Multiple Factors Contributing to Increasing Demand for Biosensors, Global Market to Touch $50 billion by 2030

Industry Experts, Inc., has released its latest report, on Biosensors Market, which projects the demand for the same be estimated at US$30.6 billion in 2024 and projected to reach US$49.6 billion by 2030 at a CAGR of 8.4% between the two years.

Some of the factors instrumental in driving demand for Biosensors include proliferation of wearable biosensor technology, comprising smartwatches and fitness trackers that allow continuous monitoring of vital signs and other health parameters by providing real-time data. The applications of biosensors in point-of-care (PoC) testing are also growing at an impressive rate due to providing the option of rapid and convenient diagnostics as against conventional laboratory settings. Miniaturized and highly sensitive biosensors are now being developed with the use of nanotechnology with materials, such as nanoparticles and nanowires, which enhance the surface area and reactivity of biosensors to offer improved detection capabilities. Another driving factor in the market has been the emergence of multiplexed biosensors, offering the capability of concurrently detecting multiple analytes in a single sample. Artificial intelligence (AI) and big data analytics are also playing their part in propelling the demand for Biosensors by providing integrational capability for the huge amount of generated data to arrive at precision in diagnosis and treatment.

The global demand for Electrochemical Biosensors is dominant, with an estimated 2024 share of over 70%. The wide use of these biosensors in home-based glucose monitoring devices and also in point-of-care settings for various applications render them to have a leading position. On the other hand, the worldwide market for Optical Biosensors is likely to record the fastest growth during the 2024-2030 analysis period, since these are ultrasensitive devices offering early detection and monitoring capabilities for a range of non-communicable diseases, such as cancer.

The report studies the Biosensors market across all major regions including North America (The United States, Canada and Mexico), Europe (France, Germany, Italy, Russia, Spain, The United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of Asia-Pacific), South America (Argentina, Brazil and Rest of South America) and Middle East & Africa.

The market for major technologies of Biosensors analyzed in this report include Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors and Thermal Biosensors. The study also examines the market for Biosensors by product type, comprising Non-Wearable Biosensors and Wearable Biosensors.  With regard to application, the Biosensors market is analyzed for Agriculture Testing, Environment Testing, Food & Beverage Toxicity Testing and Medical Testing [further sub-divided into Blood Glucose Testing, Blood Gas Analysis, Cholesterol Testing, Infectious Disease Testing and Pregnancy Testing, among Other Testing (incl. Cardiac Marker, Coagulation Monitoring & Urine Testing)]. The end-users of Biosensors analyzed in this report include Home-Based Testing, Point-of-Care (PoC) Testing and Research Laboratories.

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