Biosensor Market Trends

Growth Drivers

• Ongoing funding for developing tech-based solutions: Considering the success of AI and machine learning (ML) in making clinical products more efficient, the biosensors market is increasingly adopting these advancements. Both government and private investors are encouraging dedicated companies to engage in these R&D cohorts by providing significant financial support. For instance, in October 2024, a team of researchers at the Pennsylvania State University was awarded a 3-year grant of USD 1.5 million by the U.S. National Science Foundation. This investment was intended to empower the commencement of an AI-designed biosensor research project. Such a secure capital influx is further inspiring others to invest in this field.

• Public & private efforts to enable greater accessibility: Besides the technological advancements, the pipeline in the market is being explored deeper to expand its field of application. In addition, several public healthcare authorities are proactively forming strategic alliances and affiliating tech-based pioneers to realize worldwide implementation and adoption. For instance, in January 2024, WHO, in collaboration with the Medicines Patent Pool (MPP), signed a licensing agreement with SD Biosensor, offering the company the right, method, and components to manufacture rapid diagnostic testing (RDT) technology. This transfer of the COVID-19 Technology Access Pool (C-TAP) aimed to improve public access to multiple disease detection tools.

Challenges

• Cost barriers in product development and implementation: Owing to specific equipment and technological needs, participating in the R&D culture of the market may become expensive for several MedTech companies. A few of these main factors are anticipated to be the high initial investment and elongated process of regulatory compliance. However, the recently introduced cost-effective materials and chemical bindings are mitigating this issue. For instance, in August 2023, a study from ScienceDirect produced bacterial cellulose-based and low-cost electrochemical biosensors for just USD 3.5 for ultrasensitive detection of SARS-CoV-2.