Want to curate the report according to your business needs
Report Description + Table of Content + Company Profiles
The global biosensor market size was USD 27.00 Billion in 2022 and is expected to register a revenue CAGR of 8.3% during the forecast period. Factors such as development of nanotechnology-based biosensors in a variety of end-use industries and technological advancements in the field of biosensor are creating a high demand for biosensors and, thus is expected to drive market revenue growth.
Nanotechnology is becoming more significant in the creation of biosensors. As it is used in metabolite measurement, diabetes monitoring, forensic medicine, and homeland security, nanotechnology-based biosensor or nano biosensor technology is changing the healthcare industry. These are used in the food and beverage industries for remote sensing of water quality, drug residue detection in food, and others. These are used in environmental protection to identify pesticides and river water pollutants such as heavy metal ions, as well as in organism genome sequencing and communication.
In nanotechnology-based biosensors, nanomaterials of diameters ranging from 1 to 100 nm are employed. These biosensors are crucial in detecting the bio sensing technology process. Nanoelectromechanical systems have been developed as a result of integration of nanomaterials devices with electrical systems. Several nanomaterials have been studied for their electrical and mechanical properties to improve biological signaling and transduction pathways, which involve energy conversion. Nanotubes, nanowires, nanorods, nanoparticles, and thin films comprised of crystalline solids are examples of commonly used materials.
These sensors have applications ranging from amperometric devices for enzymatic glucose detection to the use of quantum dots as fluorescent agents for binding detection and bio-conjugated nanomaterials for biomolecular detection. Thus, increasing technological innovation and proliferation of new technologies enhance business difficulties, driving revenue growth of the biosensor market. Furthermore, technological advancements in the field of biosensors are driving revenue growth of this market. Significant efforts have been made in recent years to develop biosensor technology and applications.
The developments seen in the biosensor’s ecosystem is multianalyte resolution for environmental monitoring and screening. Miniaturization has aided in the development of small, compact, easy-to-handle biosensors, which have enhanced the typical testing scenario in the medical and healthcare industries. Furthermore, increasing number of product launches, together with the rising acceptance of innovative biosensors, will drive global market revenue growth. Biosensors address enterprises growing need for mobility and diversity in communication.
Slow rate of commercialization and reluctance to adopt new treatment practices is a major factor restraining the market revenue growth. Biosensor technology has had a slow pace of commercialization in recent years due to the expensive cost of biosensors and demand coming solely from the healthcare business.
Commercializing biosensors for nonmedical applications such as military, biodefense, fermentation control, and environmental monitoring is a problem for industrial participants due to limited Research and Development (R&D) and favorable outcomes. The biosensors market is also experiencing slow commercialization, owing to price sensitivity, end-user acceptability, and worries about the quality, validity, and dependability of the goods.
The development of nanotechnology is a growing trend. The integration of nanomaterials-based devices with electrical systems results in nanoelectromechanical systems. Several nanomaterials have been studied for their electrical and mechanical properties to improve biological signaling and transduction pathways, which include the conversion of one type of energy to another. These sensors can be used for a variety of purposes, including enzymatic glucose detection using amperometric devices, binding detection utilizing quantum dots as fluorescent agents, and biomolecule detection using bio-conjugated nanomaterials. As a result, the fast-growing nanotechnology industry is driving the biosensor market revenue growth.
On the basis of application, the global biosensor market is segmented into medical, agriculture, environment, and bioreactor.
The agriculture segment registered fastest revenue growth rate over the forecast period, owing to its increasing popularity in detection. Biosensors offer rapid and specific identification of a wide range of fungi, which is superior to earlier technologies for averting livestock and crop losses due to natural threats and bioterrorism. Pesticides, heavy metals, and herbicides, as well as pesticides in ground and soil water, are measured with this technology.
These are also used to forecast soil disease onset, which was previously unattainable with conventional technologies, and so provide trustworthy, enhanced ways for soil disease cleanup and prevention at an early stage. These factors contribute to revenue growth of this segment. The medical segment is expected to account for largest revenue share over the forecast period, owing to their increased adoption in various treatments.
