Biosensors Market Revenue to Surpass $49.3 Billion by 2030: P&S Intelligence

NEW YORK, Nov. 9, 2022 /PRNewswire/ -- According to the market research study published by P&S Intelligence, the biosensors market 2030 size will be $49.3 billion, growing from $25.2 billion in 2021 at a 7.8% CAGR over this decade. North America leads the industry with a share of over 40%, on account of being the biggest global hub for healthcare R&D. Moreover, due to the growing chronic disease burden, these instruments are increasingly being used to detect various biomarkers and changes in the biological processes that happen inside the body.

The largest end use of these devices is point-of-care testing, as they are easily transportable and convenient to use at the bedside of the patient. A range of sensors are used to detect the presence of biomarkers in the urine, perspiration, blood, and saliva, for disease diagnosis and treatment effect monitoring.

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COVID-19-Driven Biosensor Demand Surge Still Benefitting Market

The COVID-19 pandemic influenced the demand for biosensors, especially the wearable ones, positively. With the increasing case count, people were forced inside their homes, which created the necessity for home-based monitoring of certain biomarkers, such as SpO₂ and the heart rate.

Hence, a number of medical device companies started focusing on launching wearable biosensors for patients isolating at homes and even those admitted to hospitals, in order to help reduce human-to-human contact. For instance, in May 2020, during the peak of the first COVID-19 wave, Phillips launched the Philips Biosensor BX100, after receiving approval from the FDA.

Biosensors Most Widely Employed for Medical Testing

• More than 60% of the market revenue is generated by biosensors bought for medical testing.
• These instruments also reduce the chances of human errors in data acquisition and interpretation.
• Electrochemical blood glucose sensors, available in easy-to-use kits, are widely used by diabetes patients.
• Cholesterol detection is also a major application of electrochemical biosensors, on account of the rising number of people at a risk of heart attack and stroke.

Technological Advancements Leading To Miniaturization of Biosensors

Browse detailed report on Biosensor Market Size, Share and Growth Analysis 2022-2030

Biosensing instruments have become significantly smaller in recent years, with extensive R&D being conducted to bring about technological advancements in them. The R&D is being driven, in part, by the rising focus on genetics and the increasing number of laws on environment monitoring. Thus, apart from healthcare, miniaturized biosensors have found wide acceptance in the environment and food safety sectors.

Demand for Biosensors Booming in Food Applications

With the growing emphasis of customers on health and the rising awareness of food-borne diseases, food safety has become important for governments as well as F&B companies. Hence, the usage of biosensors to detect the presence of pathogens, such as Salmonella typhi, Staphylococcus aureus, and Escherichia coli, in raw meats and seafood is burgeoning.

APAC Is Fastest-Growing Market for Biosensors

In the coming years, biosensor sales revenue is expected to increase the fastest in the Asia-Pacific region. This is credited to the growing number of people suffering from diabetes, cancer, cholesterol, and other chronic diseases. Further, medical device companies are targeting the large customer base and favorable manufacturing regulations in the region, to achieve business growth.

Global Biosensor Market Report Coverage

By Type

• Sensor Patch
• Embedded Device

By Product

• Wearable
• Non-wearable

By Technology

• Electrochemical
• Optical
• Thermal
• Piezoelectric
• Nanomechanical

By Application

• Medical testing
• Industrial process
• Food toxicity
• Environment
• Agricultural testing

By End User

• Point-of-care testing
• Home diagnostics
• Research laboratories
• Security and bio-defense
• Food industry

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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SOURCE P&S Intelligence