Technologically, a self-contained analytical device that makes use of a combination of a biological
element and a physicochemical component for the generation of a measurable signal for enabling
the detection of an analyte of biological importance biosensor is defined as a biosensor. Generally,
there are three basic components of biosensors, namely a detector for detecting a biomolecule and
generating stimulus, a transducer for converting the stimulus into the output signal, and a signal
processing unit for the processing of the output in presentable form. Thus, the advancement in
point-of-care testing coupled with the increasing application for environmental monitoring and
nanotechnology in the medical sector are primarily responsible for generating maximum revenue
share during the forecast years.

The global medical biosensor market size was valued at USD 9.9 billion in 2020, which is anticipated
to reach USD 17.79 billion by 2028 at a compound annual growth rate (CAGR) of 7.6%.

Market Dynamics
The growing demand for portable and manageable medical devices along with the emergence of
multifunctional biosensors are responsible for fueling the growth of the global medical biosensors
market. In addition, the factors such as the increasing investments in research and developed
activities in the medical sector, high disposable income, and the growing popularity of the
personalized medicine segment are further expected to boost industrial growth shortly.
For instance, in June 2021, a team of researchers from the Wyss Institute for Biologically Inspired
Engineering at Harvard University and the Massachusetts Institute of Technology developed a way to
implant synthetic biology reactions into fabrics, creating a wearable biosensor. This wearable
biosensor can be customized for the detection of pathogens and toxins and alert the wearer.
Moreover, the shifting preference of patients towards non-invasive medical biosensors alongside the
mounting elderly population with chronic ailments is further expected to expand the market size
globally. On the other hand, the strict regulatory norms in the emerging nations, safety & security
issues in-home care and point of care treatments, and low awareness about the benefits and
applications of these medical biosensors in the Asia Pacific and other low-economic regions are few
factors restraining the growth of the medical biosensors market.

Technology Insights
Based on technology, the medical biosensor market is fragmented into electrochemical medical
biosensors, nanomechanical medical biosensors, optical medical biosensors, piezoelectric medical
biosensors, and thermal medical biosensors. Among these, the electrochemical medical biosensors
segment is calculated to have the majority of market shares in 2020, owing to its high penetration
due to its stability, wide range of response, and low limits of detection.

However, the intensifying application of these biosensors as wearable biosensors is further expected
to shoot the business revenue, accounting for the rising count of diabetic and cardiovascular
patients globally. As per the World Health Organization, the estimated count of diabetic patients, as
of April 2021, was predicted to be around 422 million adults across the globe. Besides, the robust
demand for instant diagnostics and point-of-care devices and the development of nanotechnology-
based medical biosensors are further responsible for expanding the global size of this segment.
Application Insight

Application Insight

The global medical biosensor market is also segmented on the basis of application, into biomarker,
blood glucose testing, and cholesterol testing. And, as per the analysis, the blood glucose testing segment is predicted to have maximum market
size during the forecast years. The factors attributing the segmental growth accounts for the
mounting count of diabetic patients worldwide along with the rising cases of obesity in the elderly
population.

End-User Insight
Based on end-user, the global medical biosensor market is fragmented into cardiac care, drug
discovery, genomics, home diagnostics, medical diagnostics, and pain management. Among these,
the medical diagnostics segment is predicted to dominate the end-user segment, owing to the
growing demand for medical biosensors for blood glucose monitoring, drug discovery, pregnancy
testing, etc.

Besides, the rise in the application of biosensor technology in cardiac care and homecare testing is
also responsible for generating significant revenue share by the end of 2028. For instance, in May
2021, LifeSignals announced the CE Mark approval for LifeSignals LX1550E, a multiparameter remote
monitoring platform, which enabled the health-tech partners to deliver continuous remote patient
vital signs monitoring within the hospital and home settings

.
Regional Insight
Region-wise, the global medical biosensor market is segmented into North America, Europe, Asia
Pacific, Latin America, and Middle East and Africa. In 2020, North America was predicted to be
dominating the segment; accounting for the growing implementation of advanced technology in the
microelectronic and biotechnology segment, increasing applications of medical biosensors in the
cardiac care and point of care segment, and the rising awareness, about medical or wearable devices
enlaced with biosensors, among patients.

Furthermore, the emergence of electronic medical records and the presence of prominent market
players in this region are further expected to boost the market shares of North America.

At the same pace, Asia Pacific is expected to acknowledged to have a steady growth rate in 2020 and
is expected to grow at the same pace during the forecast period. Factors supporting the growth of
this region account for the growing adoption of custom-made technologically advanced products
coupled with the development of miniaturized diagnostic equipment. On the other hand, the low
investment in research and development activities and low awareness among people in this area
serve to be the restraining factor responsible for retarding the market size of Asia Pacific in the next
few years.

Key players
Prominent players operating in the medical biosensor market are Abbott Laboratories Inc., ACON
Laboratories Inc., Bayer AG, Bio-Rad Laboratories Inc., Biosensors International Group, Biotest
Medical, Contec Medical Systems, DuPont Biosensor Materials, F.Hoffmann – La Roche, i-SENS,
LifeScan, Nipro Diagnostics, Nova Biomedical Corporation, Pinnacle Technology Inc., Silicon Kinetics,
URIT Medical, and World Precision Instruments Inc.

The key players are implementing numerous business strategies such as product launches, mergers
& acquisitions, partnerships, and collaborations, for expanding their global presence is also
contributing to the growth of the medical biosensor market globally. For instance, in June 2020, GBS
Inc. announced the development of the Saliva Glucose Biosensor. It is the very first innovation to be
developed by GBS as a point-of-care test intended to deliver patients with a favorable solution
against finger-prick blood glucose testing.

Similarly, in July 2021, Pepex Biomedical, Inc. received approval on manufacturing processes for its
novel electrochemical biosensors. The newly permitted intellectual property allowed Pepex to
integrate 3 electrode sensors into a single 29-gauge needle.

Key Questions

1. What is the medical biosensor market growth?

The global medical biosensor market is expected to grow at a compound annual growth rate of 7.6%
from 2021 to 2028 to reach USD 17.79 billion by 2028.

2. What are the factors driving the medical biosensor market?

Key factors that are driving the medical biosensors market growth include the introduction of new
products enlaced with wearable medical biosensors coupled with the increasing applications of
medical biosensors in the home diagnostics, genomics industry, research laboratories, pain
management, and imaging operations.

3. Which segments are covered in this report?

The study offers a significant view of the medical biosensors by segmenting the market based on
technology, application, end-user, and region.

4.  Which region dominates the regional segment of the medical biosensors market?

Based on the medical biosensors market analysis, North America is projected to have the majority of
market shares during the forecast period.

5. Who are the key players in the medical biosensors market?

The list of market players operating in the medical biosensors market includes Abbott Laboratories
Inc., ACON Laboratories Inc., Bayer AG, Bio-Rad Laboratories Inc., Biosensors International Group,
Biotest Medical, Contec Medical Systems, DuPont Biosensor Materials, F.Hoffmann – La Roche, i-
SENS, LifeScan, Nipro Diagnostics, Nova Biomedical Corporation, Pinnacle Technology Inc., Silicon
Kinetics, URIT Medical, and World Precision Instruments Inc.