Top 8 Companies in the Global Biosensors Market

The global biosensors market was valued at USD 7.5 billion in 2023, driven by the growing demand for point-of-care testing across the globe. The market is anticipated to grow at a CAGR of 6.4% during the forecast period of 2024-2032 to achieve a value of USD 13.1 billion by 2032.

Biosensors are self-contained analytical devices designed to detect the presence of biological molecules, or analytes. These devices identify the analyte and generate a quantifiable signal. A biosensor typically consists of a transducer and a biological analyte. The transducer then converts this biological interaction into an electrical signal. Biosensors have diverse applications and are known by various names, including immunosensors, optrodes, glucometers, biocomputers, and biochips, among others. Some commonly found biosensors include store-bought pregnancy tests and glucose detectors.

Biosensors find wide applications in various cases such as diabetes, pregnancy, and others. The market is primarily driven by factors such as rising cases of medical conditions such as diabetes, that is increasing the demand for at-home diagnostic devices, and growing awareness about the availability of biosensors in the market. As technology advances, market players are collectively putting efforts to integrate advanced technologies into biosensors especially, wearables, to expand their application in various other fields and medical conditions.

The market players are receiving heavy investments to initiate research and development activities and bring further innovation in biosensors to expand their application in other conditions such as chronic obstructive pulmonary disease (COPD). For instance, in April 2024, the U.S. Army Medical Research Acquisition Activity (USAMRAA) funded The Lundquist Institute (TLI) with a four-year grant worth USD 2,623,234. The funds have been provided for a project aimed at developing wearable multiplex biosensors to monitor exacerbation risk in chronic obstructive pulmonary disease (COPD). The research project is led by an investigator at TLI and a Professor at the David Geffen School of Medicine at UCLA.

The market is experiencing intense research and development activities to bring innovative wearable biosensors into the market and address the crucial gap of unmet needs in the healthcare sector. The integration of biosensors into wearable devices can assist in the continuous monitoring of glucose levels, heart rate, and even provide real-time data for better analysis and treatment.

Top Companies Leading the Biosensors Market in 2024

1.    AgaMatrix Holdings LLC

AgaMatrix Holdings LLC is a healthcare technology company known for its innovative solutions in blood glucose monitoring. It specialises in developing and manufacturing medical devices and software for diabetes management. AgaMatrix has developed several biosensor-based glucose meters that provide accurate blood glucose readings. Its portfolio includes the Jazz Wireless 2, which integrates with mobile devices to offer real-time glucose monitoring.

2.    Abbott Laboratories Inc.

Abbott Laboratories is a global healthcare company that offers a wide range of products, including diagnostics, medical devices, nutrition, and branded generic pharmaceuticals. It has a strong presence in the biosensors market. Abbott is a leader in biosensors with its FreeStyle Libre system, a revolutionary continuous glucose monitoring (CGM) device that eliminates the need for routine finger pricks. The FreeStyle Libre uses a small sensor worn on the body to measure glucose levels.

3.    Biosensors International Group, Ltd.

Biosensors International Group is a medical device company specializing in the design, development, and distribution of innovative products for interventional cardiology and critical care. The company is known for its drug-eluting stents that incorporate biosensor technology to monitor the body's response to the stent. They also develop diagnostic devices that utilise biosensors for real-time monitoring in cardiovascular applications.

4.    Medtronic Inc.

Medtronic Inc. is a global leader in medical technology, offering a broad range of products and therapies that improve the lives of millions of patients worldwide. Medtronic has a significant presence in the biosensors market, particularly with its Guardian Sensor 3, used in continuous glucose monitoring systems. This sensor is part of Medtronic's integrated diabetes management solutions.

5.    Bio-Rad Laboratories Inc.

Bio-Rad Laboratories Inc. is a leading provider of life science research and clinical diagnostics products. They focus on advancing healthcare through innovative solutions. Bio-Rad offers a range of biosensor technologies, particularly in the field of diagnostics. Their portfolio includes biosensor-based platforms for clinical diagnostics, including the detection of infectious diseases and the monitoring of various biomarkers.

6.    Pinnacle Technologies Inc.

Pinnacle Technologies Inc. is known for developing advanced biosensor technologies for various applications, including environmental monitoring, healthcare, and industrial processes. The company specializes in the development of biosensors for detecting environmental pollutants and monitoring industrial processes. Their biosensors are designed to offer real-time monitoring and high sensitivity.

7.    Ercon, Inc.

Ercon, Inc. is a company that specializes in providing conductive inks, coatings, and adhesives, with a focus on the medical device and biosensor industries. The company’s products are integral to the fabrication of biosensors, particularly in the development of electrodes and conductive pathways in biosensor devices. They provide essential materials that enhance the performance and reliability of biosensors.

8.    Dupont Biosensors Materials

Dupont is a multinational conglomerate known for its innovative materials and solutions across various industries, including healthcare and electronics. Dupont offers advanced materials for biosensors, including conductive inks and films that are used in the production of various types of biosensors. Their materials are crucial for the development of flexible, durable, and highly sensitive biosensors.