Biosensors Market in South Korea is expected to reach a valuation of US$ 1.6 billion by 2032 Growing at a CAGR of 10.3%
According to Future Market Insights newly released Biosensors Market analysis report, the global market size of the Biosensors Market in 2022 will be US$ 24.5 Billion. The projected market growth is expected to be significantly higher than the historical growth, with a CAGR of 9.5% from 2023 to 2033. Medical biosensors are expected to be the most profitable segment, with a CAGR of more than 10.5% from 2023 to 2033.
The biosensors market is being driven by an increase in chronic illnesses such as diabetes, an increase in biotechnology research and development, and an increase in demand for homecare equipment. The increased use of biosensors in glucose monitoring systems has resulted in market expansion. However, market growth is expected to be hampered by the high costs associated with these devices, as well as a lack of willingness to embrace new treatment devices. Improvements in biosensor technology, on the other hand, that add portability, are expected to drive market growth.
Nanotechnology-based biosensors are expected to be profitable in a variety of industries, including food analysis, imaging operations, and microbial activity monitoring. The market is consolidating as a result of the increasing popularity of medical equipment and customised drugs, as well as a greater demand for non-invasive biosensors and increased research collaboration and agreements among various producers.
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Because of their ability to assess fitness as well as the onset and progression of illness, biosensors are widely used in home-based healthcare by patients. As a result, the market is expected to expand throughout the forecast period. A variety of non-medical activities, as well as technological advancement, are expected to broaden its applicability and, as a result, support its growth. Pregnancy testing, cholesterol testing, blood glucose testing, and drug detection are some of the healthcare services that are expected to have a positive market impact.
Government projects aimed at improving proteomics and genomics are expected to drive the biosensors market during the forecast period.
Because of the increased demand for biosensors, global manufacturers are accelerating and improving their manufacturing processes by implementing cost-effective solutions. A few of the key players in the biosensors market include Bio-Rad Laboratories Inc., Medtronic, Abbott Laboratories, Biosensors International Group, Ltd., Pinnacle Technologies Inc., Ercon, Inc., DuPont Biosensor Materials, Johnson & Johnson, Koninklijke Philips N.V., LifeScan, Inc., QTL Biodetection LLC, Molecular Devices Corp., Nova Biomedical, Molex LLC, TDK Corporation, Zimmer & Peacock AS, and Siemens Healthcare.
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Some of the recent developments of key Biosensors providers are as follows:
- In January 2022, Roche and Sysmex agreed to a Global Business Partnership (GBP) to provide haematological diagnostic services. The new collaboration will use IT technology to improve clinical decision-making and the consumer experience. This long-running, fruitful collaboration is still going strong, providing haematological diagnostic improvements to labs worldwide.
- In December 2020, Abbott announced that FreeStyle Libre 2, its next-generation sensor-based glucose monitoring device, has been approved by Health Canada for adults and children (4 years and older) with diabetes.
Market Segments Covered in Biosensors Market Analysis
By Product Type:
- Blood Glucose
- Blood Gas Analyzer
- Pregnancy Testing
- Drug Discovery
- Infectious Disease
- Food Toxicity
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- Home Healthcare Diagnostics
- PoC Testing
- Food Industry
- Research Laboratories
- Security & Biodefense
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