Biosensors Market - By Type, By Technology, By Application, By End Use – Global Forecast 2024 – 2032

Biosensors Market Size

The global biosensors market was estimated at USD 30.1 billion in 2023. The market is expected to grow from USD 32.3 billion in 2024 to USD 58.5 billion by 2032 at a CAGR of 7.7%. Biosensors are medical devices that detect and measure biological signals. They include a specialized biological recognition element such as enzymes or antibodies, which interact with a specific analyte and a transducer that helps to convert this interaction into a measurable output. Thus, this advanced technology allows for the rapid, sensitive and precise detection of various health related biomarkers, thus helping in early diagnosis of diseases.
 

The increasing prevalence of diabetes is the key factor driving the growth of the biosensors market. The management and controlling of diabetes is necessary to avoid further complications such as kidney failure, gangrene, lower limb amputation, stroke, among others. For instance, according to the report from the World Health Organization (WHO) estimated that in 2022, nearly 830 million individuals suffered from diabetes globally, whereas majority of cases were from low and middle-income countries. Additionally, in 2021 diabetes caused 1.6 million deaths with 47% deaths occurs before the age of 70. Thus, this statistics highlights the growing need for effective solutions such as biosensors, which helps individuals to check their glucose level in the body, improve their health, and tackle the global diabetes problem.
 

Furthermore, the growing usage of biosensors in medical field is a substantial catalyst for the market. Rising use of biosensors in the field of biomedicine, drug discovery, food and safety standards, and others, will accelerate growth of the market. Thus, partnership between government agencies and research laboratories for the development of new and advanced biosensors, will help to escalate the market growth. For instance, in March 2021 the Air Force Research Laboratory kicked off USD 2 million in collaboration with Case Western Reserve University. This partnership promoted the development in biosensors, giving an importance on recognition of biomarkers for stress and fatigue. Additionally, high demand for portable biosensors in Asia Pacific and Europe and technological advancements, are fueling the creation for more effective biosensors.
 

Biosensors Market Trends

• Biosensors are evolving with a significant technological advancements in recent years, accelerating the growth of the market. These innovations in biosensors have increased the accuracy, convenience and experience of users, making them more attractive to both patients and healthcare providers.
   
• The improvement in sensor accurateness and longevity is the major technological advancement seen in biosensors. Modern biosensors offer prolonged wear times and enhanced stability. For instance, Stelo Glucose Biosensor, by Dexcom, offers a 15 day wear and with a 12 hour of grace period.
   
• Many advanced biosensors have extensive applications in medical field such as novel drug discovery, diagnosis, biomedicine, and environmental monitoring and others. Further, many market players are also investing in more towards R&D for the development of the latest wearables that focuses on women’s fertility issues. For example, Ava Science developed Ava fertility tracker, which is a type of bracelet that uses biosensors for detecting fertility window, stress levels and sleep quality in women’s body.
   
• Innovations in technology to offer easier, portable and more convenient devices, which will increase the adoption rate among the insulin-dependent diabetes patients. For instance, DEXCOM G4 Platinum continuously tracks glucose levels for 7 days, it uses wireless technology, were users can check their glucose levels at any time. The small sensor and wireless transmitter are worn on the abdomen or upper buttocks for children of age 2 to 17, thus making it easy to use and comfortable to wear.
   
• Furthermore, rising awareness regarding better health and education for monitoring blood glucose levels in body will create the demand for technologically advanced biosensors based devices. Thus, this advancement is contributing to the market growth.
   

Biosensors Market Analysis

Based on type, the biosensors market is divided into wearable and non-wearable. The market was estimated at USD 30.1 billion in 2023. The non-wearable segment held revenue of USD 19.3 billion in 2023 and the segment is poised for significant growth at a CAGR of 7.6% during the forecast period.
 

• Non wearable biosensors such as those are integrated into diagnostic devices, including those devices which are utilized in point of care testing, and offers significant advantages such as easy to use, high accuracy and the ability to deliver immediate diagnostic results without the need for any continuous user interaction.
   
• For example, Roche’s Accu-Chek Inform II system and the cobas infinity POC IT solutions, streamlines glucose monitoring in hospitals, enhancing workflow efficiency for healthcare providers and also supporting infection control and patient care.
   
• Similarly, Abbott’s i-STAT 1, a light weight and user friendly devices that works with i-STAT test cartridges to form i-STAT System. This point of care testing platforms, delivers fast and accurate diagnostic results, thus helping healthcare providers to make decisions whenever necessary.
   
• Thus, non-wearable biosensors play a vital role in point of care testing by allowing fast and accurate testing, which helps in quicker treatment decisions and also gives better patient outcomes. Technological advancement such as improved sensitivity, miniaturization, and digital integration, make these devices more effective for the use.  
   
