Virus Biosensors Market Size, Industry Share & Trends | 2031

Report Description

Market Outlook:

The Global Virus Biosensors Market was estimated at USD 148.49 Million in 2022 and is anticipated to reach USD 261.01 Million by 2031, expanding at a CAGR of 6.6% during the forecast period.

Contamination and infection due to viruses are one of the major reasons for diseases amounting to hundreds of thousands of deaths every year. In recent years, several novels and reemerging viral diseases have seen an outstanding rise in occurrence like coronavirus disease 2019 (COVID-19) which has arguably altered the socioeconomic strata and also pointed out the shortcomings in medical biology and diagnostics at a global scale. Viruses are nonliving obligate parasites and require living host cells to replicate and propagate. Due to their error-prone replication mechanism and fast mutations, the protective layers and mechanisms change quickly, thus helping them to evade immune reactions in the host cell. This has led to reemergence and also establishing new virus strains. Medicinal biology and conventional diagnostic practices are now facing a challenging task to upkeep with the pace of these occurrences.

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Therefore, the increasing prevalence of viral diseases and the emergence of new virus strains have highlighted the urgent need for more sensitive, specific, and rapid diagnostic tools. Traditional diagnostic methods, such as culture-based techniques and PCR, can take several days to provide results, which can lead to delayed treatment and increased mortality rates. This has led to a growing demand for virus biosensors, which offer faster, more accurate, and cost-effective diagnostic solutions.

Macro-economic Factors

Healthcare Expenditure

The impact of healthcare expenditure on the global virus biosensors market is significant, as it directly affects the demand for these diagnostic tools. Increasing healthcare expenditure increases e demand for virus biosensors. This is because these devices offer faster, more accurate, and cost-effective diagnostic solutions compared to traditional diagnostic methods. For instance, in 2022, health-care spending in the United States has increased by 4.1 percent to $4.5 trillion, or $13,493 per person. Health spending accounted for 17.3 percent of the nation's Gross Domestic Product. This is expected to positively impact the virus biosensors market.

Population

The virus biosensors market has been significantly influenced by the global increase in population and the aging demographic in many regions. As the global population continues to grow, the incidence of viral diseases is also increasing, leading to a higher demand for virus biosensors. Moreover, as populations become more urbanized and travel more frequently, the risk of viral disease outbreaks also increases. This has led to a growing demand for point-of-care (POC) testing, which allows for rapid and accurate diagnosis of viral diseases in remote or resource-limited settings. For instance, according to United Nations (UN) data, the world's population having more than tripled since the mid-twentieth century. The worldwide human population reached 8.0 billion in mid-November 2022, up from 2.5 billion in 1950. Moreover, world's population is predicted to grow by about 2 billion people during the next 30 years, from 8 billion today to 9.7 billion in 2050, with a peak of nearly 10.4 billion in the mid-2080s.

Market Dynamics

Market Driver- Increasing Viral Infection

Rising viral infections due to vector-borne diseases including dengue, yellow fever, zika, Japan encephalitis are expected to increase demand for virus biosensor during the forecast period. For instance, according to a report of WHO in 2020, Dengue is the most common viral infection spread by Aedes mosquitos. It affects roughly 3.9 billion people in 129 countries, resulting in an estimated 96 million symptomatic cases and 40,000 fatalities every year. Moreover, the pandemic has accelerated the adoption and advancement of biosensors for the diagnosis of COVID-19 and other viruses, leading to the development of innovative and efficient virus detection techniques, including optical biosensors and carbon nanoparticle-based COVID-19 biosensors. Therefore, the virus biosensor market has experienced significant growth and innovation in response to the urgent need for effective and rapid virus detection technologies during the COVID-19 pandemic.

