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Biosensors Market Revenue To Surpass USD 49.8 Billion By 2030, Due To The COVID-19 Outbreak And Rapid Technological Advancements | Grand View Research, Inc

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Biosensors Market Revenue To Surpass USD 49.8 Billion By 2030, Due To The COVID-19 Outbreak And Rapid Technological Advancements | Grand View Research, Inc

June 06
07:45 2022
Biosensors Market Revenue To Surpass USD 49.8 Billion By 2030, Due To The COVID-19 Outbreak And Rapid Technological Advancements | Grand View Research, Inc
Grand View Research, Inc. – Market Research And Consulting.
According to a new report published by Grand View Research, the primary driving reasons for biosensors market growth are increased demand in the bioprocessing industry and variety of medical applications.

Biosensors Industry Overview

The global biosensors market size was valued at USD 24.9 billion in 2021 and is anticipated to reach USD 49.8 billion by 2030, at a CAGR of 8.0% from 2022 to 2030.

Biosensor demand is increasing due to a variety of medical applications, a growing diabetes population, a high need for tiny diagnostic devices, and quick technological improvements. Accurate and early disease diagnosis is critical for a positive disease prognosis and patient survival. The demand for disposable, user-friendly, and cost-effective devices with quick response times has skyrocketed in recent years. These devices have made rapid progress in the medical field due to their ability to meet these criteria through an interdisciplinary combination of approaches from chemistry, nanotechnology, and medical science.

Gather more insights about the market drivers, restrains and growth of the Global Biosensors Market

The growth of the market, on the other hand, is influenced by a number of factors that affect the market’s dynamics in both positive and negative ways. The growing demand for point-of-care testing procedures is driving up the demand for effective biosensors, according to a global market report on biosensors. Furthermore, consumers are being urged to use biosensors for regular detection of pathogenic activities in the body due to the prevalence of chronic and lifestyle-related ailments, which is projected to drive up demand for biosensors. Biosensor applications are expanding due to a noteworthy increase in worldwide elderly demographics and the expansion of nanotechnology, which is increasing their availability and affordability.

                                                                                    U.S. biosensors market size, by application, 2020 - 2030 (USD Billion)

Biosensors, which incorporate nanotechnology, are expected to find lucrative uses in various industrial activities such as food analysis, imaging operations, and microbial activity monitoring. The market is consolidating due to the rising popularity of medical equipment and tailored medications, increased preference for non-invasive biosensors, and increased research collaboration and agreements between diverse manufacturers. For instance, through a contract managed by Johnson & Johnson Innovation, Ethicon Endo-Surgery Inc., has entered into a research option agreement and partnership with Biometrics BrainStem Inc. Ethicon will use several co-funding mechanisms to confirm the operational and clinical efficacy of Biometrics BrainStem ‘Tremor Monitor Unit, a compact, medical device non-invasive biosensor that detects minute eye movements in anesthesia patients.

As a credible assessment of basic brainstem function, this technology has the capacity to distinguish between safe and hazardous levels of sedation for patients all over the world, which is predicted to fuel market growth. Furthermore, in November 2019, scientists from Brazil and the U.S. developed a biosensor that is a glasses-based device that can give diabetics a less invasive test by measuring blood glucose levels through tears. Besides, another important element propelling this market forward is increased awareness of continuous health monitoring. Athletes have increasingly become more interested in this. Many sportsmen utilize EMG biosensors to keep a close eye on their health and receive alerts if anything is wrong.

Athletes will be able to perform better and stay ahead of the competition thanks to this early detection. For instance, in September 2020, Abbott introduced the Libre Sense Glucose Sport Biosensor, a glucose sport biosensor designed for athletes to continually test glucose in order to better understand the relationship between glucose levels and athletic performance. The FreeStyle Libre continuous glucose monitoring technology underpins the Libre Sense biosensor, which was created with diabetics in mind. This is the first personal-use gadget based on that technology that isn’t just for diabetes.

Despite these considerations, the global market for biosensors is projected to be constrained by tight regulatory regulations and complicated reimbursement policies enacted in the global healthcare sector. Furthermore, the rate at which existing rules adjust to newer technologies is slow, hampering biosensor acceptance and limiting the global market’s progress. According to the WHO, as of May 2020, there have been more than 42,48,389 COVID-19 reported cases and 2,94,046 deaths globally. The emergence of the outbreak of COVID-19 has shown a positive impact on the medical device industries. The early symptoms of COVID-19 have been scanned using a variety of methods. The employment of a sensor is one of the approaches.

Sensors are integrated with a biological component and a physicochemical detector to detect chemical molecules in conjunction with a systematic device. Using a smart band, optical sensor, wearable sensor, cell-based sensors, plasmonic photothermal sensor, and nano-sensor, this biosensing system can diagnose COVID-19. Various manufacturers are providing a rapid arrangement for clinical surveillance to help reduce the risk of exposure of healthcare personnel while obtaining regular patient vitals and lessening the demand for personal protective equipment (PPE) at this unprecedented time of COVID-19. COVID-19 emergency circumstances by remotely monitoring patients in isolation rooms who have COVID but do not require ventilation.

