GLOBAL SYNTHETIC BIOSENSORS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global Synthetic Biosensors Market Size and Trends

The synthetic biosensors market is estimated to be valued at USD 27.94 Bn in 2024 and is expected to reach USD 45.69 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.

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The synthetic biosensors market is witnessing high growth due to the rising demand for point-of-care testing and home healthcare devices. Synthetic biosensors find widespread application in industries like healthcare, food technology, water monitoring, and environmental protection due to their high selectivity and sensitivity. Advancements in nanotechnology and development of wearable and flexible biosensors are expected to drive the demand for synthetic biosensors. Growing healthcare expenditure along with increasing focus on drug delivery and disease diagnostics will further augment the market growth during the forecast period. High investment in the research & development of biosensors for new application areas ensures a bright growth opportunity for synthetic biosensors going ahead.

Rising demand for portable and easy-to-use diagnostic tests

The demand for point-of-care testing and home diagnostics is growing rapidly mainly due to hectic lifestyles and increased health awareness among consumers. People are increasingly looking for portable diagnostic devices that can detect a medical condition quickly and easily, without needing to visit a laboratory. Synthetic biosensors have the potential to enable portable diagnostic devices as they are small, affordable, and do not require sophisticated equipment to operate. The introduction of wearable biosensors and the integration of biosensors in smartphones present an opportunity to develop easy-to-use and non-invasive testing options that can be used anywhere, even in home settings. This has increased the appeal of synthetic biosensors which are being engineered to function accurately in portable, low-cost devices used outside of hospitals and diagnostic centers. With further technological advancements, synthetic biosensors are expected to open up new avenues for convenient, user-friendly healthcare monitoring and testing.

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Synthetic biology is advancing research in areas like disease diagnosis and treatment, leading to higher investments in synthetic biosensor development. The ability of biosensors to rapidly detect multiple biomarkers associated with diseases at the molecular level allows for more precise diagnostics compared to conventional methods. This encourages researchers to design novel biosensors that can detect disease signatures with high accuracy. Similarly, biosensors play a crucial role in accelerating drug discovery by screening large libraries of chemical compounds for potential drug candidates. They enable evaluating interactions between target molecules and drug candidates in real-time, reducing dependency on time-consuming animal testing. The value of biosensors in research applications is a driving influential force as continued investments flow towards developing assay platforms and detection technologies centered around synthetic biology.