Biosensor Market is expected to grow by USD 49.0 billion by 2030 at approximately a CAGR of 8.1% during the forecasted period.Biosensors are devices that are used to collect information gathered from biological samples. Biosensors devices consist of two components like a biological recognition system and a transducer. The biological recognition unit's function is to study the nature of enzymes and antibodies, while the transducer converts the property of biological elements into electrical signals. These devices are available for low cost, give quick results, easy to operate and are portable in nature that is mostly used in fields of medicine, agriculture, and environment monitoring. The technological advancement in biosensor technology has made the device's user-friendly, more innovative, flexible and reliable products. One of its kind optical sensors is being used in the pharmaceutical industry, quality control, health care applications, and target identifications. Owing to increasing geriatric population and point of care treatment are prevailing the growth of the market.

Market Segmentation:

The global biosensors market is segmented by technology type into electrochemical biosensors, optical sensors, thermal biosensors, piezoelectric sensors, and nanomechanical biosensors. By application, the market is divided into medical, food toxicity detection, agriculture, industrial process control, environmental monitoring, and others. By product, the market is bifurcated into wearable biosensors and non-wearable biosensors. Wearable biosensors are further classified into eyewear, wristwear, bodywear, footwear neckwear, and others like biosensor rings. By geography, the market is categorized into North America, Asia Pacific, Europe, and ROW. 

Market Dynamics and Factors:

The biosensor market has prevailing growth for point of care devices which are portable and integrated. These devices are available with patients and provide easy and fast results, owing to which there is more demand and has shown growth during the period. However, due to stringent regulatory, safety concerns regarding the usage of biosensors in laboratories and homes are one of the restraining factors in the market growth. Due to the rapid succession of biosensor devices in fields like medicines, agriculture, and monitoring, and point of care diagnostics will prevail in the market growth. Government restrictions and the transfer of technology along with fewer studies on the subject will be a challenge for market growth.

Geographic Analysis:

Asia Pacific region is the growing market for biosensors devices due to increasing awareness, large population, growing ageing population, and increase technological advancement in the healthcare industry. Asia Pacific region is expected to grow in a fast pace, where Japan seems to be largest market in this region. Also, China is predicted to be the fastest-growing market in future.  Technologically, the electrochemical segment is expected to hold more than 70% market share by 2022.  The medical testing segment accounted for a major share in the global market for biosensors during the historical period and is also expected to grow during the forecast period.

Competitive Scenario:

The major players in the market are Abbott Point of Care Inc. (US), Medtronic Inc. (US), LifeScan Inc. (US), Universal Biosensors Inc. (Australia), F. Hoffman-La Roche Ltd. (Switzerland), DuPont (US), Sysmex Corporation (Japan), Bio-Rad Laboratories Inc. (US), Pharmaco-Kinesis Corporation (PKC) (US), Nova Biomedical Corp. (US), ACON Laboratories, Inc. (US), LifeSensors Inc. (US), Biacore (Sweden), and Biosensors International Pte. Ltd. (US).

Biosensors Market Report Scope