For instance, in May 2020, Royal Philips, a global pioneer in health technology, stated that the US Food and Drug Administration (FDA) has given its wearable biosensor (Philips Biosensor BX100) authorization to help hospitals manage proven and suspected COVID-19 patients. In addition, the next-generation wireless wearable biosensor improves clinical monitoring in Philips’ patient deterioration detection solution, allowing clinicians to recognize risk early and improve care for patients in lower-acuity settings. The technology has already received CE certification and is being utilized at the OLVG Hospital in the Netherlands to assist with COVID-19 patient triage and clinical surveillance. The market will see a considerable increase in demand as a result of the increased need for testing, tracing, and tracking the virus as a result of the COVID-19 epidemic.

The diagnostic labs need a wide range of skills in order to test hundreds of samples per day. For instance, in July 2020, by monitoring molecules released in the breath, MIT engineers developed a nanoparticle sensor device that can diagnose and monitor lung ailments. Thus, the increasing prevalence of Omicron variant instances is expected to present a lucrative potential for market expansion in the near future, allowing the market to continue its post-pandemic growth. In laboratories, point-of-care testing, and self-testing for glucose monitoring, biosensors for measuring blood metabolites such as creatinine, glucose, lactate, and urea are extensively used and commercially developed. They have a wide range of applications in the healthcare industry.

The global market is projected to be driven by government programs focused on the development of proteomics and genomics. National Information and Communication Technology Australia (NICTA), for example, is projected to expand its data mining, networks, and embedded systems research on this subject. The majority of IT firms are also heavily investing in this sector. Market growth is likely to be boosted by investments from major IT companies such as IBM, Infosys, and TCS. Furthermore, the Chinese government is heavily investing in its computing infrastructure, primarily through the China Grid, which was launched by the Chinese Academy of Sciences and the Ministry of Education, and the China National Grid (CNGrid), which is supported by the Ministry of Science and Technology. The presence of such beneficial initiatives is projected to boost the biosensors market.

 

Biosensors Market Segmentation

Based on the Technology Insights, the market is segmented into Thermal, Electrochemical, Piezoelectric and Optical.

  • The electrochemical segment dominated the market and captured the largest revenue share of around 71.1% in 2021. This is due to its ubiquitous use in biochemical and biological processes for measurement and analysis.
  •  The optical segment is expected to witness the fastest growth over the forecast period. The need for optical biosensors in the analysis is predicted to increase throughout the forecast period, owing to their broad analytical coverage.

 

Based on the Application Insights, the market is segmented into Medical, Food Toxicity, Bioreactor, Agriculture, Environment and Others.

  • The medical segment dominated the market and accounted for the largest revenue share of around 66.7% in 2021.
  • The agriculture segment is expected to witness the fastest CAGR during the projection period.

 

Based on the End-user Insights, the market is segmented into Home healthcare diagnostics, POC testing, Food industry, Research laboratories and Security and bio-defense.

  • The point-of-care testing segment led the market and accounted for a revenue share of roughly 49.8% in 2021.
  • The food industry segment is anticipated to witness the fastest growth over the forecast period.

 

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin  America, and Middle East & Africa

  • North America held the largest revenue share of around 39.8% in 2021 owing to the presence of significant players and the increasing incidence rate of targeted diseases in the region.
  • In the Middle East and Africa, the market is expected to exhibit the fastest growth during the forecast period. 

 

Market Share Insights:

  • September 2020: Abbott introduced the Libre Sense Glucose Sport Biosensor, a glucose sport biosensor designed for athletes to continually test glucose in order to better understand the relationship between glucose levels and athletic performance. 
  • July 2020: By monitoring molecules released in the breath, MIT engineers developed a nanoparticle sensor device that can diagnose and monitor lung ailments.

 

Key Companies Profile:

With the surge in demand for biosensors, global manufacturers are speeding up their production processes while also upgrading them through the use of cost-effective solutions.

Some of the prominent players in the global Biosensors market include:

  • Bio-Rad Laboratories Inc.
  • Medtronic
  • Abbott Laboratories
  • Biosensors International Group, Ltd.
  • Pinnacle Technologies Inc.
  • Ercon, Inc.
  • DuPont Biosensor Materials
  • Johnson & Johnson
  • Koninklijke Philips N.V.,
  • LifeScan, Inc.
  • QTL Biodetection LLC
  • Molecular Devices Corp.
  • Nova Biomedical
  • Molex LLC
  • TDK Corporation
  • Zimmer & Peacock AS
  • Siemens Healthcare

 

Order a free sample PDF of the Biosensors Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Web: https://www.grandviewresearch.com

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