PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372014
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1372014
Electrochemical Biosensors Market Forecasts to 2030 - Global Analysis By Type (Diagnosis and Monitoring), By Application (Healthcare Diagnostics, Point Of Care Testing, Research Laboratories and Other Applications) and By Geography
According to Stratistics MRC, the Global Electrochemical Biosensors Market is accounted for $17.27 billion in 2023 and is expected to reach $30.87 billion by 2030 growing at a CAGR of 8.65% during the forecast period. Electrochemical biosensors are analytical tools that combine an electrochemical transducer with a biological recognition component (such as enzymes, antibodies, or DNA) to identify and measure particular analytes or biomolecules. Based on the electrochemical reaction caused by the interaction of the recognition element and the target analyte, they function. These biosensors are frequently used to measure a variety of substances, including biomarkers, pathogens, environmental pollutants, and more, in a selective and sensitive manner.
According to the International Diabetic Federation more than 590 million people are expected to develop diabetes by 2035, implying that the market would increase rapidly throughout the projected period.
Market Dynamics:
Driver:
Rising demand for point-of-care testing
The increased demand for point-of-care testing serves as a key driver in the electrochemical biosensor market. Point-of-care testing offers rapid and convenient diagnostic solutions, enabling healthcare professionals to make real-time decisions at the patient's bedside or in remote settings. Electrochemical biosensors, with their high sensitivity and quick results, are well-suited for these applications. They facilitate early disease detection, continuous monitoring, and timely interventions, particularly in emergency situations and for chronic disease management. The growing emphasis on accessible and affordable healthcare, especially in resource-limited areas, is propelling the adoption of electrochemical biosensors in point-of-care testing, driving market expansion.
Restraint:
Cost constraints
The development of advanced biosensor technologies can be expensive, impacting the affordability of these devices. High production costs can hinder their widespread adoption, especially in resource-limited healthcare settings and emerging markets. Additionally, the need for precise quality control adds to production costs, which further restrains market growth.
Opportunity:
Technological advancements in healthcare sector
Technological advancements in the healthcare sector present a significant opportunity in the electrochemical biosensor market. With the ongoing development of miniaturization, wireless connectivity, and data analytics, biosensors are becoming more sophisticated and user-friendly. These advancements enable real-time monitoring, telehealth applications, and the integration of biosensors into wearable devices, thus enhancing patient care and disease management. Moreover, the convergence of biosensors with emerging technologies like artificial intelligence and the Internet of Things further expands their capabilities, offering opportunities for innovative diagnostic and monitoring solutions.
Threat:
Regulatory challenges for the use of healthcare equipment
Strict regulations for the use of healthcare equipment pose a notable threat to the electrochemical biosensor market. The development and commercialization of biosensors for medical purposes involve navigating a complex web of regulatory requirements, including approvals from health authorities. Compliance with these stringent regulations is time-consuming, costly, and often challenging, potentially delaying product launches and hindering market entry. Moreover, stringent requirements may also discourage smaller players from entering the market.
COVID-19 Impact:
The COVID-19 pandemic has had a positive impact on the electrochemical biosensor market. While there was increased demand for biosensors for rapid and accurate testing of the virus, disruptions in supply chains and clinical operations created challenges. The need for point-of-care testing solutions and the development of biosensors for detecting SARS-CoV-2 antibodies drove innovation. However, the broader market was influenced by delays in research and development activities and supply chain constraints. As the pandemic recedes, the market is expected to rebound with a focus on diverse applications beyond infectious disease diagnostics.
The diagnosis segment is expected to be the largest during the forecast period
The diagnosis segment is predicted to dominate the market due to the growing demand for rapid, accurate, and user-friendly diagnostic solutions. Diagnosis offers high sensitivity and specificity in detecting biomarkers, pathogens, and disease-related molecules. With applications ranging from clinical diagnostics to environmental and food safety, biosensors are invaluable tools for early disease detection, monitoring, and research. Their ability to provide real-time data and point-of-care testing positions for diagnosis is propelling segment expansion.
