The global biosensors market size is anticipated to reach USD 41.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2021 to 2028. The rising prevalence of chronic conditions such as diabetes and obesity and the growing demand for early and accurate detection of any associated condition are the key driving factors for the market.
As per the WHO report, in 2016 over 1.9 billion individuals were overweight, out of which nearly 650.0 million were obese. This has increased the sales of testing and monitoring kits used as medical sensors in the home as well as healthcare settings, thus, boosting the market growth.
Furthermore, the outbreak of COVID-19 has drastically spurred the demand for point-of-care testing devices. FDA is giving fast-track approvals to the companies owing to the shortage of these devices globally. For instance, in May 2020, Philips secured 510k FDA clearance for its wearable biosensor, which helps in managing confirmed and suspected cases of COVID-19 in hospitals, promoting biosensors technology and product development.
Moreover, rapid technological advancements are expected to be a significant factor for market growth over the forecast period. For instance, in June 2020, Abbott received the U.S. FDA clearance for its next-generation, integrated glucose monitor system- FreeStyle Libre 2 intended to measure diabetes in individuals aged 4 years and above and has an optional real-time alarm.
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Biosensors Market Report Highlights
On the basis of application, the medical segment dominated the market in 2020 with a revenue share of 66.6%. The device is considered an essential tool in the detection and monitoring of a wide range of medical conditions, such as diabetes and cancer
Based on technology, the electrochemical segment dominated the market in 2020 with a revenue share of 70.9% owing to its widespread applications for analysis in biochemical and biological processes
The home healthcare diagnostics segment is expected to witness the fastest growth rate over the forecast period owing to the high prevalence of chronic disease globally
North America dominated the market in 2020 with a revenue share of 39.9% owing to the presence of a highly developed healthcare infrastructure and favorable reimbursement policies in this region
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Biosensors Market Segmentation
Grand View Research has segmented the global biosensors market on the basis of application, technology, end-use, and region:
Biosensors Technology Outlook (Revenue, USD Million, 2016 – 2028)
Biosensors Application Outlook (Revenue, USD Million, 2016 – 2028)
Blood Gas Analyzer
Biosensors End-use Outlook (Revenue, USD Million, 2016 – 2028)
Home Healthcare Diagnostics
Security and Biodefense
Biosensors Regional Outlook (Revenue, USD Million, 2016 – 2028)
Middle East & Africa
List of Key Players of Biosensors Market
Cranfield Biotechnology Centre
Pinnacle Technologies Inc.
DuPont Biosensor Materials
EG & IC Sensors, Inc.
Johnson & Johnson
Innovative Biosensors Inc.
Molecular Devices Corp.
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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