Global Biosensors Market Analysis: 2022-2028

Global biosensors market analysis and insights

The global Biosensors market estimated at US$29.2 billion in the year 2022 is now projected to grow at a CAGR of 7.79% and reach US$45.8 billion by 2028.

Biosensors are widely used in point-of-care testing, enabling rapid and accurate diagnosis at the patient’s bedside or in a non-laboratory setting. The growing demand for quick and convenient diagnostic solutions has fueled the adoption of biosensors in various healthcare applications.

The global rise in chronic diseases such as diabetes, cardiovascular diseases, and cancer has created a need for continuous monitoring and early detection. Biosensors offer real-time monitoring of biomarkers and physiological parameters, contributing to disease management and preventive healthcare.

Nanotechnology has enabled the development of more sensitive and selective biosensors. Nanomaterials provide enhanced surface area and unique properties, improving the performance of biosensors in terms of sensitivity, stability, and detection limits.

Ongoing research and development efforts have led to the creation of innovative biosensor technologies, including wearable biosensors, implantable biosensors, and smartphone-based biosensors. These advancements expand the potential applications of biosensors in various industries such as environmental monitoring, food and beverage, drug discovery and development, agriculture, among others.

The biosensors market has attracted significant investments from both public and private sectors. Funding for research and development projects has led to the creation of innovative biosensor technologies with broader applications. Furthermore, favorable regulations and guidelines for the use of biosensors in healthcare and other sectors have contributed to their adoption and growth.

Biosensors regional market insights

North American biosensors market is expected to grow significantly over the forecast period 2022-2028. This growth can be attributed to the owing to its advanced healthcare infrastructure, strong research and development capabilities, and focus on technological innovations. The region’s emphasis on personalized medicine, point-of-care testing, and chronic disease management has driven the demand for biosensors. United States contributed around 82% of the total North American biosensors market. It is estimated to have a market value of US$10.13 billion in the year 2022. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 6.96% and 4.72% respectively over the 2022-2028 period.

Asia Pacific biosensors market is anticipated to witness an upsurge owing to the increasing healthcare expenditure, rising awareness of chronic diseases, and a growing emphasis on early diagnosis. Countries like China, Japan, South Korea, and India have been investing in biosensor research and applications. China is expected to dominate the Asia-Pacific market and reach a market size of US$6.09 billion by 2028.

Within Europe, Germany, France, Italy and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 6.53% over the forecast period.

Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing Middle Eastern nations such as Qatar, U.A.E, and Oman due to a similar growth pattern as the Asia Pacific.

Key players

Key players profiled in the report include Abbott Point of Care Inc.; ABTECH Scientific Inc.; AgaMatrix Inc.; Anitoa Systems LLC; Binergy Scientific Inc.; Biolan Microbiosensores S.L.; Bio-Rad Laboratories Inc.; Cambridge Life Sciences Limited; Danaher Corp.; F. Hoffmann-La Roche Ltd; GE Healthcare Life Sciences; I-SENS Inc.; LifeScan Inc.; Medtronic plc; MilliporeSigma; NeuroSky Inc.; Nova Biomedical Corporation; PerkinElmer Inc.; Sarissa Biomedical Ltd; Sensor-Kinesis Corporation; Siemens Healthineers GmbH, among others.

Competitive Landscape

August 14, 2023 – GE HealthCare announced it has received 510(k) clearance from the United States Food and Drug Administration (FDA) for its Portrait Mobile wireless and wearable monitoring solution. The Portrait Mobile platform enables real-time continuous monitoring with a personalized view of the patient’s vitals while keeping patients mobile during critical recovery periods, especially after surgery or discharge from the intensive care unit.

June 28, 2022 – ams OSRAM, a global leader in optical solutions, introduces with the AS705x series its first pure IC family of vital sign sensors. The first generation of biosignal converting units from ams OSRAM offers manufacturers maximum flexibility, a highly customized optical front end in combination with a power-saving design and small form factor making it ideal for applications where board space is limited, such as hearables, smartwatches or smart patches.

Biosensors market scope

• By technology
  • Electrochemical biosensors
  • Optical biosensors
  • Piezoelectric biosensors
  • Thermal biosensors
  • Others

• By product category
  • Wearable
    • Smartwatches
    • Fitness bands and activity trackers
    • Blood glucose monitoring device
    • Continuous blood pressure monitors
    • Others
  • Non-wearable
    • Medical diagnostics devices
    • ELISA Kits
    • Point-of-Care testing (POCT) devices
    • Breath analyzers
    • Water quality monitoring devices
    • Others

• By application
  • Medical and healthcare
    • Disease and disorders detection
    • Patient care and clinical analysis
    • Pregnancy testing and management
    • Others
  • Biotechnology and pharmaceutical
    • Drug discovery and analysis
    • Genotyping and DNA sequencing
    • Others
  • Food and beverages
    • Food processing
    • Food quality and safety
  • Environmental monitoring
  • Water and wastewater treatment
  • Others

• By region
  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East and Africa

The research report  provides a comprehensive review of market trends (Technology, Product and Application analysis), market growth drivers, PEST Analysis (Political, Economic, Social and Technological Analysis) Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market. The report provides market estimates and forecast for geographic markets such as the North America (United States, Canada, Mexico and Rest of North America), South America (Brazil, Argentina Chile Colombia Peru Venezuela Ecuador and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Belgium, Finland, Norway, Switzerland, Denmark, Czech Republic, Portugal and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia, Indonesia, Philippines, Malaysia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel, Oman, Bahrain, Saudi Arabia, Qatar, Egypt and Rest of Middle East) & Africa.

Research Methodology