Bio-Sensors Market Size, Share and Global Trend by Technology (Thermal, Electrochemical, Piezoelectric, Optical), Application (Medical diagnostics, Food toxicity detection, Industrial process control, Environmental analysis, Agricultural testing), and Regional Forecast, 2024-2032

According to a report published by IDC, investment in advance sensors based on Nanotechnology (semiconductor industry) is projected to exceed US$ 125 Bn by 2024. The biosensor is a device that functions to detect and transfer information about a life process. It is used to measure and convert a biological response into an electrical signal and easily read by an observer or an instrument. These devices have a wide array of applications ranging from clinical, environmental, food and beverage, agricultural industry and others. Biosensors find usage in numerous sensing tools including pressure sensors, microphones, accelerometers, gyroscopes, optical and image sensors, microfluidics, flow meters, and temperature sensors. These devices can be either digital or analog, including those that can measure temperature, flow, motion, speed, light, barometric pressure, physiologic pressure, humidity, sounds, magnetic fields chemicals, and gases.

Adoption of artificial intelligence technology, IoT and cloud-based computing in the healthcare industry, along with ongoing development of the optical quantum market is favoring the market growth. Furthermore, the rising market penetration of electronic medical records (EMR), and technological innovations in the field of bioelectronics, and microfabrication are expected to drive the global biosensors market during the forecast period. Nanotechnology is playing a significant role in driving the growth of the biosensors market as it shortens and increases complex chip designing process.

Key Players Covered:

Some of the major players in biosensor market include Biosensors International Group, Spectrum Dynamics Medical, Inc., Abbott Laboratories, Alere Inc., Dynamic Biosensors, ABTECH Scientific Inc., Biolan Micro Biosensors S.L., Nova Biomedical Corporation, and Sensor-Kinesis Corporation, among others.

Regional Analysis:

Globally, North America is anticipated to hold a strong position in the global biosensors market, by capturing maximum market share in terms of market revenue. For example, in 2016-18, in the U.S, the UCLA (University of California, Los Angeles) researchers collaborated with the U.S government and developed a rapid and automated biosensor. These biosensors are based on holography coupling and cosmetic analysis that includes elements which will drive the U.S a step further towards accelerating growths on Bio-sensor. Also, Europe is expected to witness high biosensors implementation, since Abbott Laboratories (i-STAT) is planning to a get into a partnership with Johnson & Johnson Services, Inc. and Medtronic plc to boost the Europe biosensor market.