Biosensors Market To Generate Revenue Worth $49.3 Billion by 2030

The global biosensors market size is projected to reach $49.3 billion by 2030, advancing at a CAGR of 7.8% during 2021–2030. This will prominently be on account of the increasing diabetic population, rising prevalence of other chronic and lifestyle-associated diseases, burgeoning demand for point-of-care testing, and snowballing applications of biosensors in various industries.

The innovations in these analytical instruments have helped medical device companies develop innovative diagnostic solutions, to respond to the growing industry demand. Advanced devices also help clinicians diagnose various diseases in less time. Thus, these innovations would change health monitoring approaches and increase the demand for POC testing.

Personalized medicine is a revolutionary approach to healthcare that uses molecular analysis to tailor treatment plans for each patient, in order to preserve health and treat disorders. By decreasing drug toxicity and side-effects, preventing diseases, enhancing results, and lowering the need for trial-and-error therapy, it would lower healthcare expenses.

The biosensor technology is necessary for monitoring biomarkers, which serve as an early warning system for diseases before symptoms manifest. Therefore, the wide potential for the widespread acceptance of personalized medicine would present countless chances for the sector's expansion.

Furthermore, the augmenting awareness of constant health monitoring is creating a pressing demand for these instruments. For instance, many athletes use EMG sensors to monitor their health and obtain signals if anything goes wrong.

Food Industry Is Expected To Witness Fastest Growth

Based on end user, the food industry is expected to witness the highest CAGR, of approximately 8.5%, in the forecast period, owing to the surging use of biological sensors for quick food analysis, to maintain the shelf life of the products. Biosensors are used in food toxicity detection to ensure the quality and safety of food cost-effectively. They are also used for the detection of pathogens, such as Escherichia coli, Staphylococcus aureus, and salmonella, in fresh fish or meat.

APAC Market To Record Highest CAGR

The APAC biosensors market is expected to witness the highest CAGR, of more than 8%, in the forecast period. This would be on account of the increasing awareness of enhanced clinical outcomes, a large patient base, growing geriatric and diabetic populations, and technological advancements in medical devices. The awareness of various diseases and the requirement for high-quality care are also increasing day by day. In addition, Asia-Pacific has become an attractive region for medical device companies due to the fewer regulatory requirements and lower cost of manufacturing the devices.

The major players operating in the biosensors market are Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, Biosensors International Group Ltd., Pinnacle Technologies Inc., Ercon Inc., DuPont Biosensor Materials, Johnson & Johnson, Koninklijke Philips N.V., and LifeScan Inc.