by The global Non-Invasive Biosensors Market is estimated to be valued at US$ 29.84 Bn in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Non-invasive biosensors are medical devices that detect and monitor physiological changes in the human body without drawing blood or inflicting any pain or damage to tissues. They help in continuous monitoring of vital body parameters such as blood glucose levels, blood pressure, and oxygen saturation through wearable and non-wearable devices.
Market key trends:
One of the key trends in the non-invasive biosensors market is the growing demand for wireless and wearable biosensors. Manufacturers are focusing on the development of miniature, wearable, and wireless biosensors to cater to the increasing demand for portable health monitoring devices. The major advantage of miniature biosensors is that they can be integrated with smartwatches, fitness bands, and health trackers to monitor vital health parameters continuously without restricting the mobility of patients. This has increased patient compliance and adoption of non-invasive biosensors in recent years.
SWOT Analysis
Strength: Non-invasive biosensors have the advantage of being pain-free and cause no harm to the human body. The devices provide real-time health data without the need for surgery or needles.
Weakness: The technology for non-invasive biosensors is still in the development phase and needs refinement for higher accuracy. Factors like ambient interferences can affect sensor readings.
Opportunity: The growing elderly population and rising prevalence of chronic diseases are driving the demand for remote health monitoring devices. Non-invasive biosensors can enable continuous monitoring without hospital visits.
Threats: Strict regulations for medical devices pose challenges for startups to commercialize new non-invasive biosensor technologies. Established players have dominance in the market.
Key Takeaways
The global Non-Invasive Biosensors Market Share is expected to witness high growth, exhibiting CAGR of 7.9% over the forecast period, due to increasing preference for pain-free health monitoring solutions. North America currently dominates the non-invasive biosensors market owing to the high healthcare spending and early technology adoption in the region.
The overall non-invasive biosensors market size for 2023 is projected to reach US$ 29.84 billion. Factors such as the growing geriatric population suffering from multiple ailments and the need for continuous health tracking are driving the demand for non-invasive alternatives to conventional diagnostic methods.
Regional analysis
North America is expected to continue holding the major share of the non-invasive biosensors market during the forecast period. This can be attributed to factors such as advanced healthcare infrastructure, favorable reimbursement policies, and regulatory approvals for new sensor technologies in the region. Asia Pacific is anticipated to emerge as the fastest-growing regional market due to rising healthcare awareness, improving access to healthcare facilities, and increasing investments by market players.
Key players
Key players operating in the non-invasive biosensors market are Akers Biosciences, Inc., Philips Healthcare, Abbott Laboratories, GE Healthcare, Nemaura Medical, Inc., Integrity Applications Inc., OrSense, MediWise Ltd., and Medtronic Plc. The market is consolidated in nature with leading players focusing on new product launches, partnerships, and geographical expansions.
