According to the latest report by IMARC Group “Biosensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global biosensors market reached a value of US$ 24.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 39.9 Billion by 2027, exhibiting a CAGR of 8.51% during 2022-2027.
Biosensors refer to medical devices that are used to detect the presence of biological substances, such as biomolecules and microorganisms. They are embedded with an analyte, mediator, transducer and reader device to convert a biological response into an electrical signal. They are widely utilized to monitor disease progression and assist in drug discovery and forensic research. Apart from this, these devices also assist in the treatment of numerous chronic and lifestyle disorders by monitoring regular pathogenic activities in the body.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends:
The global market is primarily driven by significant growth in the healthcare sector. Along with this, continual technological advancements in the sector are creating a positive outlook for the market. For instance, the widespread integration of fluorescence tags and the increasing usage of nanomaterials, such as quartz and crystal, to improve the detection limit and sensitivity is also providing an impetus to the market growth. Additionally, significant investments by public and private authorities in the development of genomics and proteomics are also contributing to the market growth. Extensive research and development (R&D) activities in the field of biotechnology are further acting as major growth-inducing factors.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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