• Further, the increasing focus on personalized medicine and the need for quick and immediate diagnostic in both hospitals and home use are escalating the demand for these biosensors and also accelerating the market growth.
   

Based on technology, the biosensors market is bifurcated into electrochemical, optical, thermal, piezoelectric, and other technologies. The electrochemical segment accounted for a revenue share of 41.6% and with revenue of USD 12.5 billion in 2023.
 

• The rising prevalence of chronic diseases such as diabetes and cardiovascular diseases, along with the growing demand for early and accurate diagnostic tools, are further escalating the growth of electrochemical market.
   
• For instance, according to the report from the British Heart Foundation, cardiovascular diseases remains the leading cause of mortality in both men and women globally. In 2023, approximately 620 million people lived with heart and circulatory diseases. Around 620 million people  develop these conditions annually. Globally,  1 in 13 individuals are affected with heart or circulatory diseases.
   
• Thus, these alarming statistics highlights the critical need for advanced diagnostic tools such as electrochemical biosensors, which are necessary for the early detection and effective management of these chronic conditions.
   
• Further, these biosensors are essential in the development and operation of numerous medical devices which includes glucose meters, which are significantly used for monitoring blood sugar levels in diabetic patients. Additionally, they are also employed in point care testing devices, cardiac biomarker detection systems, and blood gas analyzers.
   
• Thus, this growth is predominantly stimulated by the high sensitivity, specificity, and rapid response times of electrochemical biosensors, making them an ideal option for a wide range of applications in the medical field.
   

Based on application, biosensors market is bifurcated into blood glucose testing, cholesterol testing, blood gas analysis, pregnancy testing, drug discovery, infectious disease testing, and other applications. The blood glucose testing segment accounted for USD 12.6 billion in 2023.
 

• The rising prevalence of diabetes globally, is attributed to the increasing cases of obesity, sedentary lifestyles, and aging populations is driving the demand for blood glucose monitoring devices.
   
• Wearable glucose monitoring devices are changing the way of diabetes management by providing them advanced solutions such as continuous monitoring and instant data access.
   
• For example, in March 2023 Masimo launched the Masimo Freedom Smartwatch, an innovative wearable device that employs biosensing tech to monitor various health metrics such as pulse rate, SpO2, and hydration levels.
   
• Additionally, many modern glucose biosensors, which is estimated to reach USD 40 billion by 2032, have ability to connect with mobile apps, cloud storage, and electronic medical records. A notable example is Medtronic’s Guardian Connect CGM which syncs with smartphone app, allowing users to track their glucose levels and receive alerts for high or low blood sugar levels.
   
• Furthermore, blood glucose biosensors are small, lightweight, and portable, enabling on-the-go monitoring. This portability is especially beneficial for those individuals with active lifestyle, travelers, and for those patient managing diabetes in remote or underserved areas. Thus, this accelerate the market growth.
   

Based on end use, biosensors market is bifurcated into point of care testing, home healthcare diagnostics, research laboratories, and other end users. The point of care testing segment accounted for USD 15.3 billion in 2023.
 

• Biosensors in point-of-care testing provide results in minutes, helping doctors to make quick decisions. This fast response is important for treating emergencies and serious conditions.
   
• Many biosensor based POC devices are small, lightweight, easy to carry, making them an ideal option to be use in ambulance, clinics, and home settings. For example, Siemens, epoc Blood analysis system, is a handled wireless device, that enables real time blood gas and electrolyte testing at the bedside or in the remote locations.
   
• Additionally, advanced biosensors technology ensure precise and reliable measurements. The Cepheid GeneXpert System delivers rapid, PCR based detection for infectious diseases such as tuberculosis with lab quality accuracy.
   
• Further, timely results from POC testing lead to rapid treatment, which helps in reducing wait times and allowing healthcare providers to make immediate clinical decisions. Such effectiveness is especially important in emergency care and managing chronic conditions, thus contributing to the market growth.
   

The North America biosensors market is accounted for 10.4 billion revenues in 2023 forecasted to reach USD 19.8 billion by 2032. The U.S. dominated the North America market with the largest revenue of USD 9.5 billion in 2023.
 

• The rising incidence of chronic disorders such as cardiovascular diseases, diabetes is on rise in the U.S., which is accelerating the demand for the biosensors devices.
   
• For instance, in 2021, as per the data from the Centers for Disease Control and Prevention (CDC), reports that approximately 38.4 million individuals in U.S. suffered from diabetes, about which 90% to 95% individuals suffered from type 2 diabetes, resulting for about 11.6% of the total global population.
   
• Additionally, despite a stringent regulatory environment, there is strong support for the approval and commercialization of innovative healthcare solutions such as biosensors devices, thereby strengthening market growth.
   

Europe: Significant growth in UK biosensors market from 2024 to 2032.
 