The point of care testing segment is expected to have the highest CAGR during the forecast period
The point of care testing segment is poised to drive the market during the forecast period, owing to the increasing demand for rapid and decentralized diagnostic solutions. Electrochemical biosensors, with their portability, quick results, and ease of use, are well-suited for POC applications. They empower healthcare professionals to make timely decisions at the patient's side, offering real-time insights for better disease management and early detection. Moreover, POC testing is crucial in resource-limited settings, remote areas, and emergency situations. With a global shift towards accessible and affordable healthcare, the adoption of electrochemical biosensors in POC settings is expected to surge, propelling market growth.
Region with largest share:
During the forecast period, North America is anticipated to account for the largest market owing to regions rising healthcare expenditure and the adoption of point-of-care testing technologies. The presence of major biotechnology and pharmaceutical companies, along with significant investments in healthcare, promotes technological advancements and innovative biosensor applications in the region. Moreover, North America's well-established healthcare system and a growing geriatric population contribute to the market's growth, making it a prominent player in the global electrochemical biosensors market.
Region with highest CAGR:
The electrochemical biosensors market in the Asia Pacific is witnessing substantial growth due to rising healthcare awareness, increasing prevalence of chronic diseases, and a growing focus on early disease detection. With a large and diverse population, the region's demand for diagnostic tools and medical devices is on the rise. Additionally, government initiatives to enhance healthcare infrastructure and technological advancements in biosensor technologies are further driving the market's expansion.
Key players in the market:
Some of the key players in Electrochemical Biosensors market include: Abbott Laboratories, Bayer AG, Bio-Rad Laboratories, Biosensors International Group Ltd., Conductive Technologies Inc., I-SENS, Inc, Medtronics, Philips Healthcare, Roche Holding AG, Siemens Healthineers, Sysmex Corporation and Thermo Fisher Scientific.
Key Developments:
In February 2023, FREDsense Technologies Corp., the leader in field-ready water testing kits that detect chemicals in drinking and wastewater, announced that their platform can detect and measure PFAS in just hours, compared to traditional methods.
In September 2023, Abbott announced it has completed the acquisition of Bigfoot Biomedical, a leader in developing smart insulin management systems for people with diabetes. The transaction expands Abbott's presence in diabetes care, building on its world-leading FreeStyle Libre® portfolio of continuous glucose monitoring technology and furthering the company's efforts to develop connected solutions for making diabetes management even more personal and precise.
Types Covered:
- Diagnosis
- Monitoring
Applications Covered:
- Healthcare Diagnostics
- Point Of Care Testing
- Research Laboratories
- Other Applications
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Electrochemical Biosensors Market, By Type
- 5.1 Introduction
- 5.2 Diagnosis
- 5.2.1 DNA Biosensors
- 5.2.2 Glucose Biosensors
- 5.2.3 Immunosensors
- 5.2.4 Other Diagnosis types
- 5.3 Monitoring
- 5.3.1 Direct Monitoring
- 5.3.2 Indirect Monitoring
6 Global Electrochemical Biosensors Market, By Application
- 6.1 Introduction
- 6.2 Healthcare Diagnostics
- 6.3 Point Of Care Testing
- 6.4 Research Laboratories
- 6.5 Other Applications
7 Global Electrochemical Biosensors Market, By Geography
- 7.1 Introduction
- 7.2 North America
- 7.2.1 US
- 7.2.2 Canada
- 7.2.3 Mexico
- 7.3 Europe
- 7.3.1 Germany
- 7.3.2 UK
- 7.3.3 Italy
- 7.3.4 France
- 7.3.5 Spain
- 7.3.6 Rest of Europe
- 7.4 Asia Pacific
- 7.4.1 Japan
- 7.4.2 China
- 7.4.3 India
- 7.4.4 Australia
- 7.4.5 New Zealand
- 7.4.6 South Korea
- 7.4.7 Rest of Asia Pacific
- 7.5 South America
- 7.5.1 Argentina
- 7.5.2 Brazil
- 7.5.3 Chile
- 7.5.4 Rest of South America
- 7.6 Middle East & Africa
- 7.6.1 Saudi Arabia
- 7.6.2 UAE
- 7.6.3 Qatar
- 7.6.4 South Africa
- 7.6.5 Rest of Middle East & Africa
8 Key Developments
- 8.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 8.2 Acquisitions & Mergers
- 8.3 New Product Launch
- 8.4 Expansions
- 8.5 Other Key Strategies
9 Company Profiling
- 9.1 Abbott Laboratories
- 9.2 Bayer AG
- 9.3 Bio-Rad Laboratories
- 9.4 Biosensors International Group Ltd.
