Synthetic Biosensors Market is Expected to Grow at a CAGR of 7.96%, Reaching a Valuation of US$ 47.6 Billion from 2022-2030, Contrive Datum Insights
According to a market research study published by Contrive Datum Insights, North America will be the largest market for synthetic biosensors due to the higher prevalence of fatal diseases, Asia-Pacific is predicted to have the largest market for synthetic biosensors throughout the forecast period.
Farmington, Jan. 25, 2023 (GLOBE NEWSWIRE) — 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. The increasing usage of synthetic biosensors in industries such as pharmaceuticals, healthcare, food, agriculture, the environment, and others is anticipated to generate growth prospects for the global market for synthetic biosensors. The important factors that will drive the global market for synthetic biosensors during the forecast period are the increase in government spending on the health and pharmaceutical industries, the prevalence of heart disease and diabetes, and the tendency toward self-monitoring.
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Most of the major participants in the global biosensor market are focusing on producing inexpensive and accurate biosensor devices. Because synthetic biosensors are being utilised in an increasing number of locations, a global pandemic provides market participants with numerous opportunities for growth. Due to changes in nanotechnology and advancements in synthetic biosensors, the global market for synthetic biosensors is likely to expand over the forecast period.
Synthetic Biosensors Market Recent Developments:
- 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.
Synthetic Biosensors Market Segmentation Analysis:
It is anticipated that the embedded device category will continue to generate a substantial amount of revenue in the synthetic biosensors market over the next several years. At the point of care, for home diagnostics, in the food and beverage sector, in research labs, for monitoring the environment, and for bioremediation, these devices are utilised in several ways. As Internet of Things (IoT) devices have grown in popularity, there has been a significant shift in the functionality of connected healthcare apps.
Based on their nature, the market is divided into wearable and non-wearable products. The sector of synthetic biosensors that can be worn is anticipated to increase at the quickest rate over the projected period. Wearable synthetic biosensors have garnered a great deal of attention because they have the potential to revolutionise how doctors detect health problems and see continuous health monitoring.
The market is divided into food and beverages, point-of-care, research lab, home diagnostics, environmental monitoring, and biodefense based on their applications. The sector of home diagnostics is anticipated to increase at the quickest rate throughout the projected period. The market is expanding because the health care business is improving, more individuals are employing new diagnostic techniques, and medical gadgets are easier to use at home.
Depending on the technology, electrochemical synthetic biosensors held the most proportion of the market in 2021. Electrochemical synthetic biosensors are increasingly being employed outside of the medical field for purposes such as monitoring the environment and determining the quality of food and beverages.
Regional Outlook:
In 2021, North America will be the largest market for synthetic biosensors due to the higher prevalence of fatal diseases. One of the primary factors driving the biosensor market in North America is the development and expansion of medical diagnostics technologies. Market expansion in North America is fueled by the presence of medical institutes and pharmaceutical research and development organisations. Because North Americans are growing more conscious of health issues, environmental dangers, and food poisoning, they desire synthetic biosensors. The synthetic biosensors market in North America is being pushed by advances in technology and diagnostic tools.
Asia-Pacific is predicted to have the largest market for synthetic biosensors throughout the forecast period. In the Asia-Pacific region, the market is expanding due to the high population density and the prevalence of lifestyle-related disorders.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 7.96% from 2023 to 2030 |
| Market Size in 2022 | USD 25.8 Billion |
| Revenue Forecast by 2030 | USD 47.6 Billion |
| By Product | Wearable Synthetic biosensors, Non-wearable Synthetic biosensors |
| By Type | Sensor Patch, Embedded Device |
| By Technology | Electrochemical Synthetic biosensors, Optical Synthetic biosensors, Piezoelectric Synthetic biosensors, Thermal Synthetic biosensors, Nanomechanical Synthetic biosensors |
| By Application | POC, Home Diagnostics, Research Labs, Environmental Monitoring, Food & Beverages, Biodefense |
| By Companies | Abbott, Roche, Medtronic, Bio-Rad Laboratories, Inc., DuPont, Biosensors International Group, Ltd., Cytiva, Dexcom, Inc., Lifescan IP Holdings, LLC, Masimo, Nova Biomedical, Universal biosensors, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Growth Factor:
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.
Synthetic Biosensors Market Key Segments Covered:
Top Market Players:
Abbott, Roche, Medtronic, Bio-Rad Laboratories, Inc., DuPont, Biosensors International Group, Ltd., Cytiva, Dexcom, Inc., Lifescan IP Holdings, LLC, Masimo, Nova Biomedical, Universal biosensors, and Others.
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
- Thermal Synthetic biosensors
- Nanomechanical Synthetic biosensors
By Application
- POC
- Home Diagnostics
- Research Labs
- Environmental Monitoring
- Food & Beverages
- Biodefense
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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