Biosensors Market Size to Reach USD 50.7 Billion in 2030 | Rising Need for Real-Time Monitoring Devices and Increasing Demand for Point of Care Healthcare services are Key Factors Driving Industry Demand, says Emergen Research

VANCOUVER, BC, March 2, 2022 /PRNewswire/ -- The global biosensors market size was USD 25.5 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing application of biosensors in various end-use industries such as healthcare, research labs, agriculture, and others are some major factors expected to drive global biosensors market revenue growth.

Drivers:

Rapid technological advancements in biosensors such as Point of Care (POC) testing and the determination of multianalyte for environment monitoring and screening are factors also expected to drive revenue growth of the global market during the forecast period. Miniaturization in biosensors has led to the development of easy-to-use, small, and compact biosensors, which has improved traditional methods of testing and diagnostics. In addition, increasing investments by key market players in research and development of new and more advanced products is further expected to boost demand for biosensors. Furthermore, biosensors play a vital role in constant monitoring of patient health conditions, which has made these popular for deployment among an increasing geriatric population and patient pool. Wearable biosensors technology has greatly benefitted individuals who require long-term care.

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Restraints:

However, high initial costs associated with R&D of biosensors are major factors expected to hamper revenue growth of the market during the forecast period. Only large companies are capable of investing in development of biosensors as the cost can range between USD 40 and 50 million. High cost is also limiting application in other sectors such as industrial processes, food packaging and testing, and agriculture and environment monitoring. Furthermore, technologically advanced and reliable biosensors need significant amount of time to complete. Slow rate of commercialization of biosensors and approval can take up to five years of the company's time and wealth, which is expected to hamper market growth to some extent over the forecast period.

Growth Projections:

The global biosensors market is expected to register a revenue CAGR of 8.0% over the forecast period and revenue is projected to increase from USD 25.5 Billion in 2021 to USD 50.7 Billion in 2030. Rising technological advancements and emergence of nanotechnology-based biosensors are factors driving revenue growth of the market.

COVID-19 Impact Analysis:

COVID-19 pandemic has been having a wide-ranging impact on various industries and slowed down global economic growth. However, biosensors industry was positively impacted owing to increasing demand for biosensors in hospitals and in home care diagnostics. Biosensors are used in diagnosis of tumors, medical imaging, and structural health monitoring. The COVID-19 pandemic has prompted the development of biosensors to detect presence of proteins in the causative agent in real-time. In addition, paper-based and chip-based biosensors are low-cost, user-friendly, and provide rapid diagnosis for COVID-19. Thus, several industry players are focusing on development of sensitive and reliable biosensors for COVID-19 diagnosis. Advanced biosensors are also a screening tool, which can be used for surveillance, address control, and can aid in the preparedness of future outbreaks.

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Current Trends and Innovations:

Extensive adoption of biosensors has resulted in the development of quartz, glass, and silica based biosensors owing to their unique properties. Silicon nanomaterials have greater potential for technological advancements in biosensor applications due to their abundance, biocompatibility, electronic, and mechanical properties. In addition, silicon nanomaterials are important for biomedical and biological applications as these are not toxic. Silicon nanomaterials are used for various applications such as biosensing, bioimaging, and therapy of cancer. 

Geographical Outlook:

North America is expected to register a significantly robust revenue growth rate over the forecast period due to presence of well-established medical and biosensors manufacturing industries in countries in the region.

Strategic Initiatives:

Some major companies included in the global market report are Abbott, Medtronic, Bio-Rad Laboratories, Inc., Cytiva, LifeScan IP Holdings, LLC, Nova Biomedical, Universal Biosensors, AgaMatrix, PHC Holdings Corporation, and ACON Laboratories, Inc.

·  In December 2020, Bio-Rad Laboratories, Inc., which is a global leader of life science research and clinical diagnostic products, announced the expansion of its joint marketing agreement with Siemens Healthineers. As part of the agreement, Bio-Rad will provide quality control products and unity quality control data management solutions for Siemens Healthineers' Atellica Solution platforms.

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Emergen Research has segmented the global biosensors market on the basis of product, technology, application, end-use, and region:

• Product Outlook (Revenue, USD Billion; 2019–2030)
• Wearable Biosensors
• Non-wearable Biosensors
• Technology Outlook (Revenue, USD Billion; 2019–2030)
• Electrochemical Biosensors
• Optical Biosensors
• Piezoelectric Biosensors
• Thermal Biosensors
• Nanomechanical Biosensors
• Application Outlook (Revenue, USD Billion; 2019–2030)
• Healthcare
• Agriculture
• Bioreactor
• Food Toxicity
• Others
• End-use Outlook (Revenue, USD Billion; 2019–2030)
• Point of Care (POC)
• Home Diagnostics
• Research Labs
• Environmental Monitoring
• Food & Beverages
• Biodefense
• Others

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• Regional Outlook (Revenue, USD Billion; 2019–2030)
• North Americ
  a. U.S.
  b. Canada
  c. Mexico
• Europe
  a. Germany
  b. France
  c. U.K.
  d. Italy
  e. Spain
  f. Benelux
  g. Rest of Europe
• Asia Pacific
  a. China
  b. India
  c. Japan
  d. South Korea
  e. Rest of APAC
• Latin America
  a. Brazil
  b. Rest of LATAM
• Middle East & Africa
  a. Saudi Arabia
  b. UAE
  c. South Africa
  d. Turkey
  e. Rest of MEA

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