Biosensor Market

The global biosensor market accounted for USD 29.06 billion in 2023 and is expected to reach at USD 67.96 billion by 2034 with a CAGR of 8.03% during the forecast period 2024-2034. The market will grow as a result of factors such as the prevalence of chronic diseases, the rapid rise of wearable biosensors, the growing need for point-of-care testing (POCT), growing technological advancements, growing investments in healthcare infrastructure, and growing collaborations and partnerships.

Quick and precise diagnosis at the point of care is made possible by biosensors, which also shorten the time it takes to receive diagnostic results and do away with the need for centralized laboratory facilities. The demand for POCT devices and the biosensor industry is being driven by the rising prevalence of chronic diseases and the necessity for early detection and management. For instance, in January 2024, Roche Diagnostics collaborated with a digital health startup to create a telemedicine platform that uses biosensors to enable remote management of chronic illnesses.

By technology, the electrochemical segment accounted for the highest revenue-grossing segment in the global biosensor market in 2023 and is predicted to grow at the fastest CAGR during the forecast period owing to the increasing demand for portable and point-of-care diagnostic devices, advancements in electrode materials, and fabrication techniques, and expanding applications in healthcare, food safety, and environmental monitoring. For instance, Intricon Corporation announced in January 2023 the establishment of a Bionsensor Center of Excellence (CoE). The center's mission is to supply biosensors for medical devices by vertically integrating the company's business.

By application, the medical segment accounted for the highest revenue-grossing segment in the global biosensor market in 2023 owing to the rising prevalence of chronic diseases, increasing demand for early diagnosis and personalized treatment, adoption of biosensors in disease management and monitoring, and advancements in medical technology driving the development of innovative biosensor-based medical devices. For instance, Siemens Healthineers said in 2023 that it will be working with a biotech startup to develop a novel biosensor for early disease diagnosis. Additionally, the agriculture segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing adoption of precision agriculture practices, rising demand for rapid and on-site testing for soil health, nutrient levels, and crop diseases, and the integration of biosensors into smart farming technologies for optimized crop management and yield enhancement.

By end-user, the point-of-care testing segment accounted for the highest revenue-grossing segment in the global biosensor market in 2023 owing to the growing demand for rapid and decentralized diagnostic solutions, increasing prevalence of infectious diseases, need for timely medical interventions, and advancements in portable and user-friendly biosensor technology catering to point-of-care settings. For instance, Medtronic received regulatory permission in February 2024 for a new implantable biosensor that will allow patients with diabetes to have continuous glucose monitoring. Additionally, the food industry segment is predicted to grow at the fastest CAGR during the forecast period owing to the growing concerns about food safety and quality, stringent regulations, increasing demand for rapid and on-site testing for foodborne pathogens and contaminants, and advancements in biosensor technology enabling real-time monitoring and quality assurance in food production and distribution processes.

North American region is anticipated to have the highest revenue share during the forecast period owing to the presence of advanced healthcare infrastructure, significant investment in research and development, and increasing adoption of biosensor technology across various industries. Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding healthcare sector, increasing awareness about early disease detection, rising demand for point-of-care testing, and growing government initiatives to promote technological advancements in healthcare. For instance, Abbott Laboratories announced in October 2023 that the FDA had approved a new continuous glucose monitoring (CGM) sensor with an increased wear period.

This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.

Report Scope:

• Base Year: 2023
• Forecast Period: 2024-2034
• Study Coverage
• Market Forecast by Technology, Application, and End-User
• Market Forecast for 5 Regions and 17+ Countries
• North America (U.S. and Canada)
• Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
• Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
• Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
• MEA (South Africa, GCC, Rest of MEA)
• Exhaustive Company Profiles of the Top 10+ Major Market Players

Segmentation: Biosensor Market Report 2023 - 2034

Biosensor Market Analysis & Forecast by Technology 2023 - 2034 (Revenue USD Bn)

• Thermal
• Electrochemical
• Piezoelectric
• Optical

Biosensor Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)

• Medical
• Food Toxicity
• Bioreactor
• Agriculture
• Environment
• Others

Biosensor Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)

• Home Healthcare Diagnostics
• POC Testing
• Food Industry
• Research Laboratories
• Security and Bio-Defense

Biosensor Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of LATAM
• Middle East & Africa
• South Africa
• GCC
• Rest of MEA