• The growth of market in this region is anticipated to be strengthened by the UK governments commitment towards tacking diabetes via initiatives such as public health campaigns and guidelines that promoting the healthier lifestyle, thus propelling industry expansion.
   
• Additionally, the growth of biosensors market in this region is anticipated to be bolstered by the rising cases of diabetes across the UK.
   
• For instance, in 2023, according to the British Diabetic Association, estimates that 5.8 million people in the UK were suffering with diabetes , additionally, nearly 1.3 million people had type 2 diabetes.

Asia pacific: Japan biosensors market is poised for substantial growth between 2024 and 2032.
 

• Japan has one of the fastest aging populations globally. As per estimates, Japan has around 36.25 million people aged 65 years and above, which leads to one-third of the entire Japanese population.
   
• Further, the rising incidence of diabetes in Japan is accelerating the market growth. For instance, according to the report from Internation Diabetes Federation (IDF), estimates that in 2021, 11,004,999 individuals were diabetic, which is 11.8% of total the population.
   
• Thus, this demographic shift has created awareness among the healthcare providers and policy makers for the need of effective strategies to overcome diabetes and its related health conditions.
   

Middle East and Africa: Noteworthy growth in Saudi Arabia biosensors market from 2024 to 2032.
 

• Saudi Arabia’s advance healthcare infrastructure and rising investment in advanced healthcare technologies create opening for the development and adoption of advanced biosensors devices tailored to the country’s patient specific needs.
   
• Further, the growing case of diabetes is creating the heightened demand for  biosensors in Saudi Arabia.
   
• Moreover, the rise in health awareness programs in Saudi Arabia that focuses on chronic management, which emphasizes on prevention and treatment. Thus, biosensors devices play key role in promoting the early interventions and educating the users on adopting the healthier lifestyle habits to prevent the chronic illness and enhance overall well-being.
   

Biosensors Market Share

The top 4vplayers of the market account for approximately 45% of the market share which includes companies such as Abbott Laboratories, Bio-Rad Laboratories, Inc, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc., among others. With every firm introducing new biosensors devices and using advanced technologies, modernization is extremely important. Moreover, strategic partnerships with research institutes, and government agencies play a primary role in advancing the development of biosensors and getting the necessary permits. The development of public awareness about diabetes and its health impact through the social media platform, will encourage more individuals to seek the treatment, enabling market players to strengthen their position in this growing sector.
 

Abbott Laboratories has strong product portfolio leading to larger adoption and significant market expansion. Abbott provides a diverse range of products pertaining to biosensors such as FreeStyle Libre 2, FreeStyle Libre 3, among others.
 

Thermo Fisher Scientific Inc. has strong global workforce of approximately 122,000 employees, which enables the company to drive innovation, and deliver high-quality solutions.
 

Danaher Corporation has strong geographical presence which enables it to enhance its market reach. Danaher operates in more than 60 countries thus comprising of a robust distribution network.
 

Biosensors Market Companies

Some of the eminent market participants operating in the biosensors industry include:

• Abbott Laboratories
• ARKRAY
• Bio-Rad Laboratories
• Biosensors International Group
• Dexcom
• Danaher Corporation
• F. Hoffmann-La Roche
• Masimo Corporation
• Nova Biomedical
• Platinum Equity Advisors
• PHC HOLDINGS CORPORATION
• Pinnacle Technology
• Siemens Healthineers
• Thermo Fisher Scientific
• Trividia Health
   

Biosensors Industry News

• In March 2024, Dexcom announced the FDA clearance for Stelo, the first glucose biosensor that doesn’t require prescription. This approval enhanced the company’s competitive position the market.
   
• In March 2024, Nova Biomedical launched the latest version of its StatStrip glucose hospital meter system in the U.S. This launch highlights Nova Biomedical commitment to advancing healthcare technology and providing reliable glucose monitoring solutions for hospital environments.
   
• In January 2023, Masimo partnered with Philips by integrating its W1 smartwatch with Philips patient monitoring software. This collaboration boosted the company’s business growth by improving the functionality of Masimo’s products, expanding its market reach and elevating patient solutions.
   

The biosensors market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:

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Market, By Type

• Wearable
• Non-wearable

Market, By Technology

• Electrochemical
• Optical
• Thermal
• Piezoelectric
• Other technologies

Market, By Applications

• Blood glucose testing
• Cholesterol testing
• Blood gas analysis
• Pregnancy testing
• Drug discovery
• Infectious disease testing
• Other applications

Market, By End Use

• Point of care testing
• Home healthcare diagnostics
• Research laboratories
• Other end use

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
  • Switzerland
• Asia Pacific 
  • China
  • Japan
  • India
• Latin America 
  • Brazil
  • Mexico
• Middle East and Africa 
  • South Africa
  • Saudi Arabia