The growing existence of detrimental illnesses such as diabetes is driving the market growth.
New York, USA, Dec. 16, 2024 (GLOBE NEWSWIRE) — Market Outlook:
The global biosensors market size was USD 27,904.26 million in 2024 and is expected to reach USD 58,268.69 million by 2034, expanding at a CAGR of 7.8% from 2025 to 2034.
What are Biosensors?
The biosensor comprises a transducer and a biological component that might be an enzyme, an antibody, or nucleic acid. The bio element interrelates with the analyte being examined, and the biological reaction is transformed into an electrical signal by the transducer. Biosensors are engaged in applications such as illness observation, drug detection, and perception of contaminants, disease-causing microorganisms, and markers that are the barometers of illness in bodily fluids.
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Key Takeaways from Report
- The market is expected to exhibit a CAGR of 7.8%.
- The market for biosensors is expanding due to the growing aggregate of diabetic patients worldwide which poses the requirement for agreeable and precise observation of blood glucose levels.
- The biosensors market analysis is primarily based on application, end use, and region.
- Based on application, the medical segment dominated the market.
- North America dominated the market with the largest share and is anticipated to continue its dominance during the forecast period.
Biosensors Market Dynamics
Growth Drivers
Structured Usage of Biosensors: The biosensors market size is expanding due to the growing focus on the structured usage of biosensors for premature illness discernment among consumers. As detrimental and lifestyle-connected illnesses persist to prevail, premature observation becomes crucial for prompt mediation and superior treatment results. Biosensors sanction persons to observe their health position freely at home, encouraging motivated healthcare handling and decreasing the load on healthcare systems.
Growing Geriatric Population: The growing application of biosensors is pushed by the escalating geriatric population worldwide and the cost-effectiveness of carrying out diagnostic tests. For instance, in January 2023, NIST, Brown University, and CEA-Leti researchers advanced a biosensor recognizing biomarkers by estimating DNA strand binding reactions for precise detection.
Trends and Opportunities
Technological Progressions: Progression in biosensor technology enabled by associative alliances in nanotechnology, chemistry, and medicines has notably impacted the healthcare sector. These advancements have caused the generation of small, economical, and expendable biosensor gadgets with speedy response time, suggesting that biosensors market demand is expanding.
Growing Demand for Point-of-Care Diagnostics: Lately, the market has witnessed outstanding growth driven by escalating demand for Point-of-care diagnostics covering several sectors involving healthcare, the food industry, ecological observation, and agriculture. Biosensors are analytical gadgets that merge biological discerning components with transducers to locate and measure earmarked analytes.
Competitive Analysis
The market is portrayed by fierce contention with contenders competing for market share through ongoing progressions in technology, strategic alliances and dedication to invention. Firms are diligently funding research and development to be informed about growing industry requirements and abide by strict quality parameters. The aggressive topography of the market is intricate and zestful, with several players participating across varied segments and geographies.
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Major players operating in biosensors market are:
- Koninklijke Philips N.V.
- Abbott Laboratories
- DuPont
- Medtronic
- Siemens
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories, Inc.
- TDK Corporation
Regional Insights
North America: The market is flourishing due to the acquisition of biosensor technology covering several sectors. One of the main driving factors is the growing existence of detrimental illnesses, such as diabetes, cardiovascular disorders, and cancer, in the region.
Asia Pacific: The acquisition of smart agriculture instruments and growth in research endeavors in agriculture and the environment are expected to drive the Asia Pacific biosensors market with the highest CAGR during the forecast period.
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Biosensors Market Segmentation
By Application Outlook
- Medical
- Cholesterol
- Blood Glucose
- Blood Gas Analyzer
- Pregnancy Testing
- Infectious Testing
- Food toxicity
- Bioreactor
- Agriculture
- Environment
- Consumer Electronics
By End Use Outlook
- Home Healthcare Diagnostics
- POC Testing
- Food Industry
- Research Laboratories
- Security and Biodefense
By Region Outlook
- North America (US, Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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