June 16, 2024

Global Synthetic Biosensors Market is Estimated to Witness High Growth Owing to Advancements in Synthetic Biology

Synthetic biosensors are engineered biological recognition elements coupled with transducers that can convert biological recognition events into measurable signals. They have widespread applications in bioprocess control, food quality control, environmental monitoring, and point-of-care diagnostics. Key advantages of synthetic biosensors include their high sensitivity, low limit of detection, low cost of production, and portability. With the rising prevalence of chronic diseases and growing demand for point-of-care and home-based testing, the need for cost-effective and convenient diagnostic tools like synthetic biosensors is increasing significantly.

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 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.

Key opportunities in the synthetic biosensors market include development of biosensors for non-medical applications like food quality control, environmental monitoring etc. Advancements in synthetic biology have allowed researchers to reprogram biological pathways to develop novel biorecognition elements with high specificity and sensitivity. This is expected to drive innovations in biosensor design.

Technological advancements like nanotechnology and microfabrication have enabled the miniaturization of synthetic biosensors. Integrating nanostructures, enzymes and antibodies on microchips has led to development of portable, low-cost point-of-care testing devices. Advancements in materials like graphene and nanoporous membranes have also increased sensor sensitivity and selectivity.

Market Drivers
The rising demand for home-based and point-of-care testing is a major market driver. Synthetic biosensors allow for convenient, real-time monitoring of various health parameters outside of clinical settings. Growing investments in development of assays and sample prep techniques compatible with synthetic biosensors is also propelling the market growth. Increased adoption of supporting technologies like IoT, cloud computing and artificial intelligence is expected to drive innovations and broader applications of synthetic biosensors over the forecast period.

Current Challenges in Global Synthetic Biosensors Market

The global synthetic biosensors market is experiencing several challenges currently that is negatively impacting its growth. Limited awareness regarding the benefits of synthetic biosensors is one of the major challenge. Many healthcare providers and patients still prefer conventional diagnosis and treatment methods over new synthetic biosensor technologies due to lack of proper information. High costs associated with development and manufacturing of synthetic biosensors is another major roadblock. Producing biosensors involves complex biological and chemical engineering which requires heavy investments. Due to high costs, synthetic biosensors are not affordable for mass application currently limiting their adoption. Regulatory approvals is another hurdle as getting new medical devices and technologies approved by regulatory bodies like FDA involves lengthy and expensive clinical trials and procedures. This prolongs the time taken for new synthetic biosensors to enter the markets.

SWOT ANALYSIS

Strength: Ability to detect variety of biomarkers with high sensitivity and specificity. Utilizes synthetic biology to mimic biological behaviours.

Weakness: High development costs make them expensive. Requires multidisciplinary expertise from different fields.

Opportunity: Growing demand for point of care testing and remote patient monitoring. Increasing R&D investments from companies in synthetic biology.

Threats: Stringent regulations can delay products approvals. Ethical issues regarding synthetic biology can reduce social acceptance. Competition from other emerging diagnostic technologies.

Geographical Regions

Currently, North America holds the largest share of the global synthetic biosensors market mainly due to heavy investments in synthetic biology research by private and public organizations in the US. Asia Pacific region is also emerging as a major market driven by growing medical sector and diagnostic requirements in developing countries like China and India. Government funding fornew technology development is driving synthetic biosensors demand in the region.

Fastest Growing Region

Asia Pacific region is expected to witness the fastest growth in the synthetic biosensors market during the forecast period owing to rapidly expanding medical industries, increasing healthcare investments by governments and rising affluence in middle class population willing to pay for advanced healthcare diagnostics and services. Countries like China, India, Japan and South Korea are anticipated to boost the regional market with presence of major international as well as domestic players increasing accessibility of synthetic biosensors.

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