Biosensors Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Electrochemical, Physical, Wearable, Thermal Detection, Others), By Application (Quality Control, Medical Diagnosis, Pesticide Detection, Drug Development, Others), By Industry Vertical (Food & Beverage, Medical & Healthcare, Pharmaceuticals, Agriculture, Others), And By Geography - Forecasts From 2023 To 2028

Biosensors are often utilized in the healthcare field for diagnosing and detecting different illnesses. This includes blood glucose monitoring, pregnancy monitoring, and cholesterol testing. Biosensors are key instruments for detecting cancer and diabetes. The rising prevalence of chronic illnesses, along with technology advancements, is propelling the global biosensors market forward. The World Health Organization (WHO) reports that the prevalence of chronic diseases is steadily growing. Furthermore, the implementation of novel technologies such as artificial intelligence and the internet of things is paving the way for the worldwide biosensors market to expand. As a consequence of the rising prevalence of such diseases, the global biosensors market is expanding. Additionally, biosensors have several end-user applications that have been lucrative for the market. For instance, according to Abbott Laboratories, the Libre Sense glucose sports biosensors were made available in Europe in September 2020. The gadget was built on the most modern CGM technology to help athletes better comprehend the link between blood glucose levels and sports performance.

The increasing use of biosensors in the healthcare segment will significantly influence the market’s growth

Biosensors can be used for involves monitoring blood glucose levels, pregnancy, and cholesterol levels. Biosensors are a significant tool for detecting cancer and diabetes. The need for biosensors is increasing due to a wide range of medical applications, an increasing diabetic population, a high demand for tiny diagnostic devices, and rapid technical improvements. Early and correct identification of sickness is critical for a positive disease prognosis and patient survival. In recent years, there has been a boom in demand for portable, low-cost devices with quick reaction times. Furthermore, because of the prevalence of chronic and lifestyle-related ailments, consumers are being recommended to use biosensors to identify pathogenic activity in the body on a regular basis, which is projected to drive up demand for biosensors. Biosensor applications are developing because of significant growth in the global old population and the advancement of nanotechnology, which is improving their availability and cost. Therefore, companies have launched biosensor products that have been profitable for the healthcare segment. In February 2019, IQ Group Global, for example, introduced the glucose saliva biosensor. This cutting-edge technology is one of the few non-invasive glucose saliva-based diabetes testing procedures that does not involve blood collection. The saliva-based glucose test is being created to help the world's 425 million diabetics.

The launch of innovative products by companies has considerably contributed to the market’s revenue

Companies have launched several innovative products to enhance and develop the market segment. In addition to building market strategies, they have also collaborated with other companies to expand their market presence. For example, in August 2021, XPhyto Therapeutics Corp. successfully registered its first biosensor check in oral inflammation with German authorities in partnership with its partner and purchase target, 3a-diagnostics GmbH. When placed on the tongue, the thin film dissolves and the biosensor releases a bitter taste after 5 minutes in the case of oral inflammation. The biosensor functions as a quick test for high levels of various bacteria and viruses, determining if a doctor's visit and extra tests are necessary. Furthermore, Biosensor Corporation in December 2022, Nix produced a wearable hydration meter. A reusable Bluetooth-enabled pod, mono patches, and a mobile app comprise the Nix Hydration Biosensor. The sensor detects the amount and composition of sweat lost, allowing users to know how much fluid to refill and which electrolytes to target. The app delivers push notifications on when to drink during an activity and gives automatic recommendations.

North America accounts for a major share during the forecasted period

Due to the prevalence of developments made by the companies in this region along with the emergence of artificial intelligence, the market for this region is anticipated to surge in the upcoming years. For instance, in November 2022, a new Salvus LLC facility in Valdosta, Georgia, increased capacity for the engineering, development, testing, and manufacture of interferometric-based biosensors for detecting poultry pollutants. The optoelectronic biosensor has the potential to enhance the identification of diseases, viruses, and infections in both production and processing settings in the poultry sector. Furthermore, in March 2022, Interaxon Inc., a leading consumer neurotechnology and meditation company announced the release of their VR Software Development Kit (SDK), as well as an EEG headband designed to be compatible with all major VR head-mounted displays (HMDs), based on Interaxon's second-generation EEG meditation and sleep headband. Interaxon's goal with this launch is to facilitate strategic collaboration prospects for brain health advancements by using their award-winning biosensing technology in VR and AR applications.

Market Key Developments

• In March 2022, Novo Nordisk expanded its medication delivery relationship with MIT and Brigham and Women's Hospital (BWH). The partners want to work together on biosensors, bioelectronics, and stimuli-responsive supply networks, building on advances like the SOMA robotic pill. Novo Nordisk has licensed the technology and is striving to bring it to the clinic. After then, the Danish pharmaceutical company increased the scope of its relationship with MIT and BWH and prolonged it through 2026.
• In May 2020, Royal Philips, a global pioneer in health technology, announced that the FDA granted 510(k) approval for their wearable biosensor (Philips Biosensor BX100) to help monitor confirmed and suspected COVID-19 patients in the hospital. The latest generation wireless wearable biosensor improves clinical monitoring in the Philips patient deterioration detection system, allowing clinicians to recognize danger early and improve treatment for patients in lower acuity care settings.

Biosensors Market Scope:

The biosensors market has been analyzed through the following segments:

• By Type
  • Electrochemical
  • Physical
  • Wearable
  • Thermal Detection
  • Others
• By Application
  • Quality Control
  • Medical Diagnosis
  • Pesticide Detection
  • Drug Development
  • Others
• By Industry Vertical
  • Food & Beverage
  • Medical & Healthcare
  • Pharmaceuticals
  • Agriculture
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others