Thermal biosensor market to reach USD 11.4B by 2032

Allied Market Research published a report, titled, “Thermal biosensor market by application (Point-of-care (POC), home diagnostics, research lab, food and beverages, environmental monitoring, and biodefense) and distribution channel (Online and offline): Global opportunity analysis and industry forecast, 2023–2032”. According to the report, the global thermal biosensor market was valued at $5.1 billion in 2022, and is projected to reach $11.4 billion by 2032, registering a CAGR of 8.5% from 2023 to 2032.

Prime determinants of growth
The thermal biosensor market is expected to witness notable growth during the forecast period, owing to increase in requirement of healthcare diagnosis, rise in emphasis on environmental monitoring, and surge in demand for food safety drives market growth. Moreover, development in biotechnology sector is expected to provide lucrative opportunities for the growth of the thermal biosensor market during the forecast period. On the contrary, rapid increase in production costs limits the thermal biosensor market growth during the forecast period.

The Point-of-care (POC) segment to maintain its leadership status throughout the forecast period
Based on application, the Point-of-care (POC) segment held the highest market share in 2022, accounting for more than one-fourth of the global thermal biosensor industry revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to their capacity to deliver speedy and accurate diagnoses, leading to quicker treatment decisions and better patient outcomes within the healthcare sector. Moreover, the Point-of-care (POC) segment is projected to attain the highest CAGR of 10.1% from 2023 to 2032.

The offline segment to maintain its leadership status throughout the forecast period
Based on distribution channel, the offline segment held the highest market share in 2022, accounting for more than three-fifths of the global thermal biosensor market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to healthcare institutions, including hospitals, clinics, and diagnostic centers, place a high premium on the reliability and immediate availability that offline procurement offers. This preference arises from the need to ensure product quality and obtain swift technical support. In addition, the surge in demand for point-of-care testing and in-person healthcare services has heightened the necessity for thermal biosensors, making offline channels the favored choice for healthcare providers. Moreover, the online segment is projected to attain the highest CAGR of 9.0% from 2023 to 2032.

North America to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-fifth of the global thermal biosensor market revenue. Asia-Pacific region is expected to witness the fastest CAGR of 10.1% from 2023 to 2032 owing to increase in sale of smart watches and smart trackers in the region.

Leading market players:

• DowDupont Inc.
• LifeSignals
• Nova Biomedical Corporation
• Masimo Corporation
• Siemens
• Fitbit (Google)
• Garmin
• TA Instruments

The report provides a detailed analysis of these key players of the thermal biosensor market. These players have adopted different strategies such as product development, and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. Allied Market Research