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Global Biosensor Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 37.4 Bn by 2028, Likely to Grow with the CAGR of 7.6% During the Forecast Period.
The global Biosensor technology is anticipated to show moderate growth during the forecast period. Some of the major factors fuelling the growth of the global market include growing demand for glucose monitoring systems, continuous technological advancements, and a wide range of applications of biosensors.
Rising Adoption From Agriculture Sector Is Fuelling The Market Growth
The biosensors offer several advantages as compared with the traditional conventional technologies. Therefore, it is widely adopted in the agriculture industry. The biosensors offer the facility to estimate the possible rate of soil disease, which was not possible with the use of traditional technologies. Also, it offers advanced and reliable ways for prevention and decontamination of soil disease at the initial stage. This, in turn, promoting the growth of the global biosensors market over the forecast period.
The Agriculture Segment Held Larger Share in Global Biosensor Market
Based on the application, the global market is led by the agriculture industry. The growth of the segment is driven by the benefits offered by biosensors. The biosensors are rapidly replacing the traditional techniques used for funguses detection owing to its quick and accurate working nature. The use of biosensors helps the farmers to reduce the risk of bioterrorism and natural threats for crops. Also, this device has the functionality to measure soil water, concentrations of pesticides, and heavy metals.
`Electrochemical Segment Occupied Significant Share in 2019
In terms of technology, the global biosensor market is led by the electrochemical segment. The electrochemical integrated biosensors provide several advanced features such as optimum stability, reproducibility, low detection limits, and wider response range which in turn increasing its adoption among biosensor manufactures.
Moreover, the optical segment is anticipated to witness impressive growth during the forecast period. The optical biosensors offer versatile analytical coverage which is expected to fuel the segment growth.
Food Industry is Projected to Witness Lucrative Growth
Based on end-user, the food toxicity segment is anticipated to show rapid growth during the forecast period. The biosensors provide rapid and accurate hygiene test results which minimize the time and cost of hygiene analysis in the foodservice industry. The rising cases of health issues due to food contamination are expected to create growth opportunities for segment growth.
The point of care segment is expected to register noteworthy growth in the coming years. The growth of the segment is propelled by a wide range of applications like detection and monitor biological fluids such as saliva, urine, sweat, and blood.
North America is Anticipated to be the Largest Share Holder in Global Market
By geography, North America is anticipated to be the largest shareholder followed by Europe. Whereas, Asia Pacific is estimated to witness impressive growth over the forecast period. The dominance of North America can be credited to occurrences of targeted diseases and presence of major players in the region. Moreover, the supportive government policies related to environmental monitoring such as the Clean Water Act and Clean Air act are expected to poise a positive impact on regional growth.
In Asia Pacific, the huge expenditure on the development of healthcare infrastructure and rising awareness among patients favour regional growth. The growing cases of targeted diseases such as diabetes, cancer, and other infectious issues is majorly rendering the regional growth.
Some of the major players operating in global biosensor market include Roche Diagnostics, AZUR Environmental, QTL Biosystems, Abbott Laboratories, Molecular Devices Corp, Biosensor BV, Sysmex Corp, Biosensor BV, Sysmex Corp, Bayer AG, Strategic Diagnostics, Cranfield Biotechnology Centre, LifeScan, Inc., Pinnacle Technologies, Inc., Innovative Biosensors, Inc., DuPont Biosensor Materials, Johnson & Johnson, EG & IC Sensors, Inc., and Ercon, Inc.
Global Biosensor Market by Technology
Global Biosensor Market by Application
- PCs/ Laptops
- Tablets & Notebooks
Global Biosensor Market by Application
- Infectious Disease
- Drug Discovery
- Blood Glucose
- Pregnancy Testing
- Blood Gas Analyzer
- Food Toxicity
Global Biosensor Market by End-User
- Security and Bio-defense
- Home Healthcare Diagnostics
- Research Laboratories
- Food Industry
- PoC Testing
Global Biosensor Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America