The biosensors market is estimated to be valued at US$ 295.52 Mn in 2023 and is expected to exhibit a CAGR of 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Biosensors are analytical devices used for the detection of an analyte that combines a biological component with a physicochemical detector. They help detect any biological compound like DNA, RNA, microorganisms, enzymes, antibody, and antigens. Biosensors offer high sensitivity, accuracy, stability, feasibility for miniaturization and have wide range of applications in medical, food preservation, food safety, environmental safety and defense among others.

Market key trends:

The biosensors market is driven by increasing demand for continuous glucose monitoring technologies for diabetes management. Also, rising applications of biosensors in drug discovery and various research and development activities relating to molecular diagnostics and therapeutics applications are expected to boost market growth over the forecast period. Additionally, rising demand for home-based glucose monitoring devices will accelerate the market growth during this period. However, high cost of biosensors technology along with stringent government regulations may hamper market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate in the biosensors market as substantial R&D investments are required to enter this industry. However, the rapidly growing market attracts new players to cater to the rising demand.
Bargaining power of buyers: The bargaining power of buyers is moderate in the biosensors market. The availability of numerous solution providers diversifies options for buyers. However, stringent regulations maintain buyers' need for reliable solutions.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple component/material suppliers. Switching costs are also low, limiting suppliers' control over prices.
Threat of new substitutes: Limited substitutes offering comparable functionalities pose a relatively low threat in the biosensors market.
Competitive rivalry: Strong as major players compete on product differentiation, technological innovations, and geographic expansion.

SWOT Analysis

Strengths: Rapid technological advancements enable application in various end-use industries. Growing demand for minimally invasive procedures boosts the market.
Weaknesses: High production costs and limited expertise hinder mass production. Accuracy issues hamper wider commercialization.
Opportunities: Untapped emerging economies provide lucrative opportunities. Increasing point-of-care testing supports market expansion.
Threats: Stringent regulatory approvals delay product launches. Reimbursement issues in developing nations pose challenges.

Key Takeaways

The Global Biosensors Market Size is expected to witness high growth, exhibiting a CAGR of 9.7% over the forecast period, due to increasing demand for point-of-care testing devices. Rising prevalence of chronic and infectious diseases, growing geriatric population, and increasing adoption of home healthcare devices are propelling the market.

Regionally, North America dominated the global biosensors market and accounted for over 30% market share in 2023. Extensive R&D activities, rising healthcare expenditure, growing diabetic population, and increasing government funding are driving the North American biosensors market. Asia Pacific is emerging as the fastest growing market for biosensors globally, owing to large patient pools, increasing healthcare spending, and growing medical tourism in countries such as India and China.

Key players operating in the biosensors market are Nemaura Medical, Inc., MediWise Ltd., Integrity Applications Inc., OrSense, Medtronic Plc, GE Healthcare, Philips Healthcare, Akers Biosciences, Inc., Abbott Laboratories, F. Hoffman-La Roche Ltd., Siemens AG, LifeScan, Inc., Acon Laboratories Inc., Universal Biosensors, Nova Biomedical Corp., Bio-Rad Laboratories Inc., Ercon, Inc., Biacore, Sysmex Corporation, FreeScale Semiconductors, Omnivision Technologies, Inc., Smiths Medical, Analog Devices, Inc., Honeywell International, Inc., LifeSensors

Read More : https://www.newswirestats.com/biosensors-market-forecast-outlook-trend-2023-2030/