Synthetic Biosensors Market Size, Share & Trends Estimation Report By Type (Sensor Patch, Embedded Device),By Product (Wearable Synthetic biosensors, Non-wearable Synthetic biosensors),By Technology (Electrochemical Synthetic biosensors, Optical Synthetic biosensors, Piezoelectric Synthetic biosensors),By Application(POC, Home Diagnostics, Research Labs, Environmental Monitoring, Food & Beverages), By Region, And Segment Forecasts, 2023 - 2030
The global Synthetic Biosensors Market was valued at USD 25.8 Billion in 2022 and is projected to reach USD 47.6 Billion by 2030, growing at a CAGR of 7.96% from 2023 to 2030.
Synthetic Biosensors Market Overview:
The use of synthetic biosensors in more industries, such as pharmaceuticals, healthcare, food, agriculture, the environment, and others, is expected to create growth opportunities for the global synthetic biosensors market. The key things that will drive the global synthetic biosensors market during the forecast period are the rise in government spending on the health and pharmaceutical industries, the rise in heart disease and diabetes, and the growing trend of self-monitoring. Most of the big players in the global biosensor market are focused on making biosensor devices that are accurate and don't cost too much. A global pandemic is also giving market players a lot of chances to grow because synthetic biosensors are being used in more places. During the forecast period, the global market for synthetic biosensors is expected to grow because of changes in nanotechnology and advances in synthetic biosensors.
The main things that are driving the synthetic biosensor market are recent technological advances, the rise of synthetic biosensors based on nanotechnology, the growing use of synthetic biosensors, the growing use of synthetic biosensors to monitor blood sugar levels in diabetics, the growing demand for home care devices during the COVID19 Pandemic, and the government's increasing focus on diagnostics.
Synthetic Biosensors Market Segmentation Analysis
In terms of type, the embedded device segment is a big money-maker in the synthetic biosensors market, and it is expected to continue to do so over the next few years. These devices are used in a lot of different ways, like at the point of care, for home diagnostics, in the food and beverage industry, in research labs, for monitoring the environment, and for bioremediation. As Internet of Things (IoT) devices have become more popular, there has been a huge change in how connected healthcare apps work. IoT makes it possible for alerts, tracking, and monitoring to happen in real time. This makes treatment easier and more accurate, lets doctors know when to step in, and improves patient care as a whole. To make up for the lack of doctors in remote areas, many medical facilities have begun to use integrated solutions for IoT-enabled medical devices.
The market is split into wearable and non-wearable products based on what they are. During the forecast period, the segment of synthetic biosensors that can be worn is expected to grow at the fastest rate. Wearable synthetic biosensors have gotten a lot of attention because they could change how doctors diagnose health problems and how they think about continuous health monitoring. The goal of applications for wearable biosensors is to turn centralised hospital care systems into personalised home medicine and to reduce the cost of healthcare and the time it takes to make a diagnosis. Today, synthetic biosensors that you can wear are bringing a wave of new ideas to society. This real-time data makes it possible for doctors to make better decisions, which leads to better health outcomes and more efficient use of the health system. Wearable biosensors made of synthetic materials can help find health problems early and keep people out of the hospital. These kinds of events are likely to speed up the growth of the market for wearable biosensors.
Depending on how they are used, the market is split into food and beverages, point-of-care, research lab, home diagnostics, environmental monitoring, and biodefense. During the forecast period, the segment of home diagnostics is expected to grow at the fastest rate. The market is growing because the health care industry is getting better, more people are using new diagnostic methods, and it is easier to use medical devices at home. Because of this, companies in the domestic market for diagnostics are increasing how much they can make. Also, the home diagnostics market for biosensors has a lot of room to grow, as lifestyle-related diseases are becoming more common and wearables are becoming more popular.
In 2021, depending on the technology, electrochemical synthetic biosensors had the biggest market share. Electrochemical synthetic biosensors are being used more and more outside of medicine, like for monitoring the environment and checking the quality of food and drinks. Electrochemical synthetic biosensors can be used to do indirect monitoring of organic pesticides or inorganic substances that interfere with the sensor's biocatalytic properties.
During the Forecast period, North America is anticipated to be the largest market by region.
North America will be the biggest market for synthetic biosensors in 2021 because there are more diseases that can kill people there. One of the main things driving the biosensor market in North America is the improvement and growth of technology in the medical diagnostics field. Market growth in North America is being driven by the fact that there are medical institutes and pharmaceutical research and development organisations there. North Americans want synthetic biosensors because they are becoming more aware of health problems, environmental risks, and food poisoning. The synthetic biosensors market is being driven by improvements in technology and diagnostic tools in North America.
During the time frame of the forecast, Asia-Pacific is expected to have the largest market for synthetic biosensors. In the Asia-Pacific region, the market is growing because there are a lot of people and more diseases that are caused by how people live their lives. The 2019 national incentive list now includes new materials for making vaccines and building medical facilities. Asian countries like China are now trying to get people to invest in the health sector and build infrastructure. They are also making it easier for foreign investors to get better policies and lower taxes. The market for synthetic biosensors in this region is likely to get a lot of new opportunities because of these policies.
|Units||Value (USD Billion)
|Growth Rate||CAGR of 7.96% from 2023 to 2030|
|Reasons to Purchase this Report||
- In January 2021, Roche signed a Global Business Partner (GBP) agreement with Sysmex to provide blood testing solutions. The new agreement aims to use IT systems to improve clinical decision-making and customer experience. This long and successful partnership continues to grow and bring hematology innovation to laboratories around the world.
- In December 2020, Abbott announced its next-generation, sensor-based blood glucose monitoring technology, the FreeStyle Libre 2, which has been approved by Health Canada for adults and children (4 years). age) and have diabetes.
- In December 2020, BioRad Laboratories announced a joint marketing agreement extension with Siemens Healthineers. Under this agreement, BioRad will provide quality management products and Unity quality control data management solutions for its solution platform.
- In November 2020, Medtronic launched an integrated InPen with Guardian Connect CGM real-time data. The InPen is the first and only FDA-approved smart insulin pen on the market for consumers receiving multiple daily injections (MDI).
- In October 2020, BioRad Laboratories announced the global launch of the CFX Opus 96 and CFX Opus 384 real-time PCR systems and BR.io, a data connectivity, management and analysis platform.
- In September 2020, Medtronic received Food and Drug Administration (FDA) approval for the MiniMed 770G mixed closed-loop system. This all-new insulin pump system features the company's most advanced Smart Guard technology, a hallmark of the MiniMed 670G system, with the added benefit of smartphone connectivity and an extended age indicator.
- In June 2020, Abbott and Tandem Diabetes Care completed an agreement to develop and commercialize an integrated diabetes solution incorporating world-leading continuous glucose monitoring (CGM) technology.
The Global Synthetic Biosensors Market has been segmented into:
- Sensor Patch
- Embedded Device
- Wearable Synthetic biosensors
- Non-wearable Synthetic biosensors
- Electrochemical Synthetic biosensors
- Optical Synthetic biosensors
- Piezoelectric Synthetic biosensors
- Thermal Synthetic biosensors
- Nanomechanical Synthetic biosensors
- Home Diagnostics
- Research Labs
- Environmental Monitoring
- Food & Beverages
- Bio-Rad Laboratories, Inc.
- Biosensors International Group, Ltd.
- Dexcom, Inc.
- Lifescan IP Holdings, LLC
- Nova Biomedical
- Universal biosensors