February 28, 2024
Bioelectronics Market

The Rising Demand for Biosensing and Bioimplantable Devices is Driving the Bioelectronics Market

Bioelectronics integrates biological materials and components like DNA, proteins and living cells with electronic technologies to develop and manufacture devices for various applications like biosensing, bioimplantables, tissue engineering and others. Bioelectronics utilizes biomolecules like nucleic acids, enzymes and antibodies for developing electrochemical biosensors used for clinical diagnostics, environmental monitoring, food control and other application related to detecting biological or biochemical reactions. With growing focus on disease diagnostics, personalized medicine and rising adoption of point-of-care testing, the demand for portable and affordable electrochemical biosensing devices is increasing significantly thereby driving the bioelectronics market growth.

The growing geriatric population suffering from chronic diseases, rising demand for minimally invasive surgeries and increasing focus on developing effective assistive technologies are some major factors augmenting the need for advanced bioimplantable devices. This has accelerated the research in bioelectronics to engineer novel bioelectronics therapies, neural probes and implantable biosensors by combining electronics engineering and biology.

The global Bioelectronics Market is estimated to be valued at US$ 23530 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising trend of developing biofuel cells and organic electronic biomaterials is one of the major factors expected to drive the bioelectronics market growth during the forecast period. Biofuel cells developed using bioelectronics utilizes biological catalysts for directly converting biochemical energy into electricity and can be used as an alternative power source for implantable and biosensing devices. Researchers are extensively working on engineering efficient and stable biofuel cells by integrating novel biomaterials with electronic interfaces. Additionally, the emerging field of organic bioelectronics utilizes organic and biology-inspired materials like DNA, proteins and cells for developing flexible and biocompatible bioelectronic systems contributing significantly to the market growth during the forecast period.

Porter’s Analysis:

Threat of new entrants: New entrants in the bioelectronics market face high investment barriers as they need to invest heavily in R&D.

Bargaining power of buyers: Individual buyers have low bargaining power in the bioelectronics market due to the specialized nature of products. However, large pharma companies enjoy certain bargaining power.

Bargaining power of suppliers: The bioelectronics market has a large number of suppliers for key components making dependency on a single supplier low. This gives companies higher bargaining power against suppliers.

Threat of new substitutes: There exists a low threat of substitutes in the bioelectronics market given the highly specialized nature of products and lack of close substitute technologies.

Competitive rivalry: The bioelectronics market sees high competition amongst established players given the research intensity.

Key Takeaways

The Global Bioelectronics Market Size is expected to witness high growth. Advancements in bioelectronics will drive medical technology towards personalized and predictive care. The global Bioelectronics Market is estimated to be valued at US$ 23530 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.

Regional analysis: North America dominates the global bioelectronics market currently owing to presence of major companies and availability of latest technology. However, Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing investments in healthcare sector by regional governments.

Key players: Key players operating in the bioelectronics market are BBI-Biotech GmbH, Bioengineering AG, Danaher Corporation, Eppendorf AG, Getinge, Infors HT, Merck KGaA, Sartorius AG, Solaris Biotech Solutions, Thermo Fisher Scientific, Inc. These companies are focusing on developing customized solutions through collaborations with research institutes.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it