Biosensors Market by Type, Product (Wearable, Non-wearable), Technology, Application (POC, Home Diagnostics, Research Lab, Environmental Monitoring, Food & Beverages, Biodefense) and Region
(2021-2026)
The biosensors market is valued at USD 25.5 billion in 2021 and is projected to reach USD 36.7 billion by 2026; it is expected to grow at a CAGR of 7.5% from 2021 to 2026.
Emerging markets in developing countries, high-growth opportunities in the food industry and environmental monitoring applications, and high-growth opportunities in the wearable device market are projected to offer lucrative opportunities for the players operating in the biosensors market during the forecast period.
Biosensor devices have emerged as relevant diagnostic techniques for environmental monitoring, and in the food industry due to their specificity, ease of mass fabrication, economics, and field applicability, as well as their capability to provide quick results.
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In the food industry, quality control is a major thrust area, and the need for fast methods to monitor the quality of food is crucial. Conventional methods are expensive, time-consuming, and labor-intensive. Developing efficient sensors will not only speed up the process but will also be cost-effective. Biosensors are increasingly replacing traditional methods of analyte detection in the food industry. They offer a quicker, more reliable, and more versatile method for the detection of toxins, allergens, hormones, microorganisms, pesticides, and other related compounds.
Currently, sensors patch devices hold a very minimal market share, but their market is expected to grow at a substantial rate in the coming years. The growth of medical wearable devices across medical as well as consumer verticals is expected to propel the market growth of sensor patch devices. In February 2021, the engineers of the University of California, San Diego developed a skin patch that can be worn on the neck to track blood pressure and heart rate while monitoring the users glucose, lactate, alcohol, or caffeine levels.
The biosensors market for POC applications holds the largest market share in 2021. POC applications are included in glucose monitoring, cardiac marker, infectious disease detection, and coagulation monitoring, among others. Technological advancements in POC devices, rising incidences of infectious diseases, and an increase in investments by key players are key factors driving the growth of the point of care biosensors market. Moreover, with the advent of the COVID-19 pandemic, the market for infectious disease detection has also increased to a great extent. This is expected to boost the market share of the biosensors market.
North America is projected to account for the largest size of the global biosensors market from 2021 to 2026. The presence of key industrial players and the early adoption of new technological advancements such as nanotechnology are the main factors for the growth of the biosensors market in North America. The market’s growth is mostly driven by the rise in funding for the research and development of medical devices containing biosensors.
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