Market Research Report
Biosensors Market Size, Share & Trends Analysis Report By Technology (Thermal, Electrochemical, Optical), By Application (Medical, Agriculture), By End User (POC Testing, Food Industry), By Region, And Segment Forecasts, 2022 - 2030
|Biosensors Market Size, Share & Trends Analysis Report By Technology (Thermal, Electrochemical, Optical), By Application (Medical, Agriculture), By End User (POC Testing, Food Industry), By Region, And Segment Forecasts, 2022 - 2030|
Published: March 28, 2022
Grand View Research, Inc.
Content info: 110 Pages
Delivery time: 2-10 business days
The global biosensors market size is anticipated to reach USD 49.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.0% from 2022 to 2030. The primary driving reasons for market growth are many applications in the medical/healthcare sector, increased demand in the bioprocessing industry, and the rapid technological advancements in the drug screens area due to the COVID-19 pandemic. Furthermore, due to the COVID-19 outbreak, the biosensor industry has experienced rapid expansion in recent years due to the expanding number of hospitals around the world which will result in high adoption of biosensors because they are cost-effective and time-saving, which are driving the biosensor market.
According to the FDA, surging demand for home-based point of care devices due to the COVID-19 pandemic will provide lucrative opportunities for market growth in the near future. Over the forecast period, technological advancements are expected to be a crucial driver in the growth of the market. For example, the U.K. established the Defense and Security Accelerator (DASA) competition, a wide-area biosensor competition, in April 2020. This competition aims to provide cutting-edge technology for Phase 2 of the Wide-area Biosensor Program, which will locate and detect harmful biological pathogens in the field. In April 2020, for example, Australian researchers developed the world's first biosensor capable of monitoring changes in pH levels in cancer and stroke patients. Furthermore, growing demand for biosensors in drug development and bioreactors is likely to drive market expansion in the near future, owing to biosensors' increasing technological capabilities.