Biosensors Market to Cross to USD 63 Bn in Revenues by 2032 | Market.us

New York, April 06, 2023 (GLOBE NEWSWIRE) — The global biosensors market size is expected to be worth around USD 63 billion by 2032 from USD 27.2 billion in 2022, growing at a CAGR of 9% during the forecast period from 2022 to 2032. Biosensors are products that combine with a biological component and a physicochemical detector to detect chemical molecules in conjunction with a systematic device. The bio-sensing system can diagnose COVID-19 using an optical sensor, smart band, plasmonic photo-thermal sensor, wearable sensor, cell-based sensor, and nanosensor. In this unprecedented COVID-19 outbreak, manufacturers offer a rapid clinical surveillance arrangement to lower the demand for personal protective equipment (PPE) and the risk of exposure for healthcare workers while collecting routine patient vitals. COVID-19 emergencies by remotely monitoring patients with COVID who do not require ventilation in isolation rooms.

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Key Takeaway:

• By Technology, the electrochemical segment dominated the market and held the highest revenue share during the forecast period.
• By Product, the wearable biosensors market is expanding due to numerous industry players’ focus on creating self-monitoring devices that enable health management across various parameters.
• By Application, the increasing applications of biosensors in the medical industry drive the global market.
• By End-User, the point-of-testing segment held the largest share of the market.
• In 2022, North America dominated the market with the highest revenue share of 41.7%.
• Europe held a 23% revenue share in 2022.
• Middle East & Africa will grow at the fastest CAGR from 2023-2032.

Several factors positively and negatively impact the market’s dynamics and influence the market’s expansion. Global demand for efficient biosensors is rising because of the growing demand for point-of-care testing procedures. Additionally, due to the prevalence of chronic and lifestyle-related illnesses, consumers are urged to use biosensors regularly to detect pathogenic activities in the body. It is expected to increase the demand for biosensors. Applications for biosensors are growing as nanotechnology advances, and the global elderly population grows, making them more readily available and less expensive.

Factors Affecting the Growth of the Global Biosensors Market

There are several factors that can affect the growth of the Factors Affecting Global Biosensors Market.

Some of these factors include:

• Increasing Prevalence of biosensors: The prevalence of biosensors is increasing worldwide due to the high population and lifestyle changes. This is anticipated to be a major factor driving the growth of the global biosensors market
• Technological Advancements: The introduction of newer treatment techniques in the cancer immunotherapy market, such as chimeric antigen receptor (CAR) T-cell therapy, cancer vaccines, and adoptive cell transfer (ACT) therapy, are expected to fuel the growth of the global biosensors market.
• Increasing Research and Development Activities: Pharmaceutical and biotechnology companies are investing highly in research and development activities to develop more effective and economical best cancer immunotherapies expected to drive the growth of the global biosensors market.
• Increasing Government Support: Respective governments present globally provide financial and other ways of supporting research and development activities in cancer immunotherapy. This is expected to increase the growth of the global biosensors market.
• High Cost of Treatment: The cost of biosensors is high due to the high cost of R&D activities in developing immunotherapies.

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Regional Analysis

In the global biosensors market, the North America region held the highest revenue share in 2022, around 41.7%, due to technological advancements such as the introduction of miniaturized diagnostic equipment, which increases the market penetration of electronic medical records (EMR) will drive market expansion over the anticipated period. Additionally, the Clean Air Act, the National Environmental Policy Act, and the Clean Water Act all exist in the United States and are anticipated to offer attractive growth opportunities for the North American market during the forecast period.

During the forecast period, the Middle East and Africa region are anticipated to experience the fastest market growth. Some of the major factors driving the market in the Middle East and Africa are the significant unmet medical needs for target diseases like cancer, diabetes, and other infectious diseases. Market expansion is likely to be fueled by rising demand for home healthcare, adult-focused point-of-care, and other healthcare providers, as well as government initiatives to reduce hospital stays through outpatient care models. Also, the rising prevalence of old age people and hectic lifestyles are the other factors responsible for the growth of the Asia Pacific market.

