Biosensors Market Forecast, Opportunities and Challenges

 The biosensors market size is expected to reach USD 36.7 billion by 2026 from USD 25.5 billion in 2021, at a CAGR of 7.5% from 2021 to 2026

Wearable biosensors are the most prevalent type of biosensors, and this segment is expected to grow at the highest rate during the forecast period. The market for wearable biosensors is driven by increasing healthcare expenditure and rising consumer demand for innovative products and services. Non-wearable biosensors are also growing rapidly, as they are non-invasive and offer several advantages such as low cost and short manufacturing timeframes. These sensors are used in a variety of applications such as food safety, environmental monitoring, and health tracking.

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Technology plays an important role in the growth of the biosensors market. There are several types of sensors that use different technologies, such as electronic noses (EN), microfluidics (MF), magnetic resonance imaging (MRI), optical microscopy (OM), and electrochemical techniques. These sensors are used to detect various molecules, including chemicals, drugs, pollutants, and toxins. Applications for these devices include drug discovery, quality control, environmental monitoring, food safety,

Biosensors Market By Product: Wearable, Non-wearable

The biosensors market is valued at USD 25.5 billion in 2021 and is projected to reach USD 36.7 billion by 2026; it is expected to grow at a CAGR of 7.5% from 2021 to 2026. The growth is primarily driven by the increasing adoption of wearable devices across various industries, including healthcare, automotive, and consumer electronics.

The growth is primarily driven by the growing demand for non-wearable sensors for industrial applications and environmental monitoring. Technology segment is expected to dominate the wearable biosensors market with a share of over 60% in 2020 and 67% in 2026. This is due to the increasing adoption of wearables with embedded sensors and advanced functionalities. Applications segment is expected to be the second largest segment with a share of about 27% in 2021 and 33% in 2026.

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Biosensors Market By Technology: POC, Home Diagnostics, Research Lab, Environmental Monitoring

The biosensors market is forecast to grow at a CAGR of xx% during the period 2017-2021. The biosensors market is segmented based on technology (pOC, home diagnostics, research lab, environmental monitoring), application (consumer goods, industrial applications, medical applications), and region (North America, Asia Pacific, Europe, Latin America).

On the basis of technology, the biosensors market is divided into pOC and non-pOC. The pOC segment is expected to grow at a higher rate due to increasing demand for low-cost and wearable biosensors. Non-pOC segment is expected to dominate the overall biosensors market due to increasing demand for custom sensors for specific applications.

The application segment is further divided into consumer goods and industrial applications. The consumer goods segment is expected to grow at a higher rate due to increasing awareness about benefits of using biosensors in various products. Industrial applications areexpected to grow at a higher rate due to growing adoption of biosensors in manufacturing processes.

The region segmentation includes North America, Europe, Asia Pacific, and Latin America. North American market is expected to dominate.

Microbiology Applications of Wearable and Non-wearable Biosensing Devices

The increasing healthcare costs, coupled with the need to monitor various diseases and infections, is fuelling the demand for these devices. Other key factors contributing to the growth of this market include the increasing adoption of wireless technology in medical devices and increasing investments in research and development (R&D) activities by various companies.

Non-wearable biosensing devices are expected to dominate the biosensors market in terms of volume in 2021. These devices are mainly used for monitoring environmental conditions such as pollutants and gases, food quality, and water quality. This is due to their low cost, wide range of applications, and ability to be worn on the body without having any negative impacts on health. In terms of market share, non-wearable bios

This growth is attributed to factors such as the increasing awareness and adoption of food safety and quality management practices, the increasing demand for sustainable food production, and the increasing investment in research and development. The food sensing devices market is projected to be the largest segment of the biosensors market.

Wearable biosensors are expected to account for the largest share of the wearable biosensors market in 2017, followed by non-wearable biosensors. The non-wearable biosensors segment is projected to grow at a higher CAGR than the wearable biosensors segment over the forecast period. This is attributed to factors such as increased adoption of sensor-embedded medical garments and jewellery, increased demand for environmental monitoring sensors, and increasing investments in research and development for wearable biosensors.

Abbott (US), Roche (Switzerland), Medtronic (Ireland), Bio-Rad Laboratories, Inc. (US), DuPont (US), Biosensors International Group, Ltd. (Singapore), Cytiva (UK), Dexcom, Inc. (US), Lifescan IP Holdings, LLC (US), Masimo (US), Nova Biomedical (US), Universal Biosensors (Australia), ACON Laboratories, Inc. (US), CARDEA BIO INC., (US), Conductive Technologies (US), EarlySense (Israel), Innovative Sensor Technology IST AG (Switzerland), LifeSignals (US), NeuroSky (US), Pinnacle Technology Inc. (US), SD Biosensor, INC. (South Korea), VitalConnect (US), and Xsensio (Switzerland) are a few of the key players in the biosensors market.

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