- 9.5 Conductive Technologies Inc.
- 9.6 I-SENS, Inc
- 9.7 Medtronics
- 9.8 Philips Healthcare
- 9.9 Roche Holding AG
- 9.10 Siemens Healthineers
- 9.11 Sysmex Corporation
- 9.12 Thermo Fisher Scientific
List of Tables
- Table 1 Global Electrochemical Biosensors Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Electrochemical Biosensors Market Outlook, By Type (2021-2030) ($MN)
- Table 3 Global Electrochemical Biosensors Market Outlook, By Diagnosis (2021-2030) ($MN)
- Table 4 Global Electrochemical Biosensors Market Outlook, By DNA Biosensors (2021-2030) ($MN)
- Table 5 Global Electrochemical Biosensors Market Outlook, By Glucose Biosensors (2021-2030) ($MN)
- Table 6 Global Electrochemical Biosensors Market Outlook, By Immunosensors (2021-2030) ($MN)
- Table 7 Global Electrochemical Biosensors Market Outlook, By Other Diagnosis types (2021-2030) ($MN)
- Table 8 Global Electrochemical Biosensors Market Outlook, By Monitoring (2021-2030) ($MN)
- Table 9 Global Electrochemical Biosensors Market Outlook, By Direct Monitoring (2021-2030) ($MN)
- Table 10 Global Electrochemical Biosensors Market Outlook, By Indirect Monitoring (2021-2030) ($MN)
- Table 11 Global Electrochemical Biosensors Market Outlook, By Application (2021-2030) ($MN)
- Table 12 Global Electrochemical Biosensors Market Outlook, By Healthcare Diagnostics (2021-2030) ($MN)
- Table 13 Global Electrochemical Biosensors Market Outlook, By Point Of Care Testing (2021-2030) ($MN)
- Table 14 Global Electrochemical Biosensors Market Outlook, By Research Laboratories (2021-2030) ($MN)
- Table 15 Global Electrochemical Biosensors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 16 North America Electrochemical Biosensors Market Outlook, By Country (2021-2030) ($MN)
- Table 17 North America Electrochemical Biosensors Market Outlook, By Type (2021-2030) ($MN)
- Table 18 North America Electrochemical Biosensors Market Outlook, By Diagnosis (2021-2030) ($MN)
- Table 19 North America Electrochemical Biosensors Market Outlook, By DNA Biosensors (2021-2030) ($MN)
- Table 20 North America Electrochemical Biosensors Market Outlook, By Glucose Biosensors (2021-2030) ($MN)
- Table 21 North America Electrochemical Biosensors Market Outlook, By Immunosensors (2021-2030) ($MN)
- Table 22 North America Electrochemical Biosensors Market Outlook, By Other Diagnosis types (2021-2030) ($MN)
- Table 23 North America Electrochemical Biosensors Market Outlook, By Monitoring (2021-2030) ($MN)
- Table 24 North America Electrochemical Biosensors Market Outlook, By Direct Monitoring (2021-2030) ($MN)
- Table 25 North America Electrochemical Biosensors Market Outlook, By Indirect Monitoring (2021-2030) ($MN)
- Table 26 North America Electrochemical Biosensors Market Outlook, By Application (2021-2030) ($MN)
- Table 27 North America Electrochemical Biosensors Market Outlook, By Healthcare Diagnostics (2021-2030) ($MN)
- Table 28 North America Electrochemical Biosensors Market Outlook, By Point Of Care Testing (2021-2030) ($MN)
- Table 29 North America Electrochemical Biosensors Market Outlook, By Research Laboratories (2021-2030) ($MN)