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Scope of the Report

Market Drivers

The global biosensors market grows faster as more people use biosensors in temperature-sensitive applications like healthcare, food and beverage, and textiles. The rising demand for point-of-care testing procedures further influences the market due to the prevalence of chronic and lifestyle-related illnesses. Consumers are increasingly utilizing biosensors for routine pathogenic activity detection. The biosensors market also benefits from increased investment, demand for cutting-edge technology, and rapid urbanization.

Market Restraints

On the other hand, the market expansion is anticipated to be impeded by the high research and development costs and the lengthy certification and approval cycles. In addition, the biosensors market is expected to be challenged during the forecast period due to POC’s reluctance to adopt new treatment methods and pricing pressure.

Market Opportunities

The opportunities for wearable biosensors is continuously monitored the vital signs of patients, children, fitness enthusiasts or athletes, premature infants, and people living in remote areas far from health and medical services are increasing. Remote monitoring via wearable and connected biosensors enables patients to avoid hospitalization. By enabling telemedicine, wearable biosensors can make it easier for healthcare workers to work from home and free up hospital space for more responsive care. Smart textiles can provide a simpler and more convenient method for monitoring vital signs with sensors embedded in the fabric. The physicians may be better able to collect data on a patient over a more extended period with the help of biosensor patches, printed electronics, and leverage conformal.

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Report Segmentation of the Global Biosensors Market

Technology Insight

Electrochemical biosensors have advantages like excellent stability, a wide linear response range, low detection limits, and repeatability. In comparison to optical, thermal, and piezoelectric detection, electrochemical detection offers several advantages, which have led to greater market consumption and penetration. Benefits include compatibility with new microfabrication technologies, robustness, simple disposal, ease of operation, low cost, independence from sample turbidity, and low power requirements.

Product Insight

The market for wearable biosensors is segmented by product analysis into two types such as wearable products and non-wearable products. The wearable biosensor is a single-use device which having a multi-parameter patch and is able to receive and transmit important biomedical data wirelessly and remotely. Wearable biosensor products are dominated the global market because more adults are becoming aware of the importance of leading healthy lifestyles.

End-User Insight

The global biosensors market is segmented by end-users such as home healthcare diagnostics, POC testing, the food industry, research laboratory, and security & bio-defense. The segment point-of-care testing dominated the market and helped to monitor or sense organic fluids like blood, saliva, urine, and sweat. These factors are among the primary rendering drivers attributed to the growth of biosensors in the PoC testing market over the forecast period. Users of these systems receive prompt and precise results, allowing for quicker diagnosis and treatment. The demand for biosensors in point-of-care diagnostics is anticipated to rise throughout the forecast period due to the development of next-generation point-of-care biosensors, such as localized surface plasmon resonance. These label-free optical techniques include surface plasmon resonance and improved spectroscopy techniques.

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Market Segmentation

Based on Technology

• Thermal
• Electrochemical
• Piezoelectric
• Optical
• Other Technologies

Based on Product

Based on Applications

• Medical diagnostics
• Food Toxicity Detection
• Industrial Process Control
• Environmental Analysis
• Agricultural Testing
• Other Applications

Based on End Users

• Home Healthcare Diagnostics
• POC Testing
• Food Industry
• Research Laboratories
• Security & Bio-Defense

By Geography

North America

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include

• Abbott Laboratories
• Bio-Rad Laboratories Inc.
• Medtronic
• Johnson & Johnson
• Biosensors International Group, Ltd.
• Koninklijke Philips N.V.
• Pinnacle Technologies Inc.
• Molecular devices Corp.
• Ercon, Inc.
• Other Key Players

Recent Development of the Global Biosensors Market

• In January 2021- Global Business Partnership Agreement (GBP) was signed by Roche with Sysmex for delivering hematology testing solutions to improve customer experience and clinical decision-making; the new agreement aims to utilize IT systems.
• In December 2020-, FreeStyle Libre 2, a next-generation, sensor-based glucose monitoring technology, was announced by Abbott; it has received approval from Health Canada for children (4 years and above) and adults with diabetes.
• In December 2020-, The expansion of its joint marketing agreement with Siemens Healthineers was announced by Bio-Rad laboratories. According to the agreement, Bio-Rad will provide unity quality control data management solutions and quality control products for Siemens Healthineers’ Atellica Solution platforms.

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