
- Research Laboratories
- Security and Bio-Defense
- Biosensors Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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