May 25, 2024
Global Synthetic Biosensors Market

Global Synthetic Biosensors Market is Estimated to Witness High Growth Owing to Increasing Demand for Remote Patient Monitoring

The global synthetic biosensors market has witnessed an increase in demand in recent years due to growing demand for continuous patient monitoring and diagnosis of various chronic diseases. Synthetic biosensors offer advantages such as real-time analysis of biomarker levels and various bio-molecules present in bodily fluids. These biosensors assist in faster disease diagnosis and remote patient monitoring, thereby improving overall healthcare outcomes.

The Global synthetic biosensors Market is estimated to be valued at US$ 27.94 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Synthetic Biosensors Market Growth are TIVIC HEALTH, Cala Health, Inc., Medtronic, Abbott, Spark Biomedical, Inc., BioElectronics, GENERAL ELECTRIC, BIOTRONIK, electroCore, Inc., Soterix Medical Inc, SetPoint Medical, NeuroEM Therapeutics, ReShape Lifesciences, Inc., NeuroSpine, Vivani Medical Inc., Boston Scientific Corporation, NEVRO CORP., and Salvia BioElectronics. The key opportunity in the market lies in increasing adoption of remote patient monitoring solutions. Furthermore, the increasing focus on expansion of healthcare infrastructure in developing economies will boost the adoption of synthetic biosensors globally over the forecast period.

Key players operating in the global synthetic biosensors market are TIVIC HEALTH, Cala Health, Inc., Medtronic, Abbott, Spark Biomedical, Inc., BioElectronics, GENERAL ELECTRIC, BIOTRONIK, electroCore, Inc., Soterix Medical Inc, SetPoint Medical, NeuroEM Therapeutics, ReShape Lifesciences, Inc., NeuroSpine, Vivani Medical Inc., Boston Scientific Corporation, NEVRO CORP., and Salvia BioElectronics. The rapidly growing geriatric population and increasing prevalence of chronic diseases provide significant opportunities for players in the synthetic biosensors market. Moreover, the expansion of healthcare infrastructure in developing regions of Asia Pacific and Latin America will further aid the global expansion of the synthetic biosensors market between 2024 and 2031.

Market drivers

The increasing demand for remote patient monitoring is one of the major drivers for the synthetic biosensors market. Synthetic biosensors enable continuous monitoring of vital health parameters without hospitalization and help in early disease diagnosis. This drives significant cost savings for patients as well as governments. Furthermore, the growing focus on digitization of healthcare also supports the demand for wireless synthetic biosensors that can interface with mobile apps and patient portals for real-time viewing of medical data.

PEST Analysis

Political: Synthetic biosensors face strict regulations from regulatory bodies regarding the use of new biomaterials and technologies. Different countries have varied approval processes which can impact market growth.

Economic: The growing healthcare spending across regions is boosting the adoption of advanced medical devices and technologies. However, economic downturns can negatively influence the synthetic biosensor market.

Social: Rising health awareness and increasing preference for self-monitoring devices is driving the demand for continuous health tracking using synthetic biosensors. An aging population also fuels the need for remote patient monitoring solutions.

Technological: Continuous advancements in fields of nanotechnology, microfluidics, genetic engineering, and sensor miniaturization is increasing the functionalities of synthetic biosensors. Development of flexible and wearable biosensors enables non-invasive real-time health monitoring.

The geographical regions where the global synthetic biosensors market is currently concentrated in terms of value are North America and Western Europe. Both regions account for over 60% of the total market revenue due to the presence of major players, rising healthcare expenditure, and growing elderly population driving demand.

The Asia Pacific region is poised to be the fastest growing market for synthetic biosensors during the forecast period. Factors such as increasing incomes, expanding medical infrastructure, growing health awareness levels, and rising chronic disease prevalence rates in densely populated countries like China and India offer lucrative opportunities for market participants. In addition, technology adoption is accelerated in Asia’s emerging nations.

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