Biosensors Market Expected to Reach $38.6 Billion by 2026—Allied Market Research

According to a new report published by Allied Market Research, titled, “Biosensors market by Product, and Technology:  opportunity analysis and industry forecast, 2018–2026,” the global biosensors market size is expected to reach $38.6 billion by 2026, registering a CAGR of 10.4% from 2019 to 2026, in terms of value. Biosensors are medical devices that are primarily used to sense or detect the presence or concentration of biological substances, such as a biomolecule or a microorganism. They are analytical devices that can convert a biological response into an electrical signal. Biosensors are widely used in the medical sector to detect the presence or concentration of biological substances, such as a biomolecule or a microorganism. They are used to convert a biological response into an electrical signal. Biosensors are majorly used in the field of environmental monitoring, home care diagnostics, plant biotechnology, and nanomechanical biosensors. 

The major factors driving the biosensors market include rise in chronic diseases such as diabetes, surge in biotechnology R&D, and increased demand for home care medical devices. Further, significant rise in the use of biosensors in glucose monitoring devices propels the market growth. However, high cost associated with these devices and lack of inclination toward adoption of new treatment devices are the major factors anticipated to hamper the market growth. Moreover, technological advancements in biosensors to make them portable and easy to handle is anticipated to create lucrative opportunities in the near future.

The market is segmented on the basis of product, technology and region. Based on product, the global biosensors market is divided into wearable biosensors and nonwearable biosensors. Based on technology, the market is classified into electrochemical biosensors, optical biosensors, piezoelectric biosensors, thermal biosensors and nanomechanical biosensors. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. By product, the non-wearable biosensors segment accounted for majority of the market share in 2018, and is expected to exhibit a prominent growth rate in the future, owing to surge in use of these sensors in nonclinical applications for real-time on-site monitoring of various production processes. In addition, other applications of biosensors include environmental monitoring, soil quality monitoring, water quality monitoring, and toxins of defense interest. By technology, the electrochemical biosensors segment is anticipated to maintain its dominance in coming years due to its accurate sensitivity and faster response. Furthermore, electrochemical biosensors can be easily integrated in labs-on-chips (LOCs) to obtain better point-of-care (POC) analytical platforms. North America held the largest share in the biosensors market in 2018, followed by Europe. The factors that drive the overall growth of the North America biosensors market include increasing government funds for conducting research toward development of advanced biosensors for various applications. Moreover, surge in use of biosensors in this region for monitoring food quality parameters is anticipated to contribute to the market growth. Moreover, rise in demand for POC technologies in North America, focus on rapid, simple, accurate, portable, and low-cost analytical instruments propel the market growth for biosensors market in the region. However, Asia-Pacific is anticipated to grow at the highest rate during the forecast period. This is attributed to increase in biotechnology R&D in this region. The major factors that drive the growth of the biosensors market in Asia-Pacific include increase in per capita income in many countries, rise in government initiatives for improvement of the healthcare sector, and surge in focus of leading manufacturers on expanding their geographic presence in emerging Asia-Pacific countries to capture high growth opportunities in the market.

Key Findings Of The Study     

• By technology, the electrochemical biosensors segment accounted for the highest market share of 28% in 2018 and is anticipated to grow at the fastest rate during the forecast period.

• By product, the non-wearable segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period.

• By region, North America was the major shareholder and accounted for the highest share of 42% in 2018. 

• Asia-Pacific is expected to grow at a CAGR of 6.1% during the forecast period.

Some of the key players of the market include Abbott Laboratories, AgaMatrix Holdings LLC, DowDupont Inc. (DuPont de Nemours, Inc.), F. Hoffmann-La Roche Ltd., General Electric (Biacore, Inc.), LifeScan, Inc., Medtronic Plc., Nova Biomedical, PHC Holdings Co., Ltd. (Ascensia Diabetes Care Holdings AG) and Siemens Healthcare.