Biosensors Market to Grow USD 21280 million by 2028 with a CAGR of 8.5% | Valuates Reports
Biosensors Market is Segmented by Type (Non-wearable Biosensor, Wearable Biosensor), By Application (Medical Science, Environmental Monitoring, Food, Agriculture, Others): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Pharmaceuticals & Biotech Category.
Biosensors market size is estimated to be worth USD 13040 million in 2022 and is forecast to be a readjusted size of USD 21280 million by 2028 with a CAGR of 8.5% during the review period.
Major Factors Driving the Growth of Biosensors Market
The rising use in various medical applications, increasing diabetic population, and demand for tiny diagnostic devices will drive the growth of the market.
The widespread application in other industry verticals and popularity of point-of-care testing procedures will fuel the market growth during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE BIOSENSORS MARKET
The advancements in healthcare such as individualized medicine and point-of-care testing methods have given rise to highly sensitive, selective, and low-cost biosensors based on DNA analytes. They have a naturally stable nature of nucleic acid towards the humidity, temperature, and PH of their environment. Commercial biosensors are gaining huge popularity as self-monitoring of blood glucose has become easy due to wearable glucose sensors. This will bolster the growth of the global biosensors market. The method is highly beneficial as the blood samples are undiluted and cannot be contaminated. The introduction of smartwatches, bracelets, and rings has made monitoring quick as vital signs such as heart rate and pulse can be monitored efficiently thereby providing an early diagnosis.
Biosensing devices are rapid, and accurate, along with monitoring information in real-time. These devices are used extensively for detecting contaminants such as microorganisms, harmful chemicals, and pollutants in water, and soil samples. They are highly effective in water pollution monitoring as they sense elements for nitrates and phosphates. This will drive the growth of the global biosensors market. The usage is crucial for identifying real conditions of soil, sir samples for toxic elements, harmful pathogens, and endocrine-disrupting chemical compounds.
Food quality control is important for measuring the levels of amino acids, alcohol, gasses, and carbohydrates. Biosensors are used in food industries such as soft drinks, wine, beer, and yogurt. They provide a reliable process for food diagnostics as they are portable, convenient, and very easy to use. This will surge the growth of the biosensors market in the coming years. The devices analyze food nutrients, processing methodologies, and the presence of genetically modified organisms. Biosensors make use of immunogenic and enzymatic reactions for measuring the elements such as antibiotics, proteins, pesticides, vitamin B complex, and fatty acids.
Electrochemical biosensors measure the PH and nutrient level in soil experiments and determine the crop output yields. The intelligent device detects fruit ripeness, soil-borne pathogens, and insect infestations. They use antibodies and antigens for precise sensing and sending out concentrated signals. Pesticide residues are monitored at a rapid speed.
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BIOSENSORS MARKET SHARE ANALYSIS:
Based on the product, wearable biosensors are expected to dominate the biosensors market share as they are gaining widespread popularity due to the capability for round-the-clock healthcare monitoring and improved medical diagnostics procedure.
Based on application, the medical science segment is expected to be the most lucrative with a market share of 68% during the forecast period. Biosensors are used extensively in blood glucose monitoring, cholesterol, and pregnancy testing, drug discovery, and identifying infectious disorders. The rise in chronic diseases such as diabetes and cancer will also contribute to growth.
Based on region, North America will witness considerable growth in the biosensors market share with a penetration of 40% due to the introduction of technological innovations such as miniature diagnostic equipment for precise and detailed findings.
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Ascensia Diabetes Care