Biosensors market size to reach USD 33.85 B in 2027, says Emergen Research

Biosensors market size to reach USD 33.85 B in 2027, says Emergen Research
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VANCOUVER –  The global biosensors market size is expected to reach USD 33.85 Billion in 2027 at a CAGR of 7.3% during the forecast period according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to increasing application of biosensors in medical, food and beverage, healthcare, and agriculture industries, among others. There are different types of biosensors including electrochemical biosensors, immunosensors, magnetic biosensors, thermometric biosensors, acoustic biosensors, and optical biosensors. Biosensors are used in cameras, gyroscopes, accelerometers, microfluidics, pressure monitors, and temperature sensors, to name a few. Increasing incorporation of Artificial Intelligence (AI), cloud-based computing, and Internet of Things (IoT) in healthcare industry is further expected to support market revenue growth during the forecast period.

Biosensors are analytical devices, majorly used for detection of chemical substances, and is a combination of a biological component with a physicochemical detector. Biosensors are made up of three parts; a component that senses the analyte and generates a signal, a signal transducer, and a reader device. These instruments are either automated or are analog and are generally capable of measuring temperature, pressure, acceleration, wind, velocity, and moisture. Increasing application of nanotechnology to develop more advanced biosensors and improve dynamic chip design processes is expected to further fuel revenue growth of the market.

Increasing prevalence of diabetes and rising awareness regarding self-management of diabetes is boosting demand for advanced glucometer technologies and this is supporting growth of the biosensors market. Increasing availability of a variety of diabetic biosensors in the market is expected to further fuel revenue growth of market over the forecast period. Advanced biosensors are more user-friendly and offer better convenience. Increasing awareness about benefits of shifting to a healthy lifestyle is driving demand for wearable biosensors that can assesses various vital parameters such as pulse rate, blood pressure, sleep cycle, and others. However, high costs associated with biosensor development and production can hamper market growth to a certain extent over the forecast period.

Some Key Highlights From the Report:

  • Optical technology segment is expected to register a revenue CAGR of 7.5% over the forecast period, attributed to increasing demand for fundamental research, fermentation control, receptor-cell interactions, and equilibrium studies, among others.
  • Food industry end-use segment is expected to register significant revenue growth over the forecast period owing to increasing need to identify allergens and contamination in food products and increasing application of nutritional analysis to retain product freshness.
  • Medical application segment is expected to contribute significantly to market revenue over the forecast period owing to increasing use of biosensors for cholesterol assays, blood pressure control, blood gas analysis, and product development. Biosensor is an essential tool for detecting and monitoring a broad range of chronic conditions, ranging from diabetes to cancer.
  • North America is expected to account for largest revenue share in the global market over the forecast period attributed to increasing research and development activities in the region to develop more cost-efficient and innovative procedures and processes. North America accounted for 38.7% share in the global market in 2019.
  • Key companies operating in the global market include Thermo-Fisher Scientific, Abbott Laboratories, Biosensors International, TE Connectivity Corporation, Molecular Devices Corp., Pinnacle Technology, Siemens Healthineers, Bio-Rad International, DowDuPont Inc., and Roche Diagnostics.

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services.

 

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