By End-User:
Medical Device Companies
Contract Development and Manufacturing Organizations (CDMOs)
By Region:
North America
Europe
Asia-Pacific
Middle East and Africa
Latin America
Regional Analysis
North America dominated the biosensors market in 2023, securing the largest revenue share of 39.60%. This dominance is attributed to the strong presence of key industry players, continuous technological advancements, and a high prevalence of chronic diseases. Supportive regulatory frameworks, including the Clean Air Act and National Environmental Policy Act, further bolster market growth.
Asia-Pacific is expected to witness the highest CAGR during the forecast period, fueled by a rising geriatric population, increasing chronic disease prevalence, and growing healthcare infrastructure investments. The region's emphasis on smart healthcare solutions and biosensor integration in medical diagnostics is a significant growth driver.
Technology Trends
Electrochemical Biosensors:
Holding approximately 71.5% of the market share in 2023, electrochemical biosensors are preferred due to their high sensitivity, low detection limits, and cost-effectiveness. They are widely used in glucose monitoring and infectious disease detection.
Optical Biosensors:
Projected to experience the fastest growth from 2024 onwards, optical biosensors offer advantages such as high precision, compatibility with microfabrication technologies, and realtime monitoring capabilities. They are used extensively in receptor-cell interaction studies and fermentation monitoring.
End-User Insights
Medical device companies accounted for the largest market share in 2023, given their extensive research and development activities in biosensor-based diagnostics. These companies play a
crucial role in advancing technologies for applications such as glucose monitoring, cardiac health, and infectious disease detection.
CDMOs are anticipated to record the highest CAGR between 2024 and 2031 due to their expanding role in strategic manufacturing partnerships and increasing technological advancements in biosensor production.
Competitive Landscape
The biosensors market is highly competitive, with leading companies investing in research, product innovation, and strategic partnerships to strengthen their market position.
Abbott Laboratories (US)
Roche Diagnostics -(Switzerland)
Johnson & Johnson (US)
Medtronic (Ireland)
Siemens Healthcare GmbH (Germany)
GE Healthcare (US)
LifeScan, Inc. (US)
Bio-Rad Laboratories (US)
Nova Biomedical (US)
Dexcom (US)
AgaMatrix, Inc. (US)
Biosensors International Group, Ltd. (Singapore)
Sysmex Corporation (Japan)
F. Hoffmann-La Roche AG (Switzerland)
PTS Diagnostics (US)
Acon Laboratories, Inc. (US)
Medtronic Diabetes (US)