BIOSENSORS MARKET ANALYSIS

Biosensors are integrated devices, which are capable of providing analytical information using biological samples. They are used to identify the structure and function of molecules, such as DNA and protein, and for medical diagnosis. Biosensors are largely employed in applications such as disease monitoring, drug discovery, disease-causing micro-organisms, and markers that are indicators of a disease in body fluids such as blood, urine, saliva, and sweat.

Statistics:

The global biosensors market is estimated to account for US$ 43,073.2 Mn in terms of by the end of 2027.

Global Biosensors Market: Drivers

Increasing prevalence of chronic diseases is expected to propel growth of the global biosensors market over the forecast period. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.  

Moreover, increasing geriatric population is also expected to boost demand for biosensors. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.        

Statistics:

North America held dominant position in the global biosensors market in 2019, accounting for 38.5% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1: Global Biosensors Market Share (%) Value, By Region, 2019

Global Biosensors Market: Restraints

Low awareness about point-of-care diagnostic devices is expected to hinder growth of the global biosensors market.

Moreover, high cost of the wearable biosensor devices is also expected to limit the market growth.

Global Biosensors Market: Opportunities 

R&D to improve the mechanical and electrical properties of biosensors is expected to offer lucrative growth opportunities for players in the global biosensors market. Carbon nanomaterials offer excellent biocompatibility, capability of bioreceptor immobilization, and electrical properties as a transducer. This allows their application in creating efficient, biocompatible biosensors.

Moreover, adoption of organic semiconductors and conducting polymers in electrochemical biosensors is also expected to aid in growth of the global biosensors market. Organic semiconductors and conducting polymers are greener and cheaper alternative for electrodes based on transition metals or their oxides.

Statistics:

The global biosensors market was valued at US$ 20,501.1 Mn in 2019 and is forecast to reach a value of US$ 43,073.2 Mn by 2027 at a CAGR of 9.7% between 2020 and 2027.

Figure 2: Global Biosensors Market Value (US$ Mn), 2016 – 2027

Market Trends/Key Takeaways

Major players in the market are focused on expanding their manufacturing capacity. For instance, in March 2018, Nemaura Medical, Inc. expanded its manufacturing facilities for large scale production of its new SugarBEAT CGM system.

Increasing prevalence of cardiovascular disease (CVD) is expected to propel growth of the global biosensors market over the forecast period. For instance, according to the American Heart Association's Heart and Stroke Statistics 2019 Update, around 48% of all adults in the U.S. suffered from some type of CVD in 2016.

Global Biosensors Market: Competitive Landscape

Major players operating in the global biosensors market include, Nemaura Medical, Inc., MediWise Ltd., Integrity Applications Inc., OrSense, Medtronic Plc, GE Healthcare, Philips Healthcare, Akers Biosciences, Inc., Abbott Laboratories, F. Hoffman-La Roche Ltd., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, Sysmex Corporation, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., LifeSensors, Inc., Johnson & Johnson, Bayer AG, Smiths Detection, TaiDoc Technology Corporation, Efferent Labs, and I-SENS, Inc.

Global Biosensors Market: Key Developments

Major players in the global biosensors market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in August 2020, Efferent Labs collaborated with W. L. Gore & Associates for R&D in implantable biosensing for long-term chronic disease management.