Global Biosensors Market Is Estimated To Witness High Growth Owing To Rising Demand For Point-Of-Care Testing And Growing Preference For Minimally Invasive Procedures
The global Biosensors Market is estimated to be valued at USD 29.50 Bn in 2024, exhibiting a CAGR of 9.3% over the forecast period (2024-2031). Furthermore, the increasing trend of wearable and home-use medical devices will propel the market growth in the coming years.
Market Dynamics:
The global biosensors market is primarily driven by the rising demand for point-of-care testing and growing preference for minimally invasive procedures. Point-of-care testing enables the timely diagnosis and treatment of medical conditions as it provides results quickly without the need for transportation to a laboratory. This reduces healthcare costs and time taken for diagnosis. Moreover, minimally invasive procedures cause less discomfort to patients and enable faster recovery time as compared to conventional invasive surgical procedures. Biosensors play a crucial role in point-of-care testing and monitoring various health parameters in a minimally invasive manner. Another key driver is the increasing incidence of lifestyle diseases such as diabetes. Continuous glucose monitoring biosensors help manage diabetes more effectively by providing real-time insights into glucose levels. This facilitates timely medication and lifestyle adjustments, reducing disease complications. Furthermore, growing geriatric population who are more prone to chronic diseases will also contribute to the market demand for biosensors.
Growing Demand for Point-of-Care Testing
The demand for point-of-care testing has witnessed strong growth in recent years due to the need for quick test results without visiting a laboratory. Biosensors enable the development of portable, handheld devices that can rapidly detect biomarkers from samples like blood or urine at the point-of-care. This eliminates the need to send samples to a remote lab and wait for results. The convenience of point-of-care testing is driving more patients and healthcare providers to adopt biosensor-based devices for applications like glucose monitoring, infectious disease testing, cardiac marker testing, and others.
Increasing Prevalence of Chronic and Lifestyle Diseases
Rising incidence of chronic diseases worldwide due to growing elderly population and changing lifestyles have boosted the need for disease monitoring and diagnostics. Conditions like diabetes, cardiac diseases, and cancer require long-term monitoring which involves frequent testing. Biosensors can facilitate cost-effective, easy-to-use tools for frequent testing and managing chronic conditions. They are particularly useful for glucose monitoring in diabetes which requires testing several times daily. Growing disease burden has led to stronger demand for affordable biosensing solutions to improve patient outcomes as well as reduce healthcare costs.
High Development Costs of Biosensors
Developing new biosensing technologies and bringing them to commercialization requires extensive research investments. Designing biosensors requires multi-disciplinary expertise in biology, chemistry, materials science, and engineering which adds to development costs. Clinical validation of biosensors is another expensive and time-consuming process. These high costs deter small companies and slow down the entry of new players in the market. Established players with deeper pockets dominate the development of new and advanced biosensing platforms.
Complex Regulatory Approval Process
Like all in vitro diagnostic devices, biosensors undergo a rigorous regulatory approval procedure to ensure their safety, efficacy and performance reliability. Obtaining regulatory clearances from authorities like the U.S. FDA and Europe’s CE can take years, especially for novel biosensing technologies that require more testing and validation data. Meeting the various regulatory guidelines regarding pre-clinical testing, performance evaluation, and compliance with quality systems involves significant cost and effort. The lengthy and intricate approval pathway hinders fast commercialization of innovative biosensors.
Integration with Microfluidics and Smart Devices
Advancements in microfluidics allow the miniaturization of biosensing systems that can handle fluidic samples on-chip. Combining biosensors with microfluidic lab-on-a-chip devices opens up opportunities for developing high-performance portable diagnostics. There is also potential to integrate biosensors with smartphone platforms using technologies like Bluetooth. This could lead to the creation of affordable, easy-to-use mobile health devices that seamlessly link measurement data to cloud-based healthcare IT systems and emergency response networks. These integrated systems could simplify biomarker testing in decentralized environments like homes.
Expanding Applications in Food Safety and Environmental Monitoring
Biosensors have shown promise in new application domains like food safety testing and environmental monitoring for detecting pathogens, toxins, or pollutants. With advancement, biosensing solutions could enable simple, rapid screening checks at various stages of the food supply chain from production to distribution. Similarly, biosensors integrated into wireless sensor networks can facilitate continuous environmental surveillance of air and water quality. This presents commercial opportunities to deploy biosensor-based systems in industries beyond healthcare for ensuring public health and regulatory compliance.
Link - https://www.coherentmarketinsights.com/market-insight/biosensors-market-1647
Key Development
- In January 2023, Intricon Corporation, a company that develop and manufacture sensor-driven micromedical devices inaugurated a Bionsensor Center of Excellence (CoE) with the goal of enhancing vertical integration within its business to supply biosensors for medical devices.
- In August 2022, NanoDx, Inc., a company specializing in advanced medical diagnostic solutions, partnered with SkyWater Technology to introduce the world's initial protein-responsive nano biosensor available for commercial use.
- In December 2022, Nix, a biosensor company focused on delivering health and wellness insights to consumers, has launched the Nix Hydration Biosensor. This innovative device is the first consumer biosensor capable of analyzing sweat to offer endurance athletes personalized hydration information. The data provided is scientifically validated and delivered in real-time, enhancing athletes' understanding of their hydration needs during physical activity
- In December 2020, Abbott introduced its advanced sensor-based glucose monitoring technology, FreeStyle Libre 2, which Health Canada approved for use in adults and children (aged 4 years and older) with diabetes.
Key Players: 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 Corp. ,Zimmer & Peacock AS ,and Siemens Healthcare