- Table 30 North America Electrochemical Biosensors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 31 Europe Electrochemical Biosensors Market Outlook, By Country (2021-2030) ($MN)
- Table 32 Europe Electrochemical Biosensors Market Outlook, By Type (2021-2030) ($MN)
- Table 33 Europe Electrochemical Biosensors Market Outlook, By Diagnosis (2021-2030) ($MN)
- Table 34 Europe Electrochemical Biosensors Market Outlook, By DNA Biosensors (2021-2030) ($MN)
- Table 35 Europe Electrochemical Biosensors Market Outlook, By Glucose Biosensors (2021-2030) ($MN)
- Table 36 Europe Electrochemical Biosensors Market Outlook, By Immunosensors (2021-2030) ($MN)
- Table 37 Europe Electrochemical Biosensors Market Outlook, By Other Diagnosis types (2021-2030) ($MN)
- Table 38 Europe Electrochemical Biosensors Market Outlook, By Monitoring (2021-2030) ($MN)
- Table 39 Europe Electrochemical Biosensors Market Outlook, By Direct Monitoring (2021-2030) ($MN)
- Table 40 Europe Electrochemical Biosensors Market Outlook, By Indirect Monitoring (2021-2030) ($MN)
- Table 41 Europe Electrochemical Biosensors Market Outlook, By Application (2021-2030) ($MN)
- Table 42 Europe Electrochemical Biosensors Market Outlook, By Healthcare Diagnostics (2021-2030) ($MN)
- Table 43 Europe Electrochemical Biosensors Market Outlook, By Point Of Care Testing (2021-2030) ($MN)
- Table 44 Europe Electrochemical Biosensors Market Outlook, By Research Laboratories (2021-2030) ($MN)
- Table 45 Europe Electrochemical Biosensors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 46 Asia Pacific Electrochemical Biosensors Market Outlook, By Country (2021-2030) ($MN)
- Table 47 Asia Pacific Electrochemical Biosensors Market Outlook, By Type (2021-2030) ($MN)
- Table 48 Asia Pacific Electrochemical Biosensors Market Outlook, By Diagnosis (2021-2030) ($MN)
- Table 49 Asia Pacific Electrochemical Biosensors Market Outlook, By DNA Biosensors (2021-2030) ($MN)
- Table 50 Asia Pacific Electrochemical Biosensors Market Outlook, By Glucose Biosensors (2021-2030) ($MN)
- Table 51 Asia Pacific Electrochemical Biosensors Market Outlook, By Immunosensors (2021-2030) ($MN)
- Table 52 Asia Pacific Electrochemical Biosensors Market Outlook, By Other Diagnosis types (2021-2030) ($MN)
- Table 53 Asia Pacific Electrochemical Biosensors Market Outlook, By Monitoring (2021-2030) ($MN)
- Table 54 Asia Pacific Electrochemical Biosensors Market Outlook, By Direct Monitoring (2021-2030) ($MN)
- Table 55 Asia Pacific Electrochemical Biosensors Market Outlook, By Indirect Monitoring (2021-2030) ($MN)
- Table 56 Asia Pacific Electrochemical Biosensors Market Outlook, By Application (2021-2030) ($MN)
- Table 57 Asia Pacific Electrochemical Biosensors Market Outlook, By Healthcare Diagnostics (2021-2030) ($MN)
- Table 58 Asia Pacific Electrochemical Biosensors Market Outlook, By Point Of Care Testing (2021-2030) ($MN)
- Table 59 Asia Pacific Electrochemical Biosensors Market Outlook, By Research Laboratories (2021-2030) ($MN)
- Table 60 Asia Pacific Electrochemical Biosensors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 61 South America Electrochemical Biosensors Market Outlook, By Country (2021-2030) ($MN)