In the medical field, biosensors are utilized in cholesterol testing as high cholesterol levels can indicate a risk of heart disease and other health issues, blood glucose monitoring as continuous and accurate monitoring is essential for managing diabetes effectively and preventing complications, drug discovery as it assists researchers in studying drug interactions, identifying potential drug candidates, and evaluating drug efficacy, pregnancy testing, blood gas analyzer, and infectious illnesses. It is recognized as a critical tool for detecting and monitoring a wide range of medical conditions, including diabetes and cancer.
On the basis of technology, the global biosensor market is segmented into electrochemical, optical, piezoelectric, thermal, and nanomechanical biosensors.
The optical biosensors segment registered fastest revenue growth rate in 2022, owing to comprehensive analytical scope. Among other things, optical biosensors enable receptor-cell interactions, fermentation monitoring, structural research, concentration, kinetic, and equilibrium assessments. Optical biosensors have considerable advantages over standard analytical procedures since they can detect a wide spectrum of biological and chemical substances in real time and without the need for labels.
Their benefits include high specificity and sensitivity, small size, and inexpensive cost. Advanced concepts and multidisciplinary approaches employed in the development of new optical biosensors include microelectronics, Microelectromechanical Systems (MEMSs), micro/nanotechnologies, molecular biology, biotechnology, and biochemistry. Over the last decade, optical biosensor R&D has grown at an exponential rate.
The electrochemical segment accounted for largest revenue share in 2022, owing to its use in biochemical and biological processes for measurement and analysis. Electrochemical biosensors feature a wide linear response range, great stability, and reproducibility. A biosensor is generally defined as an analytical device that converts a biological response into a quantifiable and processable signal. Biosensors can be applied to a large variety of samples including body fluids, food samples, and cell cultures, and be used to analyze environmental samples.
The Electrochemical (EC) biosensors detect the oxidation and reduction reaction potential/gradient of linked enzymes/metabolites and provide an electrochemical signal to electrodes for solute concentration monitoring. Even suppressing enzyme function improves medication delivery efficacy in biological systems. Wearable and implantable electrochemical sensor systems are being created as a result of advancements in biomedical engineering and technology. These factors are driving revenue growth of this segment.
On the basis of product, the global biosensor market is segmented into wearable biosensors and non-wearable biosensors.
The non-wearable segment is expected to register fastest revenue growth rate over the forecast period, owing to the increased frequency of chronic diseases, including cancer, diabetes, and other ailments, which is creating a high demand for conventional techniques of diagnosis and detection. Conventional techniques include biosensors, which are commonly used in hospitals and laboratories to detect blood sugar levels or analyze gas levels in the blood.The high efficacy and precision of non-wearable biosensors and ongoing product enhancement are expected to drive revenue growth of this segment over the forecast period.
The wearable biosensors segment is expected to account for largest revenue share over the forecast period, owing to its potential to change classical medical diagnostics and continuous health monitoring concepts. Wearable biosensor applications aim to shift from centralized hospital-based care systems to home-based personal medicine, lowering healthcare costs and diagnosis time.
One can now observe that wearable biosensors are causing a surge of innovation in society. Their convenience and improved use can provide a new level of exposure to a patient's current health status. This real-time data availability enables better clinical decisions, which leads to improved health outcomes and more efficient utilization of healthcare systems. Wearable biosensors can aid in the early detection of health events and the prevention of hospitalization in human civilization. Such events are expected to drive revenue growth of the wearable biosensors segment.
Based on regional analysis, the market in North America accounted for largest revenue share in 2022, owing to technological advancements in the medical diagnostics industry and rising prevalence of threatening diseases. According to the Centers for Disease Control and Prevention's June 2022 update, six out of ten Americans had one or more chronic diseases such as diabetes, cancer, heart disease, or stroke. These and other chronic illnesses are the leading causes of death and disability in the United States, as well as large contributors to healthcare expenses.
