Global Medical Biosensors Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Medical Biosensors Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Demand for medical biosensors is increasing due to various applications of biosensors in the medical field, rising diabetic population, high demand for miniature diagnostic devices, and rapid technological advancements. North America held a significant share in the global medical biosensors market attributed to the rising technology advancement in the field of microelectronics and biotechnology. Increasing market penetration of electronic medical records, growing patient awareness levels, enhanced applications in the cardiac care and point of care segment is further going to spur revenue growth in the North America region. Increasing development of disposable biosensors by small or medium sized manufacturers in the Asia Pacific region and shifting interest towards home care is gaining traction in the global market.

Market Overview:

The latest research study on the global Medical Biosensors market finds that the global Medical Biosensors market reached a value of USD 17745.8 million in 2022. It’s expected that the market will achieve USD 27651.5 million by 2028, exhibiting a CAGR of 7.67% during the forecast period.

Influence of COVID-19 Outbreak on Medical Biosensors Industry Development

While the COVID-19 epidemic is growing, manufacturers are increasingly adapting their industry and trying different approaches to satisfy the demands arising due to the pandemic that has established the medical biosensors market-based need. A series of positive as well as negative shocks may be experienced over a few months as manufacturers and their vendors respond to rising consumer demands. With an adverse global situation, several countries look vulnerable to export-dependent economies.

Due to a lack of downstream demand, some factories either shut down or decrease their capacity. The impact of this pandemic is expected to reshape the global medical biosensors industry. However, others stopped their output as a precautionary move by their respective governments to avoid the spread of the virus. In other countries, when looking at the magnitude of the epidemic and the consequent actions of the regional authorities themselves, consumers are centered on being more central. Throughout such situations, the market conditions have been volatile throughout North America and Europe countries, collapsing periodically and finding themselves challenging to stabilize.

The diagnosis of coronavirus using biomarkers and indicators at a point-of-care level is crucial to its treatment by correcting symptoms. The transformation of biosensing technologies can intensify the probability of early diagnosis and therapeutic options for controlling the spread of COVID-19 worldwide. Also, the clinically used methods for diagnostics in hospitals involve the use of many medical biosensors-based technologies, out of which some have already been established to diagnose COVID-19 pneumonia.

In order to examine the initial symptoms of COVID-19, diverse techniques are being deployed. The combination with a systematic device allows sensors to detect the chemical compounds being searched for and combine with a biological element with a physicochemical detector. The speedy transmission nature of COVID-19 has distressed society's regular activities, with experts unable to pinpoint a clear time frame for its eradication. This development may contribute to increased development of the global medical biosensors market as human staff in hospitals are getting exhausted due to surging patient volumes worldwide.

Strength

Wearable biosensors show encouraging development in the coming years. The ubiquity of diabetes and cardiovascular diseases and the widespread interest in instant diagnosis are occupying the largest share of the market. Other key factors driving development include improvements in medical biosensors based on nanotechnology, attractiveness to nursing gadgets, and open subsidies for the development of genomics and proteomics. In addition, the expansion of the population with chronic diseases and the dispatch of new medical biosensors in the fields of optical and electrochemical technologies are driving the growth of the global medical biosensor market.

Personalized medicine requires innovative biosensors to check biomarkers. Biomarkers are indicators of disease before manifestations appear. Therefore, the possibility of a wide selection of customized drugs will establish a portal for the development of the medical biosensor market. This is a key trend that is expected to drive its development and promote the growth of the global medical biosensor market.

Weakness The large-scale production of the medical biosensors system places extremely high requirements on the manufacturing process and manufacturing equipment. The main reason is that the conductivity of the test strip is extremely sensitive to environmental factors, which imposes strict requirements on the process flow, tooling equipment, and process parameters. In addition to the repeated demonstration of the manufacturing process, many manufacturing equipment need to be self-made or customized. For companies that lack qualified process equipment and long-term process technology experience, it is difficult to produce stable and qualified products on a large scale.

Growing popularity of personalized drugs and medical equipment and higher preference to non-invasive biosensors is consolidating the growth of global biosensors market. In spite of such factors, the growth of global market for medical biosensors is expected to face stringent restrictions arising from strict regulatory requirements and intricate reimbursement policies implemented in the global healthcare sector. Moreover, the pace at which these regulations are adapting to newer technologies is sluggish, which is hampering the acceptance of medical biosensors and curbing the expansion of the global market.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Roche, Abbott, Dexcom, LifeScan Inc and Medtronic are the five key players in the global Medical Biosensors market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Medical Biosensors market in the past 5 years.

Roche develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system.

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

Segmentation Overview:

Among different product types, Electrochemical Medical biosensors segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Parameters Test Application segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Medical Biosensors market covered in Chapter 3:

Abbott
LASX
PHILIPS Healthcare
Dexcom
GE Healthcare
AgaMatrix, Inc.
Medtronic
Universal Biosensors
Roche
LifeScan Inc
Nova Biomedical
Ascensia

In Chapter 4 and Chapter 14.2, on the basis of types, the Medical Biosensors market from 2018 to 2029 is primarily split into:

Optical Medical Biosensors
Electrochemical Medical Biosensors
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Medical Biosensors market from 2018 to 2029 covers:

Parameters Test Application
Guardianship Application
Physiology Controlling Application
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)