July 24, 2024
Biosensors Market

Inorganic Biosensors Market Demand Is Projected To Propelled By Growing Point-Of-Care Testing

Biosensors are analytical devices that are used to detect biological compounds or pathogens. Various types of biosensors such as thermal, electrochemical and optical biosensors are being increasingly used in healthcare sector for testing diseases. These biosensors help in quick detection of diseases with less invasive procedures. For example, electrochemical biosensors are extensively used for monitoring blood glucose levels.

The global Biosensors Market is estimated to be valued at US$ 295.52 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Point-of-care testing is becoming increasingly popular driven by advantages such as real-time results, portability, low costs and minimal invasive procedures. Various diagnostic companies are focusing on developing biosensors for point-of-care testing to detect diseases outside laboratory settings. This is expected to propel the demand for innovative biosensors during the forecast period. For instance, electrochemical biosensors are extensively researched for developing portable systems for detecting biomarkers of infectious diseases and viruses enabling near-patient screening. The growing need for rapid, portable and affordable disease diagnostics is projected to fuel the demand for point-of-care biosensors.

SWOT Analysis

Strength: Biosensors have wide applications in diverse areas like medical diagnostics, food safety, environmental monitoring etc. This wide applicability leads to growing demand.

Weakness: High cost of development and commercialization of novel biosensors. This limits its adoption in cost-sensitive areas.

Opportunity: Rising demand for point-of-care testing and home healthcare systems offers scope for biosensor integration. Growing elderly population needing continuous health monitoring as well.

Threats: Stringent regulatory approvals and protocols delay timely market availability of novel biosensors. Intense competition from alternate technologies poses threats.

Key Takeaways

The Global Biosensors Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 295.52 Mn by 2023 registering a CAGR of around 6.0% during the forecast period.

Regional analysis – North America currently dominates the global biosensors market owing to high healthcare spending and stringent regulatory approval protocols. Europe followed by Asia Pacific region is expected to witness fastest growth due to growing geriatric population, rising prevalence of chronic diseases and increasing healthcare investment.

Key players operating in the biosensors market are Robert Bosch GmbH, Panasonic Corporation, Toshiba, Continental AG, Denso Corporation, Mitsubishi Electric Corporation,Texas Instruments Incorporated, Infineon Technologies AG, Harman International. Key players are focused on new product launches and partnerships to gain major market share in this high growth segment.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it