Biosensors integrate a biological recognition element with a physiochemical transducer to produce a measurable signal proportional to the analyte concentration. There are several key components of a biosensor including the bioreceptor, transducer, and detector. Common types of biosensors include optical, resonant, physical, ion-sensitive, and electrochemical biosensors. Biosensors offer advantages like specificity, rapid response, and continuous monitoring capability. They have wide applications in fields like medical diagnostics, environmental monitoring, food analysis, and industrial process control.