Centralized laboratories in which analytical processes are automated to enable the analysis of large numbers of samples at relatively low cost are used for analytical testing throughout the world. However, healthcare is changing, partly due to the general recognition that care needs to be more patient-centered and putting the patient at the center of action. One way to achieve this goal is to consider point-of-care testing (PoC) devices as alternative analytical concepts. This requires miniaturization of current analytical concepts and the use of cost-effective diagnostic tools with appropriate sensitivity and specificity. Electrochemical sensors are ideally adapted as they provide robust, low-cost, and miniaturized solutions for the detection of variable analytes, yet lack the high sensitivity comparable to more classical diagnosis approaches. Advances in nanotechnology have opened up a plethora of different nanomaterials to be applied as electrode and/or sensing materials in electrochemical biosensors. The choice of materials significantly influences the sensor's sensitivity, selectivity, and overall performance. A critical review of the state of the art with respect to the development of the utilized materials (between 2019 and 2023) and where the field is heading to are the focus of this article.