by Non-invasive biosensors have revolutionized health monitoring by facilitating easy, quick and painless detection of vital health parameters like glucose, lactate and alcohol levels among others from surfaces like skin or breath. These biosensors detects biological responses through optical, thermal or electrochemical methods without drawing blood or causing any harm to the patient. They find wide usage for diabetes monitoring, fitness tracking, drug detection, breath analysis and other point-of-care applications. With growing focus on preventive healthcare and increasing cases of lifestyle diseases, demand for continuous health monitoring devices is surging. This in turn is fueling growth of non-invasive biosensors which provides a convenient option for frequent self-monitoring without any pain or difficulty. Their pain-free functioning has led to high compliance rates among users.
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 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One such key trend gaining traction is development of wearable biosensors which can be incorporated into clothing, accessories and wearable electronic devices allowing for constant health tracking. These sensors monitor electrolytes, metabolites, DNA, proteins and other biomarkers through techniques like spectrophotometry, polarimetry and bioimpedance. Another prominent trend is visible in the development of flexible and stretchable biosensors which can seamlessly conform to non-planar surfaces like human skin without causing discomfort. Such technological innovations are boosting customer confidence in these devices and expanding the scope of applications of non-invasive biosensors.
Porter’s Analysis
Threat of new entrants: Low capital requirements and availability of latest technologies has lowered the threat of new entrants in the non-invasive biosensors market.
Bargaining power of buyers: Buyers have moderate bargaining power owing to the availability of alternative products and brands in the market.
Bargaining power of suppliers: A large number of sensor manufacturers globally reduces the bargaining power of suppliers in the non-invasive biosensors market.
Threat of new substitutes: Low threat of substitution exists as non-invasive biosensors integrate latest technologies without substituting the core application.
Competitive rivalry: The non-invasive biosensors market sees high competition due to presence of global and regional players offering varied product portfolios.
Key Takeaways
The Global Non-Invasive Biosensors Market Size is expected to witness high growth at a CAGR of 13% during the forecast period of 2023 to 2030. The market was valued at US$ 29.84 Bn in 2023 and is anticipated to reach US$ 68.32 Bn by 2030.
Regional analysis: North America dominated the non-invasive biosensors market in 2023 due to presence of major players and higher healthcare spending in the US and Canada. However, Asia Pacific is expected to witness the fastest growth during the forecast period owing to growing medical tourism industry and increasing healthcare expenditure in China and India.
Key players: Key players operating in the non-invasive biosensors market are Intuitive Surgical, Think Surgical, Asensus Surgical US, Inc., Zimmer Biomet, Stryker, Smith & Nephew, Novus Health Products, and Medtronic. Intuitive Surgical commanded the largest market share in 2023 due to its strong distribution network and continuous new product launches.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
