IMARC Group, a leading market research company, has released a report titled “Biosensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. According to the report, The global biosensors market size reached US$ 26.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 43.0 Billion by 2028, exhibiting a growth rate (CAGR) of 8.2% during 2023-2028.
Biosensors are analytical devices that detect and measure specific biological molecules or chemical compounds within biological samples. They consist of a biological component, such as enzymes, antibodies, or DNA, coupled with a transducer that converts the biological response into a measurable signal, typically an electrical or optical output. They have a wide range of applications, from medical diagnostics (detecting biomarkers for diseases) and environmental monitoring (measuring pollutants in water or air) to food safety (detecting contaminants) and biotechnology research (studying molecular interactions). At present, biosensors are gaining immense traction across the globe as an essential tool in various industries, enabling precise and rapid detection of specific substances and making them valuable for research and practical applications.
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Biosensors Market Trends and Drivers:
The global biosensors market is primarily driven by the increasing awareness of health and wellness and the rising prevalence of chronic diseases. Moreover, numerous technological advancements in biosensor design and manufacturing that lead to more accurate and affordable devices expanding their applications in various sectors, including healthcare, environmental monitoring, and food safety, are positively influencing the market growth. Apart from this, the growing trend of wearable health devices and remote monitoring has accelerated the adoption of biosensors for continuous health monitoring. Additionally, the escalating need for rapid and sensitive diagnostic tools amid the COVID-19 pandemic has catalyzed market growth. Furthermore, the development of miniaturized and point-of-care biosensors that enhance accessibility to healthcare in remote areas is contributing to market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Product:
- Wearable Biosensors
- Non-Wearable Biosensors
Breakup by Technology:
- Electrochemical Biosensors
- Optical Biosensors
- Piezoelectric Biosensors
- Thermal Biosensors
- Nanomechanical Biosensors
- Others
Breakup by Application:
- Blood Glucose Testing
- Cholesterol Testing
- Blood Gas Analysis
- Pregnancy Testing
- Drug Discovery
- Infectious Disease Testing
- Others
Breakup by End Use:
- Point of Care Testing
- Home Healthcare Diagnostics
- Research Laboratories
- Security and Biodefense
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Abbott Laboratories
- AgaMatrix Inc. (WaveForm Technologies Inc)
- DuPont de Nemours Inc.
- F. Hoffmann-La Roche AG
- General Electric Company
- LifeScan Inc. (Platinum Equity LLC)
- Medtronic PLC
- Nova Biomedical Corporation
- PHC Holdings Corporation
- Siemens AG
- Thermo Fisher Scientific Inc.
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