Furthermore, market growth activities undertaken by key market players and other stakeholders, such as new product or technology releases, partnerships, or mergers and acquisitions, are likely to promote regional market revenue growth. For instance, the U.S. Air Force Research Laboratory (AFRL) has begun a USD 2 million collaboration with Case Western Reserve University for biosensor development, with a focus on the detection of stress and fatigue indicators. Therefore, due to the above-mentioned factors, the North American region is expected to hold a major market share in terms of revenue.
The market in Asia Pacific is expected to register a significantly fast revenue growth rate over the forecast period, owing to rising incidence of various lifestyle disorders and foreign investments. In terms of foreign investment, China's healthcare business has been steadily opening up to international participation, both by removing items from the National Negative List and adding them to the National Encouraged List.
The National Encouraged List was amended in 2021 to incorporate additional raw materials for vaccine manufacturing and medical institutions. This shows that China is progressively encouraging healthcare investment and allowing international businesses to take advantage of favorable laws and tax rates. During the forecast period, such policies are expected to create a flood of opportunities for the biosensors market.
The market in Europe is expected to register a moderately fast revenue growth rate over the forecast period, owing to a strong emphasis on research and innovation. Europe's commitment to research and innovation in biosensors positions the region at the forefront of technological advancements.
For instance, the most powerful supercomputer in Europe is assisting researchers in the development of biosensors made from gold nanoclusters. Researchers from the University of Jyväskylä's Nanoscience Center (NSC) in Finland are studying how to create biosensors out of gold nanoclusters. Large-scale atomistic simulations are performed in Europe's most powerful supercomputer, LUMI, which is hosted by the Finnish national supercomputing facility CSC.
Gold nanoclusters are atomically precise nanostructures with diameters of a few nanometers. They have a gold atom nucleus and a surface layer of organic ligand molecules. When clusters interact with their surroundings, the chemical composition of the surface layer determines their solubility and functioning.
For instance, the surface layer can be altered to include medication molecules and peptides that bind cancer-cell-specific receptors, transforming the cluster into a highly specialized nanosized drug carrier system. Thus, research and innovation are expected to drive revenue growth of the market in this region.
The global biosensor market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective biosensor solutions.
PARAMETERS | DETAILS |
The market size value in 2022 | USD 27.0 Billion |
CAGR (2023-2032) | 8.3% |
The Revenue forecast in 2032 | USD 60.35 Billion |
Base year for estimation | 2022 |
Historical data | 2019-2021 |
Forecast period | 2023-2032 |
Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Application, technology, product, type, component, Region |
Regional scope |
North America; Europe; Asia-Pacific; Latin America; Middle East & Africa |
Country scope |
U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of MEA |
Key companies profiled | Bio-Rad Laboratories Inc., Siemens Healthcare, Zimmer & Peacock AS, TDK Corp., Molex LLC, Nova Biomedical, Molecular Devices Corp., QTL Biodetection LLC, LifeScan, Inc., Koninklijke Philips N.V., Johnson & Johnson, DuPont Biosensor Materials, Ercon, Inc., Pinnacle Technologies Inc., Biosensors International Group, Ltd., Abbott Laboratories, Medtronic, Thermo Fisher Scientific Inc., Xsensio, Conductive Technologies |
Customization Scope |
10 hrs of free customization and expert consultation |
For the purpose of this report, Emergen Research has segmented the global biosensor market on the basis of application, technology, product, type, component, and region:
The global biosensor market is expected to register a revenue Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period.
The global biosensor market size was USD 27.0 Billion in 2022.
The development of nanotechnology-based biosensors in a variety of end-use industries and technological advancements in the field of biosensors are some of the major factors driving revenue growth of the global biosensor market.
The wearable biosensors segment was leading the biosensor market in terms of product in 2022.
Slow rate of commercialization, reluctance to adopt new treatment practices, and high cost involved in R&D are some of the major restraints for revenue growth of the global biosensor market.
Key Aspects Covered
Market Overview:
Market Dynamics:
Competitive Landscape:
Segmentation Analysis:
Market Size and Forecast:
What Sets Us Apart?
Latest Reports
Want to curate the report according to your business needs
Report Description + Table of Content + Company Profiles