The global biosensors market is anticipated to grow at a significant CAGR of 8.2% during the forecast period. Biosensors are devices, which are used for detecting an analyte and a physiochemical component to produce a measurable signal. Biosensors majorly comprise three parts including a component that identifies analyte, produces a signal, and reader devices. The most commonly used biosensors are glucose detectors and pregnancy tests. The major factor that is augmenting the global biosensor market is the rising number of diabetes patients and increasing application of biosensors in the medical sector. For instance, diabetes patients are using biosensors to monitor glucose levels at home and cost-efficient and user-friendly devices are available in the market for testing.

Furthermore, the rising application of biosensors, the rising prevalence of chronic and lifestyle-induced diseases, and the government initiatives for the development of proteomics and genomics are the factors that are anticipated to drive the global biosensors market during the forecast period. However, strict regulatory requirements and compensation plans, high costs associated with the biosensor devices, and lack of inclination toward the adoption of new treatment devices are the major factors that are anticipated to restraining the growth of the market. On the contrary, increasing product inventions, technological advancements in biosensors, and the ever-increasing precision and accuracy of the biosensors in a minute sample volume are to create lucrative opportunities in the forecast period. 

Segmental Outlook 

The global biosensors market is segmented based on technology, application, and end-user. Based on the technology, the market is segmented into optical sensors, thermal sensors, piezoelectric sensors, and electrochemical sensors. Based on the application, the market is segmented into medical applications, food toxicity detection, agriculture, bioreactors, and others. Medical application is further sub-segmented into diabetes, cardiac disease, pregnancy test, cancer, blood-related issues, and infectious disease. Apart from it, based on the end-user, the market is segmented into home healthcare diagnostic, point of care testing, research laboratory, food industry, and others. Besides, the others end-user segments include security and bio-defense.

Global Biosensors Market Share by Application, 2020 (%)

Medical Application Holds a Significant Share in the Global Biosensors Market During the Forecast Period

The medical application held a dominant share in the end-use segment in 2020 and is anticipated to attain growth during the forecast period. The medical segment comprises the use of biosensors in the field of diabetes, cardiac disease, pregnancy test, cancer, blood-related issues, and infectious diseases. The biosensors are considered essential tools in the detection and monitoring of a wide range of medical conditions from diabetes to cancer.  Glucose testing devices are high in demand due to rising diabetes patients. The increasing burden of diabetes together with the product launches contributed to the market demand. Besides, rising awareness about diabetes self-management encourages the innovation of products that enable blood glucose levels to measure rapidly and reliably at home. 

Regional Outlooks

The global Biosensors market is further segmented based on geography including North America (the US and Canada), Europe (France, Spain, UK, Germany, Italy, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World.  The demand for biosensors is anticipated to be significant in North America, while Asia-Pacific is expected to be the most lucrative region during the forecast period. The major reason for the growth of this region includes the flourishing healthcare industry in the US, rapid trials for newer medical technologies in point-of-care testing, and favorable FDA approvals. North America, though, is motivated by the growing health awareness, increase in chronic and lifestyle diseases, and technology advancements. For instance, as per the American Medical Association, the number of Americans suffering from chronic diseases was about 125 billion in 2000, which is expected to reach 157 billion by 2022.

Global Biosensors Market Growth, by Region 2021-2027

Asia-Pacific is Expected to Have Considerable Share in the Global Biosensors Market

Apart from that, Asia-pacific will be the fastest-growing region, and also the most attractive market for global leaders in biosensor production. Steadfast penetration of health insurance facilities, intrinsic upgrading of medical systems, and favorable reimbursement policies are observed to promote the growth of the biosensors market in the region.  Besides, the increasing understanding of clinical outcomes, large population base, rising patient awareness levels, augmented diabetic patients, the surge in the focus of the leading manufacturers on expanding their geographic presence in the region, and technological development in the medical devices and equipment such as mini diagnostic equipment showing rapid and accurate results are the key factors that are anticipated growing the market during the forecast period. 

Market Players Outlook

The key players of the Biosensors Market Abbott Laboratories (Abbott Point of Care, Inc.,), Bayer AG, Medtronic Inc., F. Hoffman-La Roche Ltd., LifeScan IP Holdings Inc., Universal Biosensors Group, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, and new product launches, to stay competitive in the market. In September 2020, Abbott laboratories has launched Libre Sense glucose sports biosensors in Europe. The Libre Sense glucose device is built as per CGM technology, a leading technology across the globe, which assists athletes to better understand the correlation of glucose level and athletic performance, thereby strengthening its client base.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global biosensors market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where in the market.