May 20, 2024
Non-Invasive Biosensors Market

The Global Non-Invasive Biosensors Market Is Driven By Rapid Technological Advancements

The non-invasive biosensors market involves biosensors that help measure biological parameters without causing any external harm or damage to the body. Non-invasive biosensors are devices that help in detection of glucose, lactate, alcohol, and other metabolites present in tissues and fluids outside the body including breath, sweat, tears without drawing blood samples or causing pain. They play a crucial role in continuous monitoring of vital health parameters. Advancements in materials science and microfabrication techniques have enabled development of novel sensors incorporating optical, electrochemical and thermal methods for real-time analyte detection with high accuracy.

The global Non-invasive Biosensors Market is estimated to be valued at US$ 29.84 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing adoption of wearable and remote patient monitoring devices is a key trend in the non-invasive biosensors market. Continuous monitoring helps improve health outcomes of patients with chronic conditions through early detection of health parameter changes. Major companies are focusing on development of skin-worn, implantable and ingestible sensors that can transmit biometric data to smartphones for remote tracking. Furthermore, AI and big data analytics are being integrated with biosensors to gain deeper insights into health patterns and enable customized care recommendations.

Porter’s Analysis

Threat of new entrants: The non-invasive biosensors market is highly competitive and capital intensive in nature which creates high entry barriers for new entrants.

Bargaining power of buyers: Due to the presence of a large number of players in the market, buyers have higher bargaining power. They can negotiate on price and quality of biosensors.

Bargaining power of suppliers: The suppliers have lower bargaining power due to the availability of various substitute materials and components used in manufacturing non-invasive biosensors.

Threat of new substitutes: Significant R&D investments have been made towards the development of novel non-invasive techniques like smartphone biosensors which can act as substitutes.

Competitive rivalry: The global market players compete on the basis of technology, quality, and price.

Key Takeaways

The Global Non-Invasive Biosensors Market Demand is expected to witness high growth.

North America is expected to dominate the market during the forecast period. Factors such as increasing research & development activities for non-invasive biosensors and rising demand for home healthcare devices will fuel the regional market growth.

Key players: Key players operating in the non-invasive biosensors market are Thermax Limited, Armstrong International Inc., Stork Thermeq B.V., Alfa Laval AB, and Kelvion Holding GmbH. Thermax Limited focuses on developing advanced solutions for water and process applications in wide range of industries.

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