The biosensors market is estimated to grow at a steady pace on the back of rising developments in medical devices that offer enhanced portability and detection features. Introduction of convenient and wearable devices for consumers is driving industry expansion. Firms are working on the development of patient-friendly, small, and light-weight devices that allow superior diagnosis. The need for non-invasive, continuous, and real-time monitoring of health indicators along with the benefits of biosensors is likely to fuel product usage.
Meanwhile, in 2021, University of Washington researchers developed a new protein-based biosensors that can identify the proteins that support the coronavirus, as well as antibodies against it, a breakthrough that could enable faster and more widespread testing. Based on such developments, GMI, reports that the biosensors market could record a 7.4% CAGR by 2027.
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1) Presence of innovative wearable products
The wearable biosensors segment is anticipated to record a CAGR of 9.3% credited to robust investments in advanced biosensors that provide superior features than traditional monitoring devices. Wearable biosensors allow continuous monitoring of several parameters without stopping daily activities and with more ease. There is a rising awareness amongst people to maintain a healthy lifestyle, and a range of innovative wearable products driving the segment.
2) Increasing application in drug discovery
Product application in the drug discovery process stood over USD 900 million in 2020 and is likely to grow over the forecast period. Biosensors help in decoding the complexity of drug specificity and drug interactions. Enzyme-based biosensors help to quantify pharmacokinetics and drug interactions. With a rise in the number of rare and chronic illnesses, biopharmaceutical firms are making investments in new drug development.
3) Growing adoption in research laboratories
The use of biosensors in research laboratories is expected to grow over USD 4.5 million in the upcoming years owing to surging use of biosensors in infection control and drug discovery. Moreover, the use of biosensors in nanotechnology, medicine, and in tissue engineering could fuel customer preference for the product. Biosensors also help in monitoring the side effects caused due to specific drug, hence propelling industry outlook.
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Partial Chapter of the Table of Content
Chapter 3 Biosensors Market Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
126.96.36.199 Growing application of biosensors in the medical field
188.8.131.52 Rising prevalence of diabetes globally
184.108.40.206 High demand for portable biosensors in Asia Pacific and Europe
220.127.116.11 Technological advancements
3.3.2 Industry pitfalls & challenges
18.104.22.168 Stringent regulatory scenario
22.214.171.124 High cost of product development
3.4 Growth potential analysis
3.4.1 By type
3.4.2 By technology
3.4.3 By application
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Biosensors manufacturing overview
3.7 Porter's analysis
3.8 Competitive landscape, 2020
3.9 PESTEL analysis
Chapter 4 Biosensors Market, By Type
4.1 Key segment trends
4.2.1 Market size, by region, 2016 – 2027 (USD Million)
4.3.1 Market size, by region, 2016 – 2027 (USD Million)