Electrochemical Biosensors Market Size, Share, Growth, and Industry Analysis, By Type (Diagnosis, Monitoring, and Others), By Application (Point of Care Testing, Research Laboratories, Diagnostics Centre, and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 22 April 2024

Electrochemical Biosensors Market Report Overview

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The global electrochemical biosensors market size was USD 17920 million in 2022 and is projected to touch USD 30204.17 million by 2031, at a CAGR of 6.0% during the forecast period.

An electrochemical biosensor consists of conductors that carry electrical impulses that chemical agents and solutions have altered. A man produces a variety of molecules, including glucose, cholesterol, DNA, uric acid, hemoglobin, and others. Electrochemical biosensors can identify these compounds. They are a therapeutic tool to treat several disorders caused by the imbalance of biomolecules.

DNA-based electrochemical biosensors, enzyme-based electrochemical biosensors, aptameric-based electrochemical biosensors, and thin-film electrochemical biosensors are examples of electrochemical biosensors. These biosensors transform the chemical signals into electrical waves using samples, including enzymes, tissues, proteins, and entire cells. It is integrated into micro-scale devices and employed in the early diagnosis of numerous disorders.

COVID-19 Impact: Use of the Product in Identifying Viruses Boosted Growth

The global COVID-19 pandemic has been unprecedented and staggering, with electrochemical biosensors experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The development of the COVID-19 pandemic is advantageous for the medical device sector. So, the COVID-19 pandemic had a largely beneficial effect on the world market. The biosensors were mostly employed to identify the coronavirus in sufferers. The chip-based biosensors were used to identify viruses. Due to the COVID-19 epidemic, the demand for biosensors gradually increased.

LATEST TRENDS

"Escalating Prevalence of Chronic Diseases to Bolster Market Growth"

Diseases can be precisely detected using electrochemical biosensors. With each passing day, the prevalence of obesity, cardiovascular diseases, high blood pressure, and other similar issues brought on by unhealthy habits and lifestyles is rising. Finding the issue becomes essential. Consequently, it is increasing the market value for electrochemical biosensors. An accurate and early diagnosis is essential for a good disease prognosis and patient survival. In recent years, there has been a sharp increase in the need for disposable gadgets that are easy to use, affordable, and have short response times. Due to their capacity to satisfy these requirements through an interdisciplinary combination of approaches from nanotechnology, chemistry, and medical research, these devices have advanced quickly in medicine.

Electrochemical Biosensors Market Segmentation

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• By Type Analysis

By type, the market is segmented into diagnosis, monitoring, and others.

The diagnosis is predicted to dominate the market owing to the process helping in recognizing early symptoms and signs of s certain diseases. The early diagnosis of diseases will help in treatment accordingly.

• By Application Analysis

Based on application, the market is classified into point-of-care testing, research laboratories, diagnostics centers, and others.

The point-of-care segment is predicted to propel electrochemical biosensors market growth due to the immediate results of the tests. The academic institutions and research laboratories are likely to foster the demand for point-of-care diagnostics, which will eventually cater to the market growth.

DRIVING FACTORS

"Various Technological Advancements in Healthcare Sector to Offer Growth Opportunities"

The major technological developments in the biosensor industry are what primarily fuel the market for biosensors. Over the past few years, considerable work has been put into developing biosensor technology and its applications. For instance, one of the developments seen in the Biosensors ecosystem is the multianalyte resolution for environmental monitoring and screening. Small, easy-to-handle and manageable biosensors made possible by miniaturization have enhanced the conventional testing process in the medical and healthcare industries. The global market will expand due to the increased use of innovative biosensors and the increasing number of product releases.

"Use of Products in Various Industrial Activities to Accelerate Market Growth"

The electrochemical biosensors that incorporate various nanotechnologies are estimated to offer various lucrative opportunities to the market. The product is used in various industrial applications, which increases its demand in the global market. It is used in imaging operations, food analysis, and monitoring microbial activities. The popularity of advanced medications and healthcare equipment is rising. Moreover, the demand from the population for non-invasive surgeries is leading to the rise in demand for electrochemical biosensors in the global market. For instance, Ethicon Endo-surgery entered into a partnership and research option agreement with Biometrics Brainstem Inc. Moreover, these devices are used for the early detection of diseases such as high blood pressure, obesity, cardiovascular diseases, and other chronic diseases. 

RESTRAINING FACTORS

"Strict Regulations for the Use of Healthcare Equipment to Obstruct Market Growth"

The growing infrastructure boosts the demand for better and standardized products for medical treatment. Various stringent regulations and policies are expected to retard the electrochemical biosensors market growth in the forecast period. 

Electrochemical Biosensors Market Regional Insights

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"North America to Lead the Market Due to Growing Incidences of Various Diseases"

North America is likely to hold the largest revenue owing to the rising incidences of targeted diseases. Various technological improvements, such as the introduction of advanced diagnostic equipment, are forecasted to be one of the major factors in surging regional growth.

Asia Pacific is expected to hold a significant part of the electrochemical biosensors market share due to the growing prevalence of various infectious diseases. Additionally, rising individual and government expenses on healthcare are forecasted to gain major growth in the global market. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in the Market"

Important market developments and inorganic and organic growth strategies are included in the studies. Many businesses are focusing on organic business growth, including product launches, product approvals, and other initiatives like patents and events. The market's inorganic growth tactics included acquisitions, partnerships, and collaborations. Market participants now have more opportunities to grow their clientele and businesses thanks to the aforementioned efforts. Industry participants in the market should soon benefit from significant growth prospects due to the expanding demand for filter products on the global market.

List of Market Players Profiled

• Roche (Switzerland)
• Medtronics (Ireland)
• Bayer (Germany)
• Abbott Laboratories (U.S.)
• I-SENS (South Korea)
• Siemens Healthcare (Germany)

INDUSTRY DEVELOPMENT

• "January 2021"- Roche signed a partnership agreement with Sysmex for delivering testing solutions for hematology. This partnership is also known as GBP (Global Business Partnership) Agreement. This agreement was made to utilize the IT systems to improve customer experience and clinical decision-making. This partnership continues to evolve and bring improvements to the laboratories.

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2021 through 2027, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.