Biosensors Market Worth $31.5 billion by 2024

MarketsandMarkets’ report, “Biosensors Market by Type (Sensor patch and embedded device), Product (Wearable and nonwearable), Technology (Electrochemical and optical), Application (POC, Home Diagnostics, Research Lab, Food & Beverages), and Geography – Global Forecast to 2024,” said the segment is expected to grow from $21.2 billion in 2019 to $31.5 billion by 2024, at a CAGR of 8.3%.
 
Factors such as continuous technological advancements in biosensors ecosystem, increase in the use of biosensors for nonmedical applications, lucrative growth in POC diagnostics, and rise in demand for glucose monitoring systems are driving the growth of the biosensors market.
 
The growth of embedded devices is attributed to its implementation in environment monitoring, biodefence, and food and beverages to detect and remove contaminants, whether nonliving or living entities. Detection of lower or higher limits of glucose in body, microbial invasion in body and food, heavy metals detection in soil and water, air-borne microbes and pesticides in water and soil, and various harmful chemicals produced by body can be easily and timely monitored with precision using the different types of embedded biosensors.
 
Wearable biosensors can be considered as among the major developments in healthcare technology. Wearable devices monitoring health consist of different types of miniature biosensors capable of measuring physiological parameters, such as vital signs (heart rate, respiration rate, body and skin temperature, and oxygen saturation), skin conductance, blood pressure, electrocardiogram (ECG), electroencephalography (EEG), acceleration, and rotation.
 
North America held the largest size of the biosensor market in 2019. PoC diagnostics is the fastest-growing application for biosensors in North America. The growth is attributed to the increase in addressable patient population. The number of Americans suffering from chronic diseases was about 125 billion in 2000, which is expected to reach ~157 billion by 2022. The baby boomer population is witnessing a growth in incidences of chronic and infectious diseases. According to the US Census Bureau, the number of individuals over the age of 65 was 39.6 billion in 2009, which is expected to reach 72.1 billion by 2030.