Market Driver- Rising Need for Accurate, Ultrasensitive, Rapid, and Affordable Diagnostic Techniques

The rising need for accurate, ultrasensitive, rapid, and affordable diagnostic techniques has had a significant impact on the virus biosensor market. The COVID-19 pandemic has highlighted the urgent need for rapid and sensitive virus detection technologies, leading to a surge in the development and production of biosensors for the detection and monitoring of viruses, including SARS-CoV-2. The demand for highly sensitive detection against coronaviruses in patient blood samples has led to the development of new biosensor technologies that can detect low viral loads at an early stage. The application and development of diagnostic techniques, particularly biosensors, have been a focus in the context of the COVID-19 pandemic, with efforts directed towards enhancing nanomaterials for rapid, sensitive, and low-cost diagnostics of SARS-CoV-2. The development of biosensors that are rapid, highly accurate, and sensitive is essential for the design and operation of biosensors. The use of nanomaterials in the rapid detection of biosensors has been a significant innovation in the virus biosensor market. Therefore, the rising need for accurate, ultrasensitive, rapid, and affordable diagnostic techniques has driven the growth and innovation of the virus biosensor market, particularly in the context of the COVID-19 pandemic and others viral infections.

Market Restraint- Stringent Regulatory Requirements

Stringent regulatory requirements of different countries are anticipated to restrict the market growth during the forecast period. Regulatory requirements such as the approval process for virus biosensors can take several years, during which time companies may incur significant costs without any revenue. This could make it challenging for companies to secure funding and invest in research and development. Additionally, change in the regulatory requirements, which could make it difficult for companies to predict the cost and timeline of regulatory approval. This could create uncertainty around the commercial viability of virus biosensors and discourage investment in research and development.

Market Opportunity- Growing Healthcare Sector in Emerging Markets

As healthcare infrastructure improves in emerging markets, there is a growing demand for rapid and accurate virus detection methods. This presents a significant opportunity for virus biosensor marketers to meet this demand with innovative and effective products. While virus biosensors are currently used primarily in clinical settings, there is potential for their expansion into other areas, such as environmental monitoring, food safety, and water quality testing, in emerging markets. This presents a significant opportunity for virus biosensor manufacturers to explore new applications and expand their customer base in these markets. Emerging markets often have lower healthcare spending per capita than developed markets, which can make cost-effective solutions more attractive. Virus biosensors that offer lower costs or higher sensitivity may be more appealing to healthcare providers and patients in these markets, which could drive demand for these products.

Scope of the Report

The report on the global virus biosensors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Segmental Outlook

Based on biosensor technology type, the global virus biosensors market is segmented into electrochemical biosensors, physical biosensors, optical biosensors, enzyme biosensor, DNA biosensor, and others. The electrochemical biosensors segment held a major share of the market in 2022 and is expected to expand at a notable CAGR during the forecast period. This is because of the electrochemical biosensors offer high sensitivity and specificity, which makes them ideal for detecting low concentrations of target analytes in complex matrices.

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Based on application, the global virus biosensors market is segmented into point-of-care testing (POCT), research laboratory, home diagnostics, environmental testing, biodefence, and others. The point-of-care testing (POCT) segment held a significant share of the market in 2022 and is expected to expand at a weighty CAGR during the forecast period. Since POCT allows for faster diagnosis and treatment of diseases and medical conditions, as test results are available quickly, often within minutes or hours. This is particularly important in emergency situations, where timely diagnosis and treatment can mean the difference between life and death.

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Based on the end-user, the global virus biosensors market is segregated into clinical diagnostic laboratories, hospitals, research laboratories, and others. The hospitals segment held notable share of the market in 2022. As the COVID-19 pandemic has shown, viral outbreaks can lead to a significant increase in demand for testing. Hospitals that are equipped with virus biosensors may be better positioned to meet this demand, as they can offer faster and more accurate test results than traditional laboratory facilities. This increased demand for testing can lead to higher revenue for hospitals.

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Regional Outlook

On the basis of region, the global retirement community market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA).

The global virus biosensors market in North America is estimated to expand at a noteworthy CAGR during the forecast period. North America, especially the United States, has a leading position in the biosensor for virus detection market due to its advanced technology and extensive biomedical research activities. The increasing lifestyle-related diseases in the region has urged the need for point-of-care testing devices, thereby driving the biosensor industry. There is also a significant demand for virus detection, thus propelling market growth. Moreover, the presence of well-established healthcare infrastructure and increasing investment in healthcare are other vital factors contributing to market expansion.

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Key Developments

• In January 2023, SD Biosensor (SDB) and SJL Partners acquired Meridian Bioscience, an U.S. based diagnostic products manufacturer.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Virus Biosensors Market

• Historical, Current, and Projected Market Size in Terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players