Biosensors Industry Key Players Forecast, 2022 - 2030

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.

Biosensors Market Segmentation

Grand View Research has segmented the global biosensors market on the basis of technology, application, end-user, and region:

Based on the Technology Insights, the market is segmented into Thermal, Electrochemical, Piezoelectric, and Optical.

• The electrochemical segment dominated the market and captured the largest revenue share of around 71.1% in 2021.
• The optical segment is expected to witness the fastest growth over the forecast period.
• The need for optical biosensors in the analysis is predicted to increase throughout the forecast period, owing to their broad analytical coverage.
• Optical biosensors provide a number of advantages over traditional analytical techniques, including the elimination of the requirement for substantial sample preparation and the option to pick a specific biological sensing element.

Based on the Application Insights, the market is segmented into Medical, Food Toxicity, Bioreactor, Agriculture, Environment and Others.

• The medical segment dominated the market and accounted for the largest revenue share of around 66.7% in 2021.
• Biosensors are used in the fields of cholesterol testing, blood glucose monitoring, blood gas analyzer, pregnancy testing, drug discovery, and infectious disorders in the medical segment.
• A series of advanced glucose biosensors have been developed to help maintain the normal blood glucose level in patients suffering from diabetes.
• The agriculture segment is expected to witness the fastest CAGR during the projection period.

Based on the End-user Insights, the market is segmented into Home healthcare diagnostics, POC testing, Food industry, Research laboratories, Security and bio-defense.

• The point-of-care testing segment led the market and accounted for a revenue share of roughly 49.8% in 2021.
• The food industry segment is anticipated to witness the fastest growth over the forecast period.
• There are some potential application areas of biosensors in the food industry, such as fast analysis of food to keep the freshness of the product and raw material inspections on a regular basis, such as rapid food analysis to preserve product cleanness and repetitive monitoring of raw materials, have paved the way, which is some of the biosensors' potential use in the food industry.

Biosensors Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

To maintain the surge in demand from diverse biosensor applications, leading businesses in the market are enforcing higher product quality. For instance, in February 2019, the iQ Group Global introduced the glucose saliva biosensor.

Some of the prominent players in the biosensors market include:

• 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.
• LifeScan, Inc.
• QTL Biodetection LLC
• Molecular Devices Corp.
• Nova Biomedical
• Molex LLC
• TDK Corporation
• Zimmer & Peacock AS
• Siemens Healthcare

Order a free sample PDF of the Biosensors Market Intelligence Study, published by Grand View Research.