Molecular Biosensors Market

Molecular Biosensors Market

Global Molecular Biosensors Market reached US$ YY billion in 2022 and is expected to reach US$ YY million by 2030 growing at a CAGR of YY% during the forecast period 2023-2030.

A molecular biosensor is a device that uses specific biochemical reactions mediated by isolated enzymes, immunosystems, tissues, organelles, or whole cells to detect chemical compounds usually by electrical, thermal, or optical signals.

These biosensors operate on the principle of molecular recognition, where the interaction between the target molecule and a specific recognition element generates a signal that can be measured and interpreted. Electrochemical biosensors also allow rapid and decentralized testing for infectious diseases, including HIV, hepatitis and other pathogens.

Market Dynamics

Increasing growth of chronic disorders

The increasing prevalence of chronic disorders acts as a significant driver for market growth. Chronic diseases like heart disease, cancer, and stroke, are among the leading causes of death globally and the global prevalence of diabetes has been steadily increasing, with both type 1 and type 2 diabetes affecting millions of people.

For instance, in 2023, 1,958,310 new cancer cases and 609,820 cancer deaths are projected to occur in the United States. Also, according to the World Health Organisation 2023 report, there were 2.3 million women diagnosed with breast cancer and 685,000 deaths globally.

Also, according to the International Diabetes Federation, 537 million adults around 1 in 10 are living with diabetes. This number is predicted to rise to 643 million by 2030 and 783 million by 2045. Hence, the demand for biosensors increases due to increasing cases of chronic diseases.

Furthermore, significant growth drivers such as the increasing adoption of point-of-care diagnostics, and technological advancements are expected to drive the market in the forecast period.

Limited sensitivity and specificity

Some biosensors can struggle to detect analytes at extremely low concentrations by limiting their utility in applications where high sensitivity is crucial. Additionally, cross-reactivity occurs when a biosensor responds to molecules other than the target analyte. This can lead to false-positive results and compromise the accuracy of the detection. Thus, the above factors can hamper the market growth.

Segment Analysis

The global molecular biosensors market is segmented based on product, technology, application, end user and region.

The electrochemical biosensors segment accounted for approximately 45.8% of the market share

The electrochemical biosensors segment is expected to hold the largest market share over the period forecast. Electrochemical biosensors are a class of biosensors that function using an electrochemical transducer that detects biological materials such as enzymes, whole cells, specific ligands, and tissues.

Electrochemical biosensors are widely used in continuous glucose monitoring for diabetes management. Enzymes, such as glucose oxidase, are immobilized on the sensor surface to selectively detect glucose levels in bodily fluids. It can also be employed for the detection of cholesterol levels in blood, providing information about cardiovascular health.

For instance, biosensing technologies are being increasingly explored that use different body fluids such as sweat and tear fluid that can be calibrated and used to measure blood glucose concentrations accurately. Glucose biosensors typically employ glucose oxidase (GOx) as the biorecognition element, and the enzymatic reaction between glucose and GOx generates an electrochemical signal.

Geographical Analysis

North America is expected to hold a significant position in the global molecular biosensors market share

The global molecular biosensors market is segmented into North America, Europe, Asia Pacific, South America, Middle East and Africa.

North America has maintained a significant market proportion due to factors such as rising prevalence of chronic disorders, research and development facilities, and increasing healthcare expenditure, this trend is anticipated to continue throughout the forecast period.

For instance, in May 2023, IdentifySensors Biologics launched a new research facility at the Innovation Centre in Gainesville, Florida, United States. It is aimed at the development of additional products and offers support for product evaluation and the creation of sensitive graphene biosensors.

Additionally, in March 2021, the Air Force Research Laboratory raised a $2 million partnership with Case Western Reserve University. The joint project accelerates biosensor development with an emphasis on the detection of biomarkers for stress and fatigue.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the global molecular biosensors market. The onset of the pandemic in early 2020 led to widespread lockdowns and restrictions, impacting regular diagnoses, treatment, device launches, and consultations worldwide. With the outbreak of the pandemic, many pharmaceutical or medical device manufacturing units faced labor shortages and were unable to travel to work due to lockdown restrictions. Therefore, owing to the above factors, the molecular biosensors market is expected to be moderately affected over the forecast period.

Market Segmentation

By Product
• Wearable
• Non-wearable

By Technology
• Electrochemical Biosensors
• Optical Biosensors
• Thermal Biosensors
• Piezoelectric Biosensors

By Application
• Blood Glucose Testing
• Cholesterol Testing
• Blood Gas Analysis
• Pregnancy Testing
• Others

By End User
• Diagnostic Centers
• Research labs
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Bio-Rad Laboratories Inc., Hangzhou Freqcontrol Electronic Technology Ltd., Abbott Laboratories, Nova Biomedical, Siemens Healthineers AG, Pinnacle Technology Inc., Dynamic Biosensors GmbH, ACON Laboratories, Inc., Zimmer & Peacock AS, and LifeSignals among others.

Key Developments
• In January 2023, Intricon launched a new Biosensors Center of Excellence focused exclusively on medical devices. The center of excellence combines Intricon’s biosensor device expertise and capabilities into a vertically integrated business unit focused solely on bringing biosensor medical devices to market.
• In November 2021, Roswell Biotechnologies Inc., introduced the first molecular electronics chip and the Roswell Molecular Electronics (ME) Platform for biosensing applications.

Why Purchase the Report?
• To visualize the global molecular biosensors market segmentation based on product, technology, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of global molecular biosensors market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global molecular biosensors market report would provide approximately 69 tables, 69 figures, and 185 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies