Biosensors Market Size, Share & Trends Analysis Report By Technology (Thermal, Electrochemical, Optical), By Application (Medical, Agriculture), By End User (POC Testing, Food Industry), By Region, And Segment Forecasts, 2022 - 2030

Biosensors Market Size, Share & Trends Analysis Report By Technology (Thermal, Electrochemical, Optical), By Application (Medical, Agriculture), By End User (POC Testing, Food Industry), By Region, And Segment Forecasts, 2022 - 2030

Biosensors Market Growth & Trends

The global biosensors market size is anticipated to reach USD 49.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.0% from 2022 to 2030. The primary driving reasons for market growth are many applications in the medical/healthcare sector, increased demand in the bioprocessing industry, and the rapid technological advancements in the drug screens area due to the COVID-19 pandemic. Furthermore, due to the COVID-19 outbreak, the biosensor industry has experienced rapid expansion in recent years due to the expanding number of hospitals around the world which will result in high adoption of biosensors because they are cost-effective and time-saving, which are driving the biosensor market.

According to the FDA, surging demand for home-based point of care devices due to the COVID-19 pandemic will provide lucrative opportunities for market growth in the near future. Over the forecast period, technological advancements are expected to be a crucial driver in the growth of the market. For example, the U.K. established the Defense and Security Accelerator (DASA) competition, a wide-area biosensor competition, in April 2020. This competition aims to provide cutting-edge technology for Phase 2 of the Wide-area Biosensor Program, which will locate and detect harmful biological pathogens in the field. In April 2020, for example, Australian researchers developed the world's first biosensor capable of monitoring changes in pH levels in cancer and stroke patients. Furthermore, growing demand for biosensors in drug development and bioreactors is likely to drive market expansion in the near future, owing to biosensors' increasing technological capabilities.

Biosensors Market Report Highlights

• By technology, the electrochemical biosensors segment accounted for the largest revenue share in 2021 and is anticipated to witness significant growth over the forecast period owing to the widespread applications for quantification and analysis in biochemical and biological processes
• Based on the application, the medical segment dominated the market in 2021. This device is considered an essential tool in the detection and monitoring of a wide range of medical conditions, such as diabetes and cancer
• In the Middle East and Africa, the market is expected to witness the fastest growth over the forecast period owing to an increase in biosensors research and development and constantly improving healthcare facilities in the region