Currently, biosensors are one of the most emerging fields globally. The demand for biosensors is increasing due to the diversity of applications in the medical field, food industry, and environmental sector, with heavy uses in disease detection, environmental monitoring, drug discovery, finding pathogenic organisms (like bacteria, fungi, and viruses), water and soil quality monitoring, etc. In order to study metabolic processes, biosensor applications are also often used in the field of plant biology. Due to their ability to fulfill demands through a mix of interdisciplinary approaches in chemistry, nanotechnology, and medical science, biosensor devices have quickly developed in the medical sector. Real-time detection, cheap cost, the potential for portability and miniaturization, high sensitivity and selectivity, and quick response times are just a few benefits that biosensors have over other analytical techniques. Biosensor devices are in high demand in the current market because of cost-effective, convenient results, and quick response time; through those facilities, biosensor devices can help future generations for more development. The large base of the world's aging population and the rising number of diabetics are additionally expected to fuel the expansion of the biosensors market in the years to come. The upcoming years are very crucial for researchers and investors related to the biosensors field.
From 2018 to 2022, the market value of the Biosensors Market increased by around 8.1% CAGR. The global biosensors market was USD 29.89 billion in 2023 and is projected to reach a value of USD 32.49 billion by the end of 2024, USD 35.31 billion by 2025, USD 38.38 Billion by 2026, USD 41.71 billion by 2027, USD 45.34 billion by 2028, USD 49.29 billion by 2029 and is expected to hit over USD 53.49 billion by 2030 with a registered CAGR of 8.7% from 2024 to 2030.
In the healthcare industry, biosensors are regularly employed for sensing, identifying, and monitoring different types of illnesses in humans. Recently the biosensor market expansion is mainly leading by a notable increase in the use of biosensors in glucose monitoring systems and diagnosis of chronic illnesses like diabetes. One of the primary factors propelling the expansion of the global biosensors market is the rising prevalence of obesity worldwide. Biosensors are widely used in pregnancy testing, blood glucose testing, cholesterol testing and to prepare cutting-edge medical equipment, as a result, it is expected to increase the market’s applicability and have a positive impact on the market for the upcoming time period. Biosensors for the agriculture sector and biosensors for the detection of heavy materials in food and water are projected to grow a lot during the forecast time as well. Additionally, the adoption of cutting-edge technologies like artificial intelligence and the Internet of Things are creating potential prospects for the global biosensor industry market.
During the projected period, the agriculture sector is anticipated to have the highest compound annual growth rate. Biosensors make it possible to quickly and clearly specify a wide variety of fungi, in contrast to customary techniques used to stop the loss of crops and cattle due to natural threats and bioterrorism. In addition, they can detect the presence of heavy metals, pesticides, herbicides, and other toxins in soil and groundwater. Additionally, soil diseases that have hitherto evaded detection by traditional techniques are projected with the help of biosensors, resulting in more reliable and improved methods for early-stage soil disease cleanup and prevention.
The COVID-19 pandemic has had a largely favourable effect on the world market for biosensors. Biosensors devices are used on a large scale to test corona virus among the sick, as a result, the biosensors market gradually increased because of the COVID-19 pandemic.
The biosensors market is divided into wearable and non-wearable biosensors based on type. The biosensors market has fantastic growth in the Asia Pacific and Europe due to the high demand for portable biosensors devices. The main benefit of non-wearable biosensors is the use of high-quality cutting-edge technology to deliver quick findings in a variety of healthcare contexts. It is estimated that the non-wearable biosensors market is anticipated to expand at a nearly 5% compound annual growth rate from 2024 to 2030.
The increasing demand for wearable biosensors is one of the major industry trends in the global biosensors market. Small, compact, non-invasive devices called wearable biosensors can be put on the body to track a variety of health indicators. Typically, these devices are made to fit into wearable form factors like smartwatches, fitness trackers, and other wearable gadgets. In the upcoming years, the use of wearable biosensors is anticipated to increase due to the increased emphasis on remote surveillance. Wearable biosensors have the potential to improve patient results, lower healthcare costs, and give people more control over their own health and well-being as they become more widely used.
The biosensors market is segmented into a few segments based on technology i.e. optical, piezoelectric, electrochemical, thermal, and others. The advantage of optical biosensors is it has the ability to provide new analytical instruments with small sizes and high-throughput screening of several samples for different criteria. It is expected to grow the optical bio-sensing devices market with an 8.5% compound annual growth rate from 2024 to 2030. The increasing demand for optical biosensors in the investigation is estimated to increase the segment's rise during the expected moment due to their flexible investigative treatment. Due to its widespread use for measurement and research in biological and biochemical activities, electrochemical biosensors accounted for nearly 75% of the biosensors market revenue in 2024. These factors are expected to cause the market for electrochemical biosensors to expand at a CAGR of 8.9%. Over the estimated duration, this biosensor market based on other technologies is expected to expand quickly and this biosensor market based on other technologies also has a high likelihood of growth with a nearly 5.5% compound annual growth rate from 2024 to 2030.
The Biosensors Market is divided into five geographical divisions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America has the biggest demand for biosensors, but Asia-Pacific is predicted to have the most revenue across the projection period. The biosensors market in the US healthcare sector will continue to dominate in North America. In 2014, the biosensor's market value in North America was USD 6 billion and it reached USD 11 billion by the end of 2020 and is expected to reach nearly 20 billion by the end of 2030. About 40% of the global market for biosensors' revenue came from North America. The biosensors market in North America is expected to expand between 2024 and 2030 at an annual compound growth rate of 9.5%. However, North America will face severe competition from the Asia-Pacific biosensors industry, whose growth will be considerably slower than the former. The increase the global biosensors market experienced from 2015 to 2023, especially in the Asia-Pacific region, is indicative of the increasing acceptance of biosensors in healthcare organizations. By 2030, the Asia Pacific biosensor market is expected to reach more than USD 15 billion, driven by the area's rising healthcare costs and the prevalence of several infectious diseases. In the Asia Pacific biosensor market Japan, South Korea, India, and China are the key player. Asia Pacific biosensor market is the fastest growing market and is expected to grow with a CAGR of 10.2% during 2024-2030. By 2030, the market in the United Kingdom is anticipated to reach USD 2.5 billion and will grow at a CAGR of 8.3% between 2024 and 2030. The market in the country is expected to present an absolute dollar potential of USD 1.5 billion throughout the projected period.
A market for biosensors that is rapidly growing is that of the Middle East and Africa. Opportunities for remote monitoring and diagnosis are being created by the growth of digital health and telemedicine, which can be supported by biosensor technology. The biggest markets for biosensors in the Middle East and Africa are Saudi Arabia, the United Arab Emirates, and South Africa in terms of market size. The market for biosensors is growing in Sub-Saharan Africa, where both the healthcare system and technology use are expanding.
Besides this, the market for biosensors in low and middle-income countries faces many challenges due to the high price of these devices, and a lack of interest in adopting the newest government rules, technology, and reimbursement policies for biosensors. Biosensor devices are made by a variety of complex methods and biomolecules which make all those devices highly expensive. Medical biosensors had the majority (72% of the market's revenue) in 2023. The commercialization of biosensors for non-medical applications such as fermentation control, military, biodefense, and environmental monitoring is a challenge for industrial participants due to the limited research and development of biosensors and the only source of demand being the healthcare sector. However, the industry of biosensors is probably getting over this particular obstacle with more support from the public and private sectors. Market players are investing a big amount in R&D to produce more sophisticated and creative biosensors.