Market Research Report
Biosensors Market Size By Type, By Technology, By Medical Application, By End-use, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027
|Biosensors Market Size By Type, By Technology, By Medical Application, By End-use, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027|
Published: January 29, 2021
Global Market Insights Inc.
Content info: 208 Pages
Delivery time: 2-3 business days
Biosensors Market Size By Type (Wearable, Non-wearable), By Technology (Electrochemical, Optical, Thermal, Piezoelectric), By Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectious Disease Testing), By End-use (Point of Care Testing, Homecare Diagnostic, Research Laboratories), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027.
One of the fastest emerging verticals within the healthcare and medical devices domain, the global biosensors market size is estimated to grow substantially in the near future. The industry growth can be largely attributed to the increasing occurrence of chronic diseases such as diabetes which requires constant monitoring of blood glucose levels. Ongoing research and development efforts and resulting technological advances in biosensor technology will positively impact the biosensor industry trends over the next few years.
Biosensors can be broadly classified into wearables and non-wearables. The non-wearable segment had generated more than US$9.5 billion in revenue during 2020 and it is projected to record notable growth over the coming years. The adoption of non-wearable biosensors will be largely driven by the rising occurrence of chronic and infectious diseases such as COVID-19.
In August 2020, EchoCare Technologies, a remote senior care monitoring startup, had started the production of its radar based non-invasive monitoring devices for the elderly due to the rising demand amid the COVID-19 pandemic. The firm had developed a novel non-wearable elderly care home system which makes use of radar technology. The system automatically detects and alerts users regarding a range of abnormal behavior or emergency situation at home via its ECHO solution.
In terms of the technology, the biosensors market can be segmented into optical, electrochemical, piezoelectric, thermal, and other sensors. The demand for piezoelectric sensors in biomedical applications is likely to increase at a CAGR of 7.4% through 2027. They are widely used as immunosensors and can provide real-time detection.
The different types of medical applications of biosensors include blood glucose testing, blood gas analysis, cholesterol testing, pregnancy testing, infectious disease testing, drug discovery, and others. The use of biosensors in infectious disease testing is expected to increase at a CAGR of over 8.4% up to 2027, with the increasing occurrence of infectious diseases such as COVID-19. The need for development of rapid diagnostic tests will drive the segment growth in the future.
Considering the end-user, the biosensor industry share from home healthcare diagnostics segment had garnered more than US$6.5 billion in revenue during 2020 and it is projected to witness notable growth in the forthcoming years. The growing popularity of wearable biosensors due to ease of use and convenience will boost the technology adoption across the home healthcare segment.
Geographically, North America had accounted for more than 37% of the biosensor industry in 2020 and the regional market is slated to grow substantially through 2027. This growth can be attributed to the rising number of people suffering from various chronic and infectious diseases. These trends have led to the widespread adoption of innovative home healthcare devices, created a massive demand for biosensor technology.