Key drivers fueling the growth of the biosensors market

 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.

Key drivers fueling the growth of the biosensors market include:

• Technological Advancements: Miniaturization, enhanced sensitivity, and the integration of wireless connectivity have expanded the capabilities of biosensors, making them more accessible and efficient.

• Rising Demand for Point-of-Care Testing: The shift towards personalized medicine and the need for rapid diagnostic solutions have propelled the adoption of biosensors in healthcare settings. These devices enable timely detection of biomarkers, pathogens, and physiological parameters, facilitating early intervention and improving patient outcomes.

• Increasing Focus on Food Safety and Environmental Monitoring: Biosensors are instrumental in detecting contaminants, pollutants, and pathogens in food products and the environment. They offer quick and reliable analysis, ensuring regulatory compliance and public safety.

Download PDF Brochure @ 

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=798

Applications Across Industries

The versatility of biosensors enables their deployment across diverse industries:

• Healthcare: In clinical settings, biosensors are used for monitoring glucose levels in diabetic patients, detecting infectious diseases, and assessing cardiac biomarkers. Wearable biosensors also monitor vital signs and provide continuous health monitoring, fostering proactive healthcare management.

• Food and Agriculture: Biosensors detect allergens, toxins, and pathogens in food products, ensuring food safety and quality control. They also contribute to precision agriculture by monitoring soil health, nutrient levels, and crop diseases.

• Environmental Monitoring: Biosensors play a crucial role in monitoring air and water quality, detecting pollutants, and assessing environmental health. They provide real-time data that supports environmental conservation efforts and public health initiatives

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.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441