Biosensors are analytical devices used for the detection of an analyte that combines a biological component with a physicochemical detector. Biosensors detect biological reactions and measure concentrations of specific substrates. They offer advantages such as high sensitivity, simplicity of use, real-time detection of analytes, and cost-effectiveness. The growing applications of biosensors in the medical diagnostics, food toxicity detection, and environmental monitoring sectors have increased the demand for biosensors globally.
The global Biosensors Market is estimated to be valued at US$ 27.68 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising prevalence of chronic and infectious diseases has boosted the demand for point-of-care diagnostics using biosensors. Biosensors help in early disease diagnosis using easy-to-handle tests and have potential applications in home healthcare monitoring. The growing geriatric population also contributes to the increasing demand for biosensors as the elderly are more prone to chronic illnesses. According to the WHO, the proportion of the world's population over 60 years will nearly double from 12% to 22% between 2015 and 2050. With the increasing healthcare needs of the aging demographic, the point-of-care diagnostic market using biosensors is expected to witness significant growth over the forecast period. Moreover, the emerging trend of decentralization and personalization of healthcare will further propel the demand for home-based biosensors in disease monitoring and management.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the biosensors market is moderate. Establishing manufacturing facilities and R&D centers for biosensor technology requires heavy capital investments and regulatory compliances which discourages new players.
Bargaining power of buyers: The bargaining power of buyers in the biosensors market is high. Buyers can negotiate on price owing to the availability of alternative sensor options and fragmented nature of the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials include chemical and electronic companies. Supplier switching cost is low.
Threat of new substitutes: Threat of new substitutes is moderate. Alternative sensing technologies can be used for specific applications.
Competitive rivalry: The competitive rivalry is high. The market is dominated by few global players while several small and medium players operate. Players differentiate based on technology, reliability and pricing.
SWOT Analysis
Strengths: Non-invasive nature, miniature size, high sensitivity and selectivity. Demand from POC testing and continuous monitoring applications.
Weaknesses: High cost of production. Require functionalization and immobilization steps. Sensitivity to environmental factors.
Opportunities: Growing demand for wearable and continuous glucose monitoring devices. Emerging application areas in food testing, environmental monitoring and diagnostics.
Threats: Stringent regulatory norms. Technology infringement issues. Commercialization challenges for new entrants.
Key Takeaways
The Global Biosensors Market Share is expected to witness high growth during the forecast period of 2023-2030. The rising demand for point-of-care testing, stringent regulations regarding environmental protection and food safety testing are fueling the market growth. The global Biosensors Market is estimated to be valued at US$ 27.68 billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
North America dominates the global biosensors market owing to supportive government initiatives, heavy investments in R&D and presence of key players in the region. Asia Pacific is expected to be the fastest growing market attributed to growing healthcare expenditure, increasing prevalence of chronic diseases and rising awareness regarding biosensors technologies.
Key players operating in the biosensors market are Abbott, Illumina, Johnson & Johnson, Thermo Fisher Scientific, Medtronic, DuPont, Siemens Healthineers and F. Hoffmann-La Roche Ltd. These players are focusing on new product launches, collaborations and geographic expansions to enhance their market presence.
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The Biosensors Market research report provides the latest industry data, growth, key segments and future trends on the basis of the detailed study.
This market report also allows you to identify the future opportunity and growth rate of the leading segment based on regions and countries.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the biosensors market includes Abbott Laboratories, AZUR Environmental, Bayer AG, Biosensor BV, Cranfield Biotechnology Centre, DuPont Biosensor Materials, EG & IC Sensors, Inc., Ercon, Inc., Innovative Biosensors Inc., Johnson & Johnson, LifeScan, Inc., Molecular Devices Corp., Pinnacle Technologies Inc., QTL Biosystems, Roche Diagnostics, Strategic Diagnostics and Sysmex Corporation.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Biosensors Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/biosensors-market/download-sampleMarket DynamicsRising geriatric population coupled with increase in demand for diagnosis of various chronic diseases is driving the market growth.
Rising patient preference towards point of care testing is likely to fuel the market growth.
Increasing demand for inexpensive, user-friendly and accurate diagnosis providing devices is likely to spur the market demand in clinics, hospitals and other end-user industries.This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis.
