The global synthetic biosensors market is witnessing lucrative opportunities owing to the rising demand for home-based and point-of-care diagnostic kits. Synthetic biosensors are bioengineered devices that can detect and monitor various biological molecules like nucleic acids, proteins and biomarkers. They are used to detect analytes like glucose, heavy metals, toxins and diagnose medical conditions like cancer, cardiovascular diseases, infectious diseases etc. Synthetic biosensors offer several advantages over conventional biosensors like improved stability, sensitivity and reproducibility. The growing prevalence of chronic diseases and increasing healthcare expenditure globally have boosted the demand for cost-effective and easy-to-use monitoring devices in home settings.
The Global Synthetic Biosensors Market is estimated to be valued at US$ 27.94 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Synthetic Biosensors Market Demand are TIVIC HEALTH, Cala Health, Inc., Medtronic, Abbott, Spark Biomedical, Inc., BioElectronics, GENERAL ELECTRIC, BIOTRONIK, electroCore, Inc., Soterix Medical Inc, SetPoint Medical, NeuroEM Therapeutics, ReShape Lifesciences, Inc., NeuroSpine, Vivani Medical Inc., Boston Scientific Corporation, NEVRO CORP., and Salvia BioElectronics. The rising geriatric population and growing incidence of chronic and lifestyle diseases like diabetes, cancer, and cardiovascular diseases have significantly increased the demand for frequent health monitoring solutions. Technological advancements in the field of bioengineering, nanotechnology, molecular biology and computing have enabled the development of advanced biosensing platforms with high accuracy, sensitivity and real-time data acquisition capabilities.
Market Trends
Miniaturization of biosensing platforms is one of the key trends being witnessed in the synthetic biosensors market. Major players are developing miniaturized wearable and implantable biosensors capable of continuous monitoring without user intervention. Another important trend is the integration of artificial intelligence (AI) capabilities in biosensors. AI-powered biosensing platforms can analyze massive real-time datasets, detect subtle patterns and predict health conditions with more accuracy.
Market Opportunities
The growing adoption of remote/home healthcare and personalized medicine approach presents significant opportunities in this market. The development of affordable, easy-to-use point-of-care and on-body sensors can help address the shortage of physicians and healthcare infrastructure gaps, specifically in developing countries. The rising funding in the development of bioelectronic medicines also provides lucrative growth prospects. Players are also exploring opportunities in applications beyond healthcare, like food safety, biodefense, environmental monitoring and industrial process control.
The COVID-19 pandemic has impacted the growth of the global synthetic biosensors market. Synthetic biosensors are used to detect the COVID-19 virus and antibodies. Hence there was surge in demand for biosensors during the pandemic. However, supply chain disruptions and lockdowns negatively impacted the market in the initial months. As the virus spread rapidly across geographies, governments imposed strict lockdowns and restrictions on manufacturing activities and transportation which led to shortage of raw materials and components required for manufacturing biosensors. This affected the production and supply of biosensors globally. However, as restrictions were eased in later months, companies ramped up production to meet the rising demand for COVID-19 testing kits and other medical devices using biosensors. Market players also focused on developing new biosensors for COVID-19 detection which contributed to market growth post lockdowns. Going forward, demand for portable and affordable biosensors for home testing and community surveillance is expected to drive the synthetic biosensors market in the coming years. Companies need to focus on scaling up production while ensuring safety of workers. They also need to develop multi-purpose biosensors which can be used for detecting other viruses and disease beyond COVID-19 to sustain growth.
In terms of value, North America accounted for the largest share of the global synthetic biosensors market in 2024 primarily due to established healthcare infrastructure, presence of leading players and rising funding for research and development of biosensors. The US dominated the North American synthetic biosensors market. However, Asia Pacific is expected to be the fastest growing geographical region for the synthetic biosensors market during the forecast period owing to increasing healthcare spending, rising awareness about advanced medical technologies and growing cases of chronic diseases in emerging countries like India and China which is fueling the demand for low-cost point-of-care diagnostic devices using biosensors.
The COVID-19 pandemic has significantly impacted the growth of the global synthetic biosensors market. In the initial phase, lockdowns and restrictions affected the supply of raw materials and disrupted production. However, with ease in restrictions, companies ramped up efforts to meet the rising demand for COVID-19 testing kits and other medical devices using biosensors. Going forward, affordable and portable biosensors for home testing are expected to drive market growth.
Get more insights on Global Synthetic Biosensors Market
Also read related article on Industrial Filter Market
Global Biosensors Market: Industry Perspective, COVID-19 Impact Analysis, Size, Share, Growth, Segment, Trends and Forecast, 2030 The biosensor market is expected to grow by USD 49.0 billion by 2030 at approximately a CAGR of 8.1% during the forecasted period.
While pharmaceutical innovation is saving the globe, biopharma and medtech firms now have a chance to keep up the trend.Download Sample Copy of the Report to understand the structure of the complete report (Including Full TOC, Table & Figures) @ https://www.decisionforesight.com/request-sample/DFS020174Market Dynamics and Factors:The life sciences business has seen exponential development in terms of breadth and capabilities across the value chain.
The need for significant collaboration between life sciences and healthcare firms, not just on goods but also on solutions, to assist solve the demand-supply mismatch is one of the sector's main issues.
Furthermore, throughout the projection period, the growing elderly population, rising noncommunicable illness prevalence, and rising desire for enhanced patient experience are expected to drive revenue.
Governments in both developed and emerging markets have made deliberate decisions to confront producers and demand more access to lower-cost medications.
The European Health Insurance Card (EHIC) is issued by the majority of European countries to its residents.
