Biophysical characteristics of cells are commonly used for cell type classification as label-free biomarkers. Changes in cell membrane capacitance and conductance, as well as intracellular water, are essential to study because they can be utilized as an early detection tool for a variety of diseases, including cancer. Under different conditions cells have varying dielectric characteristics, which can be utilized as biomarkers, according to previous research. Using spectroscopy, the goal is to measure and investigate various changes in cells. Such research necessitates the use of expensive and often inaccessible equipment. The purpose of this thesis is to develop a low-cost, low-power system that allows for label-free, non-invasive testing of various cells to extract various dielectric properties and use them to develop cellular biomarkers. A Transimpedance amplifier-based bio-impedance measurement device was developed to investigate the dielectric characteristics of cells at the frequency range of 100 Hz to 1 MHz, as well as a variety of analytical methodologies and a simulation model to verify the findings. The method is then validated by examining changes in cell morphology in a suspension of yeast cells at different osmolarities. To further study water transport in cells the dielectric characteristics of yeast cell suspensions are then measured using an open ended coaxial dielectric probe at the frequency range of 200 MHz to 6 GHz. This thesis shows promising results in using a Transimpedance amplifier-based bio-impedance system to analyze changes in the dielectric characteristics of cells..