Biosensors Market size was valued at around USD 26.76 billion in 2022 and is poised to grow from USD 28.9 billion in 2023 to USD 53.59 billion by 2031, at a CAGR of 8.0% over the forecast period (2024–2031).
Biosensors domain is growing notably owing to its diversity and competencies seen in the healthcare sector with new techniques being developed continually. Also, wearable biosensors are gaining traction, and are bragged about complex abilities and wireless and battery-free features. Hence, wearable sensors and constant monitoring are regarded as main diagnostic tools for AI-enabled healthcare in the coming years. Moreover, the emergence of nanotechnology-based sensors and biotechnology biosensors is driving the biosensors market.
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Top Player’s Company Profiles
- Abbott Laboratories (US)
- Roche Diagnostics -(Switzerland)
- Johnson & Johnson (US)
- Medtronic (Ireland)
- Siemens Healthcare GmbH (Germany)
- GE Healthcare (US)
- LifeScan, Inc. (US)
- Bio-Rad Laboratories (US)
- Nova Biomedical (US)
- Dexcom (US)
- AgaMatrix, Inc. (US)
- Biosensors International Group, Ltd. (Singapore)
- Sysmex Corporation (Japan)
- F. Hoffmann-La Roche AG (Switzerland)
- PTS Diagnostics (US)
- Acon Laboratories, Inc. (US)
- Medtronic Diabetes (US)
- Universal Biosensors, Inc. (Australia)
- Analog Devices, Inc. (US)
- Lifescan Medical Devices Co., Ltd. (China)
- Biosensing Instrument, Inc. (US)
- Miraculins Inc. (Canada)
- I-SENS, Inc. (South Korea)
- LifeSensors, Inc. (US)
- GlySens Incorporated (US)
Developments in biosensors have lately progressed due to their robust and unarguable applications as analytical techniques in most sectors comprising metabolism, the food industry, security, medicine, agriculture, environment monitoring, and the military. The awareness of biosensors as tools for abundant uses could be attributed to their unique benefits of speedy analysis, minimal demand for samples, great sensitivity, and needlessness of certain skill operations needed by conventional procedures. Despite major progress made in the application areas of biosensors, the potential is huge for research and improvement, mainly in several laboratory trials that are currently implemented in public fields.
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Segments covered
Type
Sensor Patch, and Embedded Device
Product
Wearable Biosensors (Wristwear, Eyewear, Footwear, Neckwear, Bodywear and Others), and Non-Wearable Biosensors
Technology
Electrochemical Biosensors (Amperometric, Potentiometric and Conductometric), Optical Biosensors (SPR, Colorimetric and Fluorescence), Piezoelectric Biosensors (Acoustic and Microcantilever), Thermal Biosensors, and Nanomechanical Biosensors
Component
Bioreceptor Molecules, Biological Elements, and Transducer
Application
POC (Glucose Monitoring, Cardiac Marker, Infectious Disease Detection, Coagulation Monitoring, Pregnancy Testing, Blood Gas & Electrolyte Detection, Detection of Tumor or Cancer Marker, Urinalysis Testing and Cholesterol Testing), Home Diagnosis (Glucose Monitoring, Pregnancy Testing and Cholesterol Testing), Research Labs, Environmental Monitoring, Food and Beverages and Biodefense
Progresses in Biosensor Regeneration Techniques to Benefit Medical Diagnostics and Environment Monitoring
Conventional biosensing methods like gas chromatography, electrophoresis, nuclear magnetic resonance spectroscopy, and high-performance liquid chromatography pressurize centralized equipment, leading to costly operations. To control this, biosensors have been introduced to considerably improve efficiency, accessibility, and money-saving in constant detection of analyte in different applications. Despite ample promises, it is important to recognize and address limitations related to reversibility and stability that need extensive resolution and examination. This importance is mainly declared in diagnostics and healthcare wherein regenerative sensors are vital for founding time-sequential biometric signature profiles in individuals. With speedy improvements, essentially the bio-integrated forms, the growth of re-generatable sensing solutions is today highly essential and gaining huge demand.
- In June 2024, Abbott announced FDA clearance for 2 novel over-the-counter CGM (Continuous Glucose Monitoring) devices – Lingo™ and Libre Rio™. They have been purposely manufactured to satisfy diverse needs. Lingo device is useful for consumers who wish to understand and enhance wellness, and Libre Rio for individuals suffering from Type 2 diabetes who usually manage diabetes by changing and not using insulin.
- In August 2022, Medtronic plc announced its strategic alliance with BioIntelliSense for distribution rights of the BioButton®, a multi-parameter wearable device for constant and connected observance. This alliance allows Medtronic Patient Monitoring operation to provide access to a medical grade instrument that delivers constant key signs of post-discharge patients and general care patients in hospitals.
- In May 2022, Biosensors International announced approval for both US FDA Approval for BioFreedom™ and Japan-based PMDA BioFreedom™ Ultra. BioFreedom, a Biosensors’ new carrier-free and polymer drug-coated stent with their branded limus drug (BA9™). BioFreedom will offer doctors the chance to decrease DAPT to 1 month in post-PCI patients who are prone to HBR.
- In December 2023, Masimo, a lead provider of innovative monitoring solutions to top hospices, lately pronounced FDA clearance for Stork™, an innovative baby monitoring system, for prescribed use with sick and healthy babies from 0-18 months age.
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More Comprehensive Research in Biosensors to Offer Ample Promises in Future
Applications of biosensors have made huge progress in diverse industries comprising environment, medicine, agriculture, food quality safety and control, security, and more. Yet, besides the present applications that are in use, plenty of research is awaiting and is required essentially to produce and translate extra lab-based research in convenient on-site practical biosensors for human benefit.
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