- Table 62 South America Electrochemical Biosensors Market Outlook, By Type (2021-2030) ($MN)
- Table 63 South America Electrochemical Biosensors Market Outlook, By Diagnosis (2021-2030) ($MN)
- Table 64 South America Electrochemical Biosensors Market Outlook, By DNA Biosensors (2021-2030) ($MN)
- Table 65 South America Electrochemical Biosensors Market Outlook, By Glucose Biosensors (2021-2030) ($MN)
- Table 66 South America Electrochemical Biosensors Market Outlook, By Immunosensors (2021-2030) ($MN)
- Table 67 South America Electrochemical Biosensors Market Outlook, By Other Diagnosis types (2021-2030) ($MN)
- Table 68 South America Electrochemical Biosensors Market Outlook, By Monitoring (2021-2030) ($MN)
- Table 69 South America Electrochemical Biosensors Market Outlook, By Direct Monitoring (2021-2030) ($MN)
- Table 70 South America Electrochemical Biosensors Market Outlook, By Indirect Monitoring (2021-2030) ($MN)
- Table 71 South America Electrochemical Biosensors Market Outlook, By Application (2021-2030) ($MN)
- Table 72 South America Electrochemical Biosensors Market Outlook, By Healthcare Diagnostics (2021-2030) ($MN)
- Table 73 South America Electrochemical Biosensors Market Outlook, By Point Of Care Testing (2021-2030) ($MN)
- Table 74 South America Electrochemical Biosensors Market Outlook, By Research Laboratories (2021-2030) ($MN)
- Table 75 South America Electrochemical Biosensors Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 76 Middle East & Africa Electrochemical Biosensors Market Outlook, By Country (2021-2030) ($MN)
- Table 77 Middle East & Africa Electrochemical Biosensors Market Outlook, By Type (2021-2030) ($MN)
- Table 78 Middle East & Africa Electrochemical Biosensors Market Outlook, By Diagnosis (2021-2030) ($MN)
- Table 79 Middle East & Africa Electrochemical Biosensors Market Outlook, By DNA Biosensors (2021-2030) ($MN)
- Table 80 Middle East & Africa Electrochemical Biosensors Market Outlook, By Glucose Biosensors (2021-2030) ($MN)
- Table 81 Middle East & Africa Electrochemical Biosensors Market Outlook, By Immunosensors (2021-2030) ($MN)
- Table 82 Middle East & Africa Electrochemical Biosensors Market Outlook, By Other Diagnosis types (2021-2030) ($MN)
- Table 83 Middle East & Africa Electrochemical Biosensors Market Outlook, By Monitoring (2021-2030) ($MN)
- Table 84 Middle East & Africa Electrochemical Biosensors Market Outlook, By Direct Monitoring (2021-2030) ($MN)
- Table 85 Middle East & Africa Electrochemical Biosensors Market Outlook, By Indirect Monitoring (2021-2030) ($MN)
- Table 86 Middle East & Africa Electrochemical Biosensors Market Outlook, By Application (2021-2030) ($MN)
- Table 87 Middle East & Africa Electrochemical Biosensors Market Outlook, By Healthcare Diagnostics (2021-2030) ($MN)
- Table 88 Middle East & Africa Electrochemical Biosensors Market Outlook, By Point Of Care Testing (2021-2030) ($MN)
- Table 89 Middle East & Africa Electrochemical Biosensors Market Outlook, By Research Laboratories (2021-2030) ($MN)
- Table 90 Middle East & Africa Electrochemical Biosensors Market Outlook, By Other Applications (2021-2030) ($MN)
