Wearable Biosensors Market to be US$25 Billion by 2030: Lux Research
28 June 2021: Biosensors offer tremendous promise as convenient, easy-to-use and low-cost solutions to monitor underlying physiological conditions compared to other incumbent diagnostic techniques. This will lead to an increase in applications for biosensors, such as vital signs monitoring, metabolism monitoring, biomarker detection and disease diagnosis.
However, many challenges related to precision, accuracy and commercialization, and deployment need to be overcome before biosensors can gain widespread adoption in consumer health and wellness, according to a new analysis from Lux Research “Emerging Biosensor Technologies: Landscape and Market Forecast”.
The Report outlines recent innovations in biosensor technologies, discusses challenges that stakeholders will need to overcome, and provides an outlook for the technology and business of biosensors. In this report, Lux identifies and focuses on five health conditions that significantly impact daily life for consumers, thereby offering opportunities for businesses to develop consumer-centric solutions for diagnosis, monitoring and prevention.
Although active and continuous monitoring solutions are available for all five leading health conditions, gaps remain that point to the opportunity to develop innovative solutions. Incumbent testing and diagnostic technologies are often expensive, bulky, and uncomfortable for long-term or on-demand monitoring applications. In contrast, wearable electronics offer biosensing capabilities that are convenient and allow consumers to monitor their health on a continuous basis and derive insights.
“Patients today face enormous financial and psychological burdens because of rapidly rising healthcare costs. The rising prevalence of various health conditions in the population is placing tremendous pressure on already-overburdened healthcare systems,” states Lisheng Gao, Ph.D., Analyst at Lux Research and lead author of the report.
Lux forecasts that, by 2030, the total market for biosensor devices for the five health conditions in the EU, APAC, and North America together will be around $25 billion, with a CAGR of 23%.
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