Biosensors Market Size to Rake Around USD 36.9 BN by 2027

According to NovaOneAdvisor, the global biosensors market size was valued at USD 24.2 billion in 2021 and it is set to rake around USD 36.9 billion by the end of 2027 with a CAGR of 8.7% from 2022 to 2027.

Biosensors are devices containing biological elements and a physiochemical detector that are used to identify analytes. Biosensors especially encompass three parts: an element that identifies the analyte and generates a signal, a signal transducer, and a reader device. The elements utilized in biosensors are categorized into three groups based on their mechanisms: a biocatalytic group comprising enzymes, a bioaffinity group which includes antibodies and nucleic acids, and microbe-based containing microorganisms.

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Biosensors are becoming highly sophisticated due to a combination of advances in microelectronics and biotechnology. Biosensors have widespread applications across multiple fields, including organic compounds, ions, gases, and bacteria. They can also be used to check the air and water quality in the surrounding areas. All these use cases of biosensors make them one of the vital technologies in food & beverages, drug discovery, biomedicine, environmental monitoring, defense, and others. This has further led to the invention of precise and high-quality analytical tools using biological sensing elements as biosensors.

In addition to this, recent advances in the field of biosensors are expected to further propel their demand across various applications. For instance, the use of biosensors can revolutionize cancer diagnosis effectively. Cancer is one of the most challenging diseases to diagnose and has a major impact on society, globally. According to the US Department of Health and Human Services, approximately 1,806,590 new cases of cancer are expected to be diagnosed in the United States alone in 2020.This indicates that the concern about the high number of cancer cases across the globe is evident. Therefore, there is a lot of scope for innovation in the cancer diagnostics area. In May 2020, a new biosensor was developed by a team of Spanish researchers to help early diagnosis of breast cancer. It was an easy-to-use, affordable prototype of a nanoporous device that can provide a diagnosis in less than 60 minutes.

Based on the type, the biosensors market has been segmented into sensor patches and embedded devices. The embedded device segment in the biosensors market holds the major market share during the forecast period owing to the wide range of applications such as point of care, home diagnostics, food & beverages, research lab, environmental monitoring, and biodefense. Moreover, with the proliferation of the Internet of Things (IoT) devices, there has been a massive transformation in terms of connected healthcare applications. IoT allows real-time alerting, tracking, and monitoring, which allows hands-on treatments, higher accuracy, suitable intervention through doctors, and improved complete patient care. Many healthcare centres have begun to adopt embedded solutions for clinical devices enabled by IoT to cope with the shortage of doctors in remote areas. These IoT-enabled clinical devices assist in identifying illnesses in patients and conducting different tests to offer a correct and reliable remedy to patients in remote locations. Thus, the growing adoption of embedded devices will propel the market growth of biosensors.

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Based on the technology, the biosensors industry is segmented into an electrochemical biosensor, optical biosensor, piezoelectric biosensor, thermal biosensor, and nanomechanical biosensor. The electrochemical segment of the biosensors market held the largest revenue share of more than 71.9% in 2021. The growth in the segment can be attributed to its widespread applications for quantification and analysis in biochemical and biological processes.    

Based on Region, the Asia Pacific region is growing at the highest CAGR during the forecast period. The growth in the region is attributed to the increasing prevalence of the chronic disease. For instance, according to the American Diabetes Association published in 2020, around 60% of the people with diabetes live in the Asia Pacific, with almost one-half in China and India together. Moreover, the increasing demand for point of care as well as home healthcare contributed to the growth of the biosensors market in the Asia Pacific region.

Some of the prominent players in the Biosensors Market include:

• Abbott
• F. Hoffmann-La Roche Ltd
• Medtronic
• Bio-Rad Laboratories, Inc.
• DuPont
• Biosensors International Group, Ltd.
• Cytiva
• Dexcom, Inc.
• LifeScan IP Holdings, LLC
• Masimo
• Nova Biomedical
• Universal Biosensors
• Bayer AG
• Pinnacle Technologies Inc.
• Ercon Inc.

Segments Covered in the Report

By Type

• Sensor Patch
• Embedded Device

By Technology

• Electrochemical Biosensor
• Optical Biosensor
• Piezoelectric Biosensor
• Thermal Biosensor
• Nanomechanical Biosensor

By Product

• Wearable Biosensor
• Non-wearable Biosensor

By Application

• POC
• Home Diagnostics
• Research Labs
• Environmental Monitoring
• Food & Beverages
• Biodefense

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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