The global biosensors market is estimated to witness accelerated growth through 2028 owing to the rapidly advancing industry landscape of biotechnology. In addition, the introduction of nanotechnology in biosensor industry would also be playing a major role in augmenting market revenues.
The emergence of Covid-19 pandemic substantially escalated the need for biosensing technology in in field of diagnostics. To effectively address the persistent impact and possible resurgence of the outbreak, multiple government bodies across the world have put in efforts to develop and deploy biosensor-based self-test kits over the past two years.
In March 2022, Singapore’s Ministry of Health (MOH) revised an authorized list of Covid-19 antigen rapid self-test kits. The self-tests authorised by the Health Sciences Authority (HAS) includes the biosensing technology-based SD Biosensor SARS-CoV-2 Antigen Self-Test Nasal among others.
The biosensors market is segmented based on type, technology, medical application, end-use, and regional landscape.
Based on type, the overall market is split into wearable and non-wearable biosensors. Among these, wearable biosensors are anticipated to gain notable momentum, recording a CAGR of approximately 9% during the forecast timeline due to a growing focus on the development of low cost biosensing devices. Moreover, broadening applications of wearable biosensors in sports analytics is also expected to consolidate segment growth.
In terms of technology, the biosensors market is fragmented into peizoelectric, optical, electrochemical, thermal, and others.
In 2021, the piezoelectric biosesnors sub-segment accounted for a revenue share of more than $800.0 million. An increasing number of research projects focused on the determination of macromolecular compounds and microorganisms has led to a considerable rise in demand for relevant technologies, greatly driving the segment outlook. Meanwhile, rising prevalence of different cancers is also likely to boost demand for piezoelectric biosensors.
With respect to medical application, biosensors industry is categorized into pregnancy testing, blood glucose testing, blood gas analysis, drug discovery, cholesterol testing, infectious disease testing, and others.
Of these, the drug discovery segment is estimated to grow exponentially, with a CAGR of around 6.0% through the projected timeframe, majorly driven by burgeoning technological advancements. Consecutively, the launch of new, innovative products for aiding drug discovery projects and experiments offering advanced solutions are also likely to proliferate market growth.
By end-use, the industry is classified into home healthcare diagnostics, research laboratories, point of care testing, and others.
In 2021, home healthcare diagnostics held more than 23% of total market share owing to surging adoption of wearable biosensor devices that ensure efficiency of home monitoring with greater convenience and ease of use. Widespread availability of multiple portable and user-friendly disease monitoring devices is expected to further accelerate uptake of biosensors across home healthcare diagnostic category.
From a regional point of view, biosensor market in Latin America is projected to grow at a CAGR of around 7.5% throughout the forecast period. The LATAM market landscape is heavily driven by massive rise in initiatives focused on improving disease management with rapid point-of-care monitoring devices. Increasing awareness regarding point-of-care testing and considerable acceptance across the region is offering lucrative scope for business growth.