Biosensors Market to Reach Valuation of USD 38 Billion by 2028 - The Appearance of Nanotechnology-Based Biosensors, Rising Utilization of Bio-Sensors to Monitor Glucose Levels in the Individuals with Diabetes are Driving the Market Growth

In terms of revenue, the Global Biosensors Market is probable to reach USD 38 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 7.00% from 2022 to 2028.

The substantial technological advancements, rising government initiatives towards diagnostics, and the upsurging demand for home-based points of care devices owing to the coronavirus pandemic are the factors driving the growth of the Biosensors Market. Whereas, the technological advancements in the Biosensors to make them portable and easy to handle are projected to create a profitable opportunity for the Biosensors Market growth in upcoming years.

Key Highlights from the Report:

• The embedded devices sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The embedded devices are widely used in various applications like home diagnostics, point of care, environmental monitoring, and food and beverages which is driving the embedded devices segment during the forecast period. Many healthcare facilities have started adopting embedded solutions for the medical devices permitted with IoT in order to address the lack of availability of doctors in remote areas.

• The wearable Biosensors sub-segment holds a substantial market share in 2021. Wearable Biosensors have gained attention due to the potential to change the classical medical diagnostics and the constant health monitoring concepts which is driving the demand for wearable Biosensors during the forecast period. Additionally, the wearable Biosensors applications aim to transform the centralized hospital-based care systems into home-based personal medicine with the reduced cost and time for the diagnosis which is increasing the wearable Biosensors segment in the Biosensors Market.

• Asia Pacific is the fastest regional segment. Asia Pacific region is predicted to witness the highest growth in the Biosensors Market during the forecast period. The increasing incidences of chronic diseases and the presence of a large population base are the major factors driving the growth of the Biosensors Market in the Asia Pacific during the forecast period.

Market Dynamics:

The surge in biotechnological research and development and the rising demand for home care devices are the other major factors that drive the Biosensors Market growth during the forecast period. Additionally, substantial growth in the preference for Biosensors in the glucose monitoring devices is majorly contributing to the growth of the Biosensors Market during the forecast period. The increasing geriatric population and the considerable rising chronic diseases are fueling the Biosensors Market growth during the forecast period.

The increasing demand for point-of-care testing procedures is fueling the demand for effective Biosensors during the forecast period and will continue to grow in the upcoming years. Furthermore, the consumers are being advised to make use of Biosensors for regular detection of pathogenic activities in the body owing to the occurrence of chronic ailments which is expected to drive the Biosensors to demand in the coming years. The Biosensors applications are expanding owing to the significant growth in the elderly demographics globally and the development of nanotechnology, which is increasing the affordability and availability of Biosensors during the forecast period.

North America is the largest market. North America is anticipated to acquire the largest share of the Biosensors Market during the forecast period. The factors that drive the overall growth of the Biosensors Market in North America include rising government funds for conducting research towards the growth of the advanced Biosensors for various applications. Moreover, the increase in the use of bio-sensors in North America for monitoring parameters of food quality is contributing to the growth of the North American Biosensors Market during the forecast period.