Biosensors Market 2024 | Market Size, Key Drivers, Industry Developments, Share, Future Growth Prospects And Forecast To 2033

Overview and Scope
A biosensor is a compact analytical device capable of detecting and measuring biological substances or changes. It is often used in various applications, including healthcare, environmental monitoring, and food safety. The primary use of biosensors is for the rapid and sensitive detection of specific biological substances or processes, enabling applications in diverse fields such as healthcare diagnostics, environmental monitoring, food safety testing, and bioprocess control in industries.

Sizing and Forecast
The biosensors market size has grown rapidly in recent years. It will grow from $31.01 billion in 2023 to $24.63 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%.  The  growth in the historic period can be attributed to increased focus on preventive healthcare, rising prevalence of chronic diseases, growing demand for point-of-care diagnostics, and expanding applications in environmental monitoring and food safety.

The biosensors market size is expected to see rapid growth in the next few years. It will grow to $54 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.  The growth in the forecast period can be attributed to the proliferation of wearable health devices, the surge in demand for rapid diagnostic tests, advancements in data analytics and connectivity, the emergence of precision medicine initiatives, the increasing focus on environmental monitoring and food safety regulations, and the expansion of applications in personalized nutrition and wellness. Major trends in the forecast period include increased demand for wearable biosensors, expansion of point-of-care testing, integration of artificial intelligence and machine learning, growth in chronic disease management solutions, rising adoption of biosensors in agriculture, and environmental monitoring.

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Segmentation & Regional Insights
The biosensors market covered in this report is segmented –
1) By Product: Wearable Biosensors, Non-Wearable Biosensors
2) By Technology: Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, Nano Mechanical Biosensors, Thermal Biosensors, Other Technologies
3) By Application: Medical, Food Toxicity, Bioreactor, Agriculture, Environment, Other Applications

North America was the largest region in the biosensors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.  The regions covered in the biosensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising prevalence of chronic disorders is expected to propel the growth of the biosensors market going forward. Chronic disorders refer to long-term medical conditions that persist over an extended period, often requiring ongoing management and treatment to control symptoms and maintain quality of life. Chronic disorders are on the rise due to a combination of factors, including sedentary lifestyles, poor dietary habits, genetic predispositions, and environmental pollutants. Biosensors enable early detection and continuous monitoring of biomarkers, revolutionizing the management of chronic disorders. For instance, in June 2023, according to the data published by The Lancet, a UK-based book and periodic data publishing organization, global diabetes cases are projected to increase from 529 million in 2021 to 1.3 billion by 2050. Therefore, the rising prevalence of chronic disorders is driving the growth of the biosensor market.

Key Industry Players
Major companies operating in the biosensors market are  Johnson & Johnson, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic plc, Danaher Corporation, Siemens Healthineers, Becton Dickinson and Company, Agilent Technologies, Illumina Inc., Sartorius AG, BioMérieux SA, Cytiva, PerkinElmer Inc., Sysmex Corporation, Dexcom Inc., Bio-Rad Laboratories, Bruker Corporation, HORIBA Ltd., Lifescan Inc., Nova Biomedical, Bio-Techne Corporation, Sensirion AG, Proteus Digital Health, Acon Laboratories Inc., 908 Devices Inc.

The biosensors market report table of contents includes:
1. Executive Summary
2. Biosensors Market Characteristics
3. Biosensors Market Trends And Strategies
4. Biosensors Market - Macro Economic Scenario
5. Global Biosensors Market Size and Growth

...
32. Global Biosensors Market Competitive Benchmarking
33. Global Biosensors Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Biosensors Market
35. Biosensors Market Future Outlook and Potential Analysis
36. Appendix

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