Thermal Biosensor Market to Reach $11.4 Billion, Globally, by 2032 at 8.5% CAGR: Allied Market Research

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Nov 28, 2023, 00:40 ET

The thermal biosensor market is driven by factors such as the increase in demand in healthcare diagnosis, rise in emphasis on environmental monitoring, and the surge in demand for food safety.

WILMINGTON, Del., Nov. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Thermal Biosensor Market by Application (Point-of-care (POC), Home Diagnostics, Research Lab, Food and Beverages, Environmental Monitoring, and Biodefense) and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global thermal biosensor market was valued at $5.1 billion in 2022, and is projected to reach $11.4 billion by 2032, registering a CAGR of 8.5% from 2023 to 2032.

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253 – Pages
91 – Tables
61 – Charts

Prime Determinants of Growth

The thermal biosensor market is expected to witness notable growth during the forecast period, owing to increase in requirement of healthcare diagnosis, rise in emphasis on environmental monitoring, and surge in demand for food safety drives market growth. Moreover, development in biotechnology sector is expected to provide lucrative opportunities for the growth of the thermal biosensor market during the forecast period. On the contrary, rapid increase in production costs limits the thermal biosensor market growth during the forecast period.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2022–2032
Base Year	2022
Market Size in 2022	$5.1 billion
Market Size in 2032	$11.4 billion
CAGR	8.5 %
No. of Pages in Report	253
Segments covered	Application, Distribution Channel, and Region.
Drivers	The increase in demand in healthcare diagnosis The growing emphasis on environmental monitoring The surge in demand for food safety
Opportunities	Growing biotechnology sector
Restraints	Rapidly increasing production costs

The Point-of-care (POC) segment to maintain its leadership status throughout the forecast period.

Based on application, the Point-of-care (POC) segment held the highest market share in 2022, accounting for more than one-fourth of the global thermal biosensor industry revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to their capacity to deliver speedy and accurate diagnoses, leading to quicker treatment decisions and better patient outcomes within the healthcare sector. Moreover, the Point-of-care (POC) segment is projected to attain the highest CAGR of 10.1% from 2023 to 2032.

The offline segment to maintain its leadership status throughout the forecast period.

Based on distribution channel, the offline segment held the highest market share in 2022, accounting for more than three-fifths of the global thermal biosensor market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to healthcare institutions, including hospitals, clinics, and diagnostic centers, place a high premium on the reliability and immediate availability that offline procurement offers. This preference arises from the need to ensure product quality and obtain swift technical support. In addition, the surge in demand for point-of-care testing and in-person healthcare services has heightened the necessity for thermal biosensors, making offline channels the favored choice for healthcare providers. Moreover, the online segment is projected to attain the highest CAGR of 9.0% from 2023 to 2032.

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North America to maintain its dominance by 2032.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-fifth of the global thermal biosensor market revenue. Asia-Pacific region is expected to witness the fastest CAGR of 10.1% from 2023 to 2032 owing to increase in sale of smart watches and smart trackers in the region.

Leading Market Players: -

DowDupont Inc.
LifeSignals
Nova Biomedical Corporation
Masimo Corporation
Siemens
Fitbit (Google)
Garmin
TA Instruments

The report provides a detailed analysis of these key players of the thermal biosensor market. These players have adopted different strategies such as product development, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits for Stakeholders:

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the thermal biosensor market analysis from 2022 to 2032 to identify the prevailing thermal biosensor market size.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
An in-depth analysis of the thermal biosensor market segmentation assists in determining the prevailing thermal biosensor market growth.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global thermal biosensor market forecast, key players, thermal biosensor market overview, application areas, thermal biosensor market opportunity and market growth strategies.

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Thermal Biosensor Market Key Segments:

By Application

Point-of-care (POC)
Home Diagnostics
Research Lab
Food and Beverages
Environmental monitoring
Biodefense

By Distribution Channel

Online
Offline

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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