What Is The Overview Of The Global Biosensors Market?
A biosensor is a compact analytical device capable of detecting and measuring biological substances or changes. It is often used in various applications, including healthcare, environmental monitoring, and food safety. The primary use of biosensors is for the rapid and sensitive detection of specific biological substances or processes, enabling applications in diverse fields such as healthcare diagnostics, environmental monitoring, food safety testing, and bioprocess control in industries.
Biosensors Global Market Report 2024 provides data on the global biosensors market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biosensors market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Biosensors Market?
The biosensors market has expanded rapidly, growing from $31.01 billion in 2023 to $34.63 billion in 2024, with a CAGR of 11.6%. Historical growth was fueled by the focus on preventive healthcare, demand for point-of-care diagnostics, and increasing applications in environmental and food safety monitoring. The market is projected to reach $54 billion by 2028, at a CAGR of 11.8%, driven by wearable health devices, demand for rapid diagnostics, precision medicine initiatives, and a greater emphasis on environmental safety. Emerging trends include wearable biosensors, AI integration, and biosensor adoption across agriculture and wellness sectors.
What Are The Core Factors Supporting Growth In The Biosensors Market?
The rising prevalence of chronic conditions is anticipated to foster growth in the biosensors market. Chronic diseases are long-term medical issues requiring ongoing management. Factors such as sedentary lifestyles, poor diets, genetic predispositions, and pollution contribute to their increase. Biosensors enable early detection and continuous monitoring, revolutionizing disease management. For instance, data from The Lancet in June 2023 indicated that global diabetes cases are expected to rise from 529 million in 2021 to 1.3 billion by 2050. This growing burden of chronic diseases is driving the demand for biosensors.
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What Are The Major Segments Within The Global Biosensors Market?
The biosensors market covered in this report is segmented –
1) By Product: Wearable Biosensors, Non-Wearable Biosensors
2) By Technology: Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, Nano Mechanical Biosensors, Thermal Biosensors, Other Technologies
3) By Application: Medical, Food Toxicity, Bioreactor, Agriculture, Environment, Other Applications
Which Trends Are Expected To Transform The Biosensors Market?
Companies in the biosensors market are creating advanced non-invasive monitoring products, such as real-time sweat patches, to meet the growing demand for accurate and convenient health monitoring solutions. A real-time sweat patch continuously tracks biomarkers in sweat, providing immediate health insights. For instance, in December 2022, Nix Biosensors, a US-based company, introduced the Nix Hydration Biosensor. This wearable biosensor tracks fluid and electrolyte levels through sweat analysis, offering athletes real-time hydration data. The patch is paired with a durable pod that transmits data to an app, assisting athletes in optimizing hydration during exercise.
What Is The Fastest Growing Region In The Biosensors Market?
North America was the largest region in the biosensors market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biosensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
