July 24, 2024
Non-invasive Biosensors Market

The Global Non-Invasive Biosensors Market Is Driven By Growing Healthcare Industry

Non-invasive biosensors offer seamless monitoring of critical health parameters without any surgical procedures. These biosensors detect biomarkers and other biological materials through bodily fluids or externally on the skin’s surface. They help monitor blood glucose levels, detect respiratory diseases, cardiac abnormalities, and other conditions in a safe, pain-free manner. The technology is revolutionizing disease screening and affordable healthcare access across communities.

The global Non-invasive Biosensors Market is estimated to be valued at US$ 29.84 billion in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

One of the major trends driving growth in the non-invasive biosensors market is the increasing R&D investments in wearable medical devices. Leading tech companies and medtech startups are developing sophisticated wearable patches, rings, and smartwatches embedded with non-invasive biosensors. These devices can continuously track vital health parameters, detect early symptoms of chronic diseases, and monitor recovery from illnesses or surgeries remotely. The ease of use, affordability, and 24/7 health monitoring abilities of wearable biosensors are bolstering their adoption across both healthcare and consumer markets. Another factor fueling the non-invasive biosensors industry is the rising focus on developing non-invasive techniques for prenatal screening and neonatal care. Researchers are engineering biosensors for detecting fetal growth abnormalities, genetic disorders, and complications during pregnancy and childbirth without any risks to the mother or fetus. Such innovative applications are poised to transform prenatal and neonatal healthcare practices globally over the next decade.

Porter’s Analysis

Threat of new entrants: Low-moderate. Significant capital required for R&D due to stringent regulations. However, opportunities exist for new players to disrupt the market with innovative products.

Bargaining power of buyers: High. Market fragmented with large buyer base. Buyers can negotiate on price and demand better quality and services.

Bargaining power of suppliers: Moderate. Presence of many component suppliers keeps pricing in check. However, suppliers of specialized components hold some power.

Threat of new substitutes: Moderate. Potential for new substitute monitoring technologies. However, biosensors have significant advantages in terms of comfort, cost, and accuracy.

Competitive rivalry: Intense. Large number of global and regional players fight for market share. Players differentiate based on technology, applications, and brands.

Key Takeaways

The global Non-Invasive Biosensors Market Growth is expected to witness high growth over the forecast period. The global Non-invasive Biosensors Market is estimated to be valued at US$ 29.84 billion in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.

Regional analysis:

North America dominates the market currently due to advanced healthcare facilities and favorable reimbursement policies for biosensor devices. However, Asia Pacific is anticipated to witness the highest growth rate during the forecast period. Factors such as rising healthcare spending, growing medical tourism industry and increasing demand for PoC testing are expected to drive the regional market.

Key players:

Key players operating in the non-invasive biosensors market are Thermax Limited, Armstrong International Inc., Stork Thermeq B.V., Alfa Laval AB, and Kelvion Holding GmbH. Thermax and Alfa Laval are leaders in heat exchangers and a major portion of their revenue comes from this segment. Stork and Armstrong have a wide product portfolio with applications across segments.

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