Revolutionizing Healthcare with Biosensors: Market Analysis and Forecast

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

Emerging markets in developing countries, high-growth opportunities in the food industry and environmental monitoring applications, and high-growth opportunities in the wearable device market are projected to offer lucrative opportunities for the players operating in the biosensors market during the forecast period.

High-growth opportunities in the food industry and environmental monitoring applications

Biosensor devices have emerged as relevant diagnostic techniques for environmental monitoring, and in the food industry due to their specificity, ease of mass fabrication, economics, and field applicability, as well as their capability to provide quick results. In the food industry, quality control is a major thrust area, and the need for fast methods to monitor the quality of food is crucial. Conventional methods are expensive, time-consuming, and labor-intensive. Developing efficient sensors will not only speed up the process but will also be cost-effective. Biosensors are increasingly replacing traditional methods of analyte detection in the food industry. They offer a quicker, more reliable, and more versatile method for the detection of toxins, allergens, hormones, microorganisms, pesticides, and other related compounds.

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Sensor patch devices segment is expected to grow at the highest rate during the forecast period

Currently, sensors patch devices hold a very minimal market share, but their market is expected to grow at a substantial rate in the coming years. The growth of medical wearable devices across medical as well as consumer verticals is expected to propel the market growth of sensor patch devices. In February 2021, the engineers of the University of California, San Diego developed a skin patch that can be worn on the neck to track blood pressure and heart rate while monitoring the users glucose, lactate, alcohol, or caffeine levels. It is the first wearable device that monitors cardiovascular signals and multiple biochemical levels in the human body at the same time. This type of wearable would be very helpful for people with underlying medical conditions to monitor their health regularly. Such developments will drive the market for sensor patch devices and hence increase the market presence of biosensors.

POC applications to hold the largest market size of biosensors market during the forecast period

The biosensors market for POC applications holds the largest market share in 2021. POC applications are included in glucose monitoring, cardiac marker, infectious disease detection, and coagulation monitoring, among others. Technological advancements in POC devices, rising incidences of infectious diseases, and an increase in investments by key players are key factors driving the growth of the point of care biosensors market. Moreover, with the advent of the COVID-19 pandemic, the market for infectious disease detection has also increased to a great extent. This is expected to boost the market share of the biosensors market.

Biosensors market in North America to hold the highest market share during the forecast period

North America is projected to account for the largest size of the global biosensors market from 2021 to 2026. The presence of key industrial players and the early adoption of new technological advancements such as nanotechnology are the main factors for the growth of the biosensors market in North America. The market’s growth is mostly driven by the rise in funding for the research and development of medical devices containing biosensors. Research and development of medical devices are largely dependent on funding and grants. For instance, in 2017, Senseonics Holdings (US), a medical technology company, raised USD 41 million to commercialize its Eversense continuous glucose monitoring system and to support research and development for next-generation versions of the sensor. Similarly, in 2016, Endotronix (US), a developer of wireless and implantable pressure sensors, raised USD 32 million in a series C round of financing. These investments resulted in the development of biosensors for a range of medical equipment and this drove the market during the historic period.

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.

Recent Developments in Biosensors Industry

• In January 2021, Roche signed a Global Business Partnership Agreement (GBP) with Sysmex to deliver hematology testing solutions. The new agreement aims to utilize the IT systems to lead to improved clinical decision-making and customer experience. This successful, long-running partnership continues to evolve and bring hematology testing innovations to laboratories globally.
• In December 2020, Abbott announced its next-generation, sensor-based glucose monitoring technology, FreeStyle Libre 2, which received approval by Health Canada for adults and children (4 years and older) with diabetes.
• In December 2020, Bio-Rad Laboratories announced the expansion of its joint marketing agreement with Siemens Healthineers, in which Bio-Rad will provide quality control products and Unity Quality Control data management solutions for Siemens Healthineers’ Atellica Solution platforms.
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