July 18, 2024

Smart Textiles Is Fastest Growing Segment Fueling The Growth Of Bioelectronics Market

Market Overview:

Bioelectronics is the integration of biological components with electronic components to create new technologies with applications in healthcare, defense and security. Bioelectronics helps in monitoring the human body through creation of effective interfaces between biology and electronics.

Market key trends:

One of the key trends driving the growth of the bioelectronics market is the increasing adoption of wearable electronics and medical devices. Wearable electronic devices such as smart watches and fitness trackers are gaining widespread popularity for monitoring health and fitness parameters. The integration of biosensors in wearable devices allows continuous monitoring of vital signs such as heart rate, blood pressure and body temperature. This generates huge amount of data that can help in early detection of diseases and preventive healthcare. Advancements in nanotechnology and materials science have enabled development of flexible and stretchable bioelectronic devices that can conform to non-planar and complex biological surfaces.

Segment Analysis
The bioelectronics market is segmented into biosensor, implantable devices and wearable devices. Among these, the biosensor segment dominated the global bioelectronics market in 2022 and is expected to continue its dominion during the forecast period. This is owing to wide applications of biosensors in medical testing, home healthcare diagnosis and environmental/food/water testing. Additionally, use of biosensors in decentralized healthcare, disease diagnosis and POC testing has enabled inexpensive, real-time, and quick detection, thereby driving the biosensor segment growth.

Key Takeaways

The Global Bioelectronics Market Demand is expected to witness high growth, exhibiting CAGR of 5.7% over the forecast period, due to increasing prevalence of chronic diseases and rising focus on development of affordable healthcare solutions.

Regional analysis
North America held the largest share of the global bioelectronics market in 2022 and is estimated to dominate over the forecast period. This is attributed to growing demand for advanced medical technologies, rising research funding and presence of leading market players in the region.

Key players
Key players operating in the bioelectronics market are Avago, Honeywell International, Danaher Corporations, and Sensirion. Bioelectronics are witnessing large investments from these market players for development of next-generation implantable and wearable devices as well as biosensors.

The global bioelectronics market size is expected to reach US$ 23530 Mn by 2023. Increasing popularity of wearable devices for health monitoring and adoption of point-of-care devices for quick diagnosis are anticipated to boost the market during the forecast period of 2023 to 2030.

Note:

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