May 22, 2024

The Global Synthetic Biosensors Market Is Accelerating Growth Through Advancements In Medical Diagnostics Technology

Synthetic biosensors plays a vital role in monitoring vital signs, blood glucose levels and detecting biomarker levels through non-invasive methods. These biosensors offers high sensitivity, selectivity and stability making them reliable diagnostic tools. Advancements in nanomaterials and microfabrication have enabled development of miniaturized biosensors with improved functionality.

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 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 growing prevalence of chronic diseases worldwide due to sedentary lifestyles and changing demographics is driving the demand for synthetic biosensors for continuous health monitoring and diagnosis. Synthetic biosensors allows non-invasive and real-time monitoring of health parameters reducing hospital visits.

Major players are focusing on expanding their geographic reach through partnerships and acquisitions to tap the growth opportunities in emerging markets. Introduction of miniaturized wearable biosensors and integration with mobile apps is further expected to augment the market growth during the forecast period.

Market Key Trends
One of the major trends gaining traction in the global synthetic biosensors market is the development of wearable biosensors. Device miniaturization and flexible electronics have enabled development of wearable biosensors that can monitor multiple health parameters continuously in a non-invasive manner. Companies are focusing on developing smart clothing, patches and wearables integrated with synthetic biosensors for applications ranging from fitness tracking to chronic disease management. This is expected to revolutionize healthcare monitoring and management during the forecast period.

Porter’s Analysis

Threat of new entrants: New players find it difficult to enter the market as it requires a huge capital investment for R&D along with establishing brand value and presence.

Bargaining power of buyers: Due to presence of large number of established players in the market, buyers have moderate bargaining power.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as there are large number of component suppliers in the market.

Threat of new substitutes: Threat of substitute is relatively low as synthetic biosensors have unique properties.

Competitive rivalry: Market is dominated by global players and competition is high.

Geographical Regions

North America accounts for the largest share in the synthetic biosensors market primarily due to growing demand and increasing healthcare expenditure.

Asia Pacific region is expected to witness the fastest growth during the forecast period owing to increasing applications of synthetic biosensors for disease diagnostics and rising R&D activities across industries in emerging economies such as China and India.

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