April 20, 2024
Biosensors Market

The Global Biosensors Market Growth Is Projected To Driven By Rising Demand For Healthcare Services

Biosensors are analytical devices used for detection of an event or chemical substance that translates biological response into an electrical signal. They are used for detection of various infectious diseases as well as detection of blood glucose, cardiac markers, blood gases and serum cholesterol levels. They are often preferred over analytical techniques as they have advantages such as portability, reduced cost of operation and real-time monitoring capabilities. Biosensors are used for disease diagnosis, blood glucose monitoring, environmental monitoring, food toxicity detection and biodefence applications. Demand for biosensors is increasing globally owing to rising cases of infectious diseases, chronic conditions and growing utility in varied industries.

The global Biosensors Market is estimated to be valued at US$ 295.52 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Point-of-care testing is one of the major trends witnessed in the global biosensors market. Point-of-care testing refers to medical diagnostic testing performed outside a clinical laboratory, in or near the place of patient care. It involves portable devices that can provide fast and accurate test results at the time and place of patient care like doctor’s office, ambulances, patients’ homes, among others. Some examples of point-of-care testing include blood glucose monitoring, pregnancy testing, drugs of abuse testing, cardiac markers testing and infectious disease testing. Growing preference for near-patient and self-monitoring testing is driving adoption of point-of-care biosensors globally. Additionally, technological advancements enabling miniaturization of biosensing devices along with improved portability and connectivity are further aiding the point-of-care trend in the market.

Porter Analysis

Threat of new entrants: The biosensors market requires significant R&D investment and regulatory approvals which make it difficult for new companies to enter the market.

Bargaining power of buyers: The biosensors market has large buyers like hospitals, clinics and diagnostic centers. However, the need for specialized components increases their bargaining power.

Bargaining power of suppliers: A few large companies dominate the supply of key components for biosensors like enzymes and biomaterials. This gives them significant bargaining power over buyers.

Threat of new substitutes: No direct substitute for biosensors currently exist. However, traditional diagnostic methods continue to compete with biosensors in certain applications.

Competitive rivalry: The biosensors market has few large players competing on technology leadership. Price competition is moderate due to differentiated products and services.

Key Takeaways

The Global Biosensors Market Demand is expected to witness high growth. Technological advancements facilitating point-of-care testing and continuous monitoring are driving the market. The global Biosensors Market is estimated to be valued at US$ 295.52 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030.

North America dominated the biosensors market in 2018 owing to rising cases of chronic diseases and favorable reimbursement policies in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising healthcare expenditure, large patient population and increasing focus of international players in countries like China and India. Europe is a major market for biosensors accounting for over 30% share in 2018. Presence of leading players, rising research funding and increasing uptake of wearable and home-based devices are factors aiding growth in the region. In the U.S., continuous monitoring of glucose levels and technological improvements are lucrative opportunities for companies. Growing medical tourists from Middle-East are boosting Japan’s biosensors market.

Key players

Key players operating in the biosensors market are Robert Bosch GmbH, Panasonic Corporation, Toshiba, Continental AG, Denso Corporation, Mitsubishi Electric Corporation,Texas Instruments Incorporated, Infineon Technologies AG, Harman International. Companies are investing in R&D to develop advanced biosensors for quick testing and real-time disease monitoring using technologies such as nanomaterials and MEMS. Partnerships with diagnostic service providers are allowing companies to gain larger market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it