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 are used to detect and monitor vital bodily functions such as blood glucose, cholesterol, lactate, blood oxygen, and others. They are an integral part of disease diagnosis and monitoring and help detect medical conditions in a comfortable, painless, and non-intrusive manner. Examples of non-invasive biosensors include blood glucose monitors, blood oxygen monitors, and heart rate monitors. With the growing prevalence of lifestyle diseases such as diabetes and cardiovascular diseases, non-invasive biosensors have become important tools for disease management, treatment compliance, and preventive healthcare. They provide accurate medical information to physicians and patients for timely intervention.
Market key trends:
One of the key trends in the non-invasive biosensors market is the increasing application of wearable technologies. Companies are launching advanced wearable biosensors integrated with smartphones for round-the-clock health monitoring. For instance, Abbott Laboratories launched FreeStyle Libre, a continuous glucose monitoring system that uses a small sensor wire inserted under the skin to measure glucose levels without the need for finger pricks. Furthermore, technology advances are allowing non-invasive monitoring of additional health parameters beyond glucose. For example, Medtronic launched Guardian Connect Continuous Glucose Monitoring (CGM) system that also measures blood ketone levels. Growing investments in wearable biosensor technologies are expected to drive the market during the forecast period. Another trend is the rising popularity of needle-free technologies that eliminate pain associated with invasive procedures. Companies are focusing on laser-based, microneedle patch and spectroscopic-based needle-free biosensors to make disease monitoring more convenient. This is increasing patient compliance and further fuelling the non-invasive biosensors market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as huge capital investment is required for R&D and compliance to regulatory standards.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes and established presence of key players.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials required are commodity chemicals available from numerous suppliers globally.
Threat of new substitutes: The threat of substitutes is low as biosensors offer distinct non-invasive monitoring advantages over invasive monitoring devices.
Competitive rivalry: Competition is high among established players to gain higher market share through new product launches and mergers & acquisitions.
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 demand for continuous health monitoring.
Regional analysis: North America dominates the non-invasive biosensors market owing to presence of key players, rising geriatric population and favorable reimbursement policies for continuous health monitoring solutions. Asia Pacific exhibits the fastest growth due to increasing healthcare expenditure, large patient pool and rising cases of chronic diseases.
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. Key players are focusing on new product launches and acquisitions to strengthen their market position and geographic presence.
