Biosensors Market on Track to Reach $23.7 Billion by 2033

According to a recent report published by Future Market Insights, the global biosensors market size stood at US$ 24.5 billion in 2022. The market is expected to experience significant growth, with a compound annual growth rate (CAGR) of 9.5% from 2023 to 2033. This projected growth rate is notably higher than the historical growth rate, signaling a positive outlook for the market.

Medical biosensors are expected to be the largest contributors to the market’s revenue, growing at an impressive CAGR of over 10.5% during the same period. This segment’s strong performance can be attributed to the increasing demand for advanced healthcare technologies and the rising need for accurate diagnostic tools.

The biosensor market is being driven by an increase in chronic illnesses such as diabetes, an increase in biotechnology research and development, and an increase in demand for homecare equipment. The increased use of biosensors in glucose monitoring systems has resulted in market expansion. However, market growth is expected to be hampered by the high costs associated with these devices, as well as a lack of willingness to embrace new treatment devices. Improvements in biosensor technology, on the other hand, that add portability, are expected to drive market growth.

Because of their ability to assess fitness as well as the onset and progression of illness, biosensors are widely used in home-based healthcare by patients. As a result, the market is expected to expand throughout the forecast period. A variety of non-medical activities, as well as technological advancement, are expected to broaden its applicability and, as a result, support its growth. Pregnancy testing, cholesterol testing, blood glucose testing, and drug detection are some of the healthcare services that are expected to have a positive market impact.

Government projects aimed at improving proteomics and genomics are expected to drive the biosensors market during the forecast period.

Competitive Analysis

Because of the increased demand for biosensors, global manufacturers are accelerating and improving their manufacturing processes by implementing cost-effective solutions. A few of the key 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, and Siemens Healthcare.

Some of the recent developments of key Biosensors providers are as follows:

In January 2022, Roche and Sysmex agreed to a Global Business Partnership (GBP) to provide haematological diagnostic services. The new collaboration will use IT technology to improve clinical decision-making and the consumer experience. This long-running, fruitful collaboration is still going strong, providing haematological diagnostic improvements to labs worldwide.
In December 2020, Abbott announced that FreeStyle Libre 2, its next-generation sensor-based glucose monitoring device, has been approved by Health Canada for adults and children (4 years and older) with diabetes.

Market Segments Covered in Biosensors Market Analysis

By Product Type: