Electrochemical Biosensors Market Size was valued at USD 16.9 Billion in 2023. The Electrochemical Biosensors market industry is projected to grow from USD 18.02 Billion in 2024 to USD 28.3 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2024 - 2032).Increased applications of electrochemical biosensors in different industries and the rising prevalence of diseases are the key market drivers enhancing the growth of market.
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for electrochemical biosensors is being driven by the rising application of electrochemical biosensors. The rising demand for point-of-care testing is increasingly utilizing electrochemical biosensors due to their ease of use, rapid results, and portability. The vast presence of chronic diseases like HIV, cancer, and Tuberculosis, and diseases like heart problems and diabetes are increasing the demand for electrochemical biosensors. These biosensors are largely being utilized in non-medical applications like environmental monitoring and quality control of food and beverages.
The most common type of electrochemical biosensors is the glucose sensors, currently utilized across the point of care and domestic home applications. Indirect monitoring via electrochemical biosensors can be performed to analyze inorganic substances or organic pesticides which hinder the biocatalytic properties of the sensor, including monitoring of heavy metals, cyanide, fluoride, and others. The rising emphasis on personalized medicine as these biosensors provide personalized medicine by offering real-time monitoring of biomarkers. This helps healthcare professionals to make treatment plans based on individual patient requirements leading to enhanced outcomes and minimized healthcare costs. The increasing focus on preventive healthcare has increased demand for electrochemical biosensors, which offer cost-effective and convenient solutions for early detection and regular monitoring of health conditions.
The rising technological developments in the biosensor industry are primarily boosting the market for biosensors. Recently, the development of multianalyte resolutions for environmental screening and monitoring. The easy-to-handle, small, and manageable biosensors made by miniaturization have improved the conventional testing process in the healthcare and medical industries. The incorporation of nanotechnologies is expected to provide different profitable opportunities to the market. The biosensors are widely used in imaging operations and microbial activity monitoring. Further, the development of wireless communications has revolutionized the electrochemical biosensor market, which has improved sensor sensitivity, integration, and selectivity with other devices, thus expanding their applications in different industries. Thus, driving the Electrochemical Biosensors market revenue.
However, the growing infrastructure increases the demand for standardized products for medical treatment, and different strict regulations and policies are anticipated to hamper the electrochemical biosensors market growth during the forecast years. The high cost of purchasing and maintaining sensors also restrains the market growth.
The Electrochemical Biosensors market segmentation, based on type, includes Diagnosis and Monitoring. The diagnosis segment dominates the market, accounting for the largest market revenue as electrochemical biosensors help in recognizing early symptoms and signs of specific diseases. This early detection of the diseases will assist in treating the illness. Thus, there is an increasing demand for diagnosis in the health section.
Figure 1: Electrochemical Biosensors Market, by Type, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Electrochemical Biosensors market segmentation, based on end users, includes Healthcare Diagnostics, Environmental Monitoring, and Food Quality Testing. Healthcare diagnostics category dominates the market as it allows the detection and monitoring of biomarkers for different diseases. These biosensors provide rapid results, specificity, and high sensitivity, which makes them valuable tools in the diagnosis and management of diseases. Electrochemical biosensors play an important role in environmental monitoring, which is the fastest growing segment, quantifying and detecting pollutants, heavy metals, and other contaminants in water, air, and soil, providing real-time data. Further, these biosensors can be utilized to detect food-borne allergens, pathogens, and adulterants in order to prevent illness and maintain food quality standards.
By region, the study offers market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Electrochemical Biosensors market area dominates the market due to the increasing cases of targeted diseases. Improvements in different technology, like the emergence of advanced diagnostic equipment in the North American region, are anticipated to boost market growth. The US is the largest contributor to the growth of the market.
Further, the prime countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil.
Figure 2: Electrochemical Biosensors Market Share By Region 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Electrochemical Biosensors market accounts for the second-largest market revenue due to the growing geriatric population throughout the region. Further, the Italy Electrochemical Biosensors market held the largest market share, and the UK Electrochemical Biosensors market was the rapid growing market in the European region.
The Asia-Pacific Electrochemical Biosensors Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the growing prevalence of different infectious diseases and increasing governmental and individual investments in healthcare. Moreover, China’s Electrochemical Biosensors market held the largest market share, and the Indian Electrochemical Biosensors market was the rapid-growing market in the Asia-Pacific region.
Electrochemical Biosensors Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Electrochemical Biosensors market grow even more. Market players are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Electrochemical Biosensors industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Electrochemical Biosensors industry to benefit clients and increase the market sector. In recent years, the Electrochemical Biosensors industry has offered some of the most significant advantages to various industries. Major players in the Electrochemical Biosensors market, including Thermo Fisher Scientific, Sysmex, Philips, Abbott Laboratories, Bio-Rad Laboratories, Conductive Technologies Inc., Emerson Electric Co., Siemens Healthineers, Biosensors International Group Ltd., and others, are attempting to increase market demand by investing in research and development operations.
Thermo Fisher Scientific Inc. is an American provider of scientific instrumentation, consumables, reagents, and software services. In August 2022, the company technically collaborated with the National Forensic Sciences University (NFSU), which has made a Centre of Excellence for DNA Forensics in India. Thermo Fisher Scientific has provided the facility with the entire DNA workflow, inclusive of advanced extraction systems, DNA sequencers/genetic analyzers, real-time PCR instruments, next-generation sequencers, and rapid DNA technologies. Adaptable electrochemical DNA/RNA sensors are promising technological substitutes for PCR-based diagnosis. In February, the company partnered with Moderna to allow large-scale production in the US of Spikevax, the Covid-19 vaccine of Moderna, and other investigational mRNA medicines in the pipeline. They have partnered in order to develop the pipeline with clinical research and contract manufacturing services. The field of drug delivery widely utilizes electrochemical sensors.
Sysmex is an integrated company creates and manufactures the reagents, instruments, and software required for in vitro diagnostics and offers sales and support services to more than 190 countries and regions throughout the world. In 2020, Sysmex and Roche, the globally largest biotech company with differentiated medicines in oncology, infectious diseases, diseases, and immunology of the central nervous system, and also a leader in in-vitro diagnostics and tissue-based cancer diagnostic, together signed a Partnership Agreement to offer hematology testing solutions. They are offering an enhanced artificial intelligence and monitoring system for better accuracy and drawing precise conclusions.
Key Companies in the Electrochemical Biosensors market include
Electrochemical Biosensors Industry Developments
May 2022: The next-generation wearable biosensors were launched by Philips for early care, including clinical surveillance for COVID-19. it focuses on helping clinicians to detect risks so that they can detect them at an early stage and enhance care for patients in lower acuity care settings.
December 2020: A sensor-based glucose observing technology, FreeStyle Libre 2, was introduced by Abbott. It was approved by Health Canada to diagnose diabetes in adults and children above the age of 4 years.
December 2020: Bio-Rad Laboratories, which offers software, consumables, reagents, instruments, and many more, signed a joint venture with Siemens Healthineers to offer them with accurate quality control model for their Atellica Solutions.
Diagnosis
Monitoring
Healthcare Diagnostics
Environmental Monitoring
Food Quality Testing
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 16.9 Billion |
| Market Size 2024 | USD 18.02 Billion |
| Market Size 2032 | USD 28.3 Billion |
| Compound Annual Growth Rate (CAGR) | 5.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, The Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, Japan, India, China, Australia, South Korea, and Brazil |
| Key Companies Profiled | Thermo Fisher Scientific, Sysmex, Philips, Abbott Laboratories, Bio-Rad Laboratories, Conductive Technologies Inc., Emerson Electric Co., Siemens Healthineers, Biosensors International Group Ltd. |
| Key Market Opportunities | Increased advancement in technologies of biosensors. |
| Key Market Dynamics | Increased application of biosensors and rise in prevalence of diseases. |
Electrochemical biosensors Market Highlights:
Frequently Asked Questions (FAQ) :
The Electrochemical Biosensors market size was valued at USD 16.9 Billion in 2023.
The market is foreseen to grow at a CAGR of 5.80% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in market are Thermo Fisher Scientific, Sysmex, Philips, Abbott Laboratories, Bio-Rad Laboratories, Conductive Technologies Inc., Emerson Electric Co., Siemens Healthineers, and Biosensors International Group Ltd.
The diagnosis category dominated the market in 2022.
Healthcare diagnostics had the largest share of the market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
