Biosensors Market Size By Type (Wearable, Non-wearable), By Technology (Electrochemical, Optical, Thermal, Piezoelectric), By Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectiou

Biosensors Market Size By Type (Wearable, Non-wearable), By Technology (Electrochemical, Optical, Thermal, Piezoelectric), By Medical Application (Blood Glucose Testing, Cholesterol Testing, Blood Gas Analysis, Pregnancy Testing, Drug Discovery, Infectious Disease Testing), By End-use (Point of Care Testing, Home Healthcare Diagnostics, Research Laboratories), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Biosensors Market is expected to grow considerably through 2032, owing to the rising demand for home-based point-of-care devices and portable biosensors, particularly across the APAC economies. In addition, the availability of a wide range of commercially available products related to point-of-care diagnosis for parasitic, viral, and bacterial infections will positively impact the overall industry growth.

Although, the market growth is expected to be hampered due to strict regulations set by various governments for safer and more effective employment of biosensors in medical devices. Nevertheless, the ongoing tech innovations, collaborations, and partnerships undertaken by leading behemoths will stimulate the industry growth. Furthermore, the rising adoption of innovative bio-sensing technologies will also boost the market dynamics during 2023-2032.

Overall, the biosensors market is segmented in terms of type, technology, medical application, end-use, and region.

Considering the type, the wearable biosensors segment held over USD 17 billion revenue share in 2022. The ability of wearable biosensors to continuously monitor vital signs, provide feedback to the user, and provide prompt illness prevention, diagnosis, and treatment will increase their penetration over the due course of time.

Based on technology, the electrochemical segment is projected to record significant returns throughout 2023-2032, owing to the ongoing technological achievements in the industry. Technological innovations have led to highly sensitive electrochemical analysis that enhances ECG, heart rate, and EEG measurement. Ongoing R&D projects regarding electrochemical biosensors is likely to impact the market growth. Recently, a study was carried out around a wearable electrochemical biosensor for monitoring metabolites in sweat post vigorous exercises.

By medical application, the blood glucose testing segment accounted for over 71.5% market share in 2022 and is estimated to register significant growth through 2032. The growth can be attributed to the increasing research and advancements in biosensor design for monitoring glucose in bodily fluids other than blood.

Considering the end-user, the point-of-care testing biosensor segment is anticipated to demonstrate robust growth through 2032, owing to its features such as remote health monitoring and real-time diagnostic analysis. Besides, the ongoing research on introducing effective POC testing kits to manage the burden of point-of-care testing facilities will be a positive factor driving the segmental demand in the future.

Regionally, the North America biosensors market would witness prolific gains over 2023-2032 owing to the rising prevalence of infectious diseases and mounting adoption of POC-based diagnostic devices for safe and early disease detection. In addition, the availability of highly advanced medical framework and sophisticated co-payment and insurance systems will further enhance the overall regional market growth in the future.