BURLINGAME, Calif. ,
July 22,
2024 /PRNewswire/ -- The
global Glucose Biosensor Market is projected to
grow from USD 11.77 billion in 2023
to USD 21.3 billion by 2031, with a
compound annual growth rate (CAGR) of 7.7% from 2024 to 2031, as
per a recent report by Coherent Market Insights. Rising demand
for self-monitoring blood glucose devices among diabetes patients
in recent years owing to their ease of use and mobility. These
devices allow flexible glucose monitoring through the day and night
without needing to visit hospitals or diagnostic centers every
time. They provide real-time glucose readings along with trends
that help patients and healthcare professionals better understand
fluctuations and accordingly manage insulin therapy.
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Market Dynamics:
The Global Glucose biosensor market is witnessing high growth
owing to growing prevalence of diabetes across the globe. According
to WHO data, around 422 million people worldwide have diabetes and
it is one of the major causes of death in developing and developed
nations. Furthermore, advancement in technology and growing demand
for self-monitoring blood glucose devices are also fueling the
market growth. Glucose biosensors offer constant monitoring of
blood glucose levels which enable early detection as well as
management of diabetes.
Global Glucose Biosensor Market Report Coverage
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$11.77
billion
|
Estimated Value by
2031
|
$21.3
billion
|
Growth
Rate
|
Poised to grow at a
CAGR of 7.7%
|
Historical
Data
|
2019–2023
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Technology, By
Application, By End Use
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Growth
Drivers
|
- Rising prevalence
of diabetes
- Growing geriatric
population
|
Restraints &
Challenges
|
- Stringent
regulatory policies
- High cost of
biosensors
|
Market Trends:
Non-invasive Glucose Monitoring Systems: Continuous glucose
monitoring (CGM) systems that does not require finger pricking for
glucose reading are gaining higher traction among consumers. Major
players are focusing on development of non-invasive CGM systems to
measure interstitial glucose levels.
Smart Contact Lens Integrated with Glucose Sensor: Companies are
developing novel glucose sensing contact lenses that can
continuously monitor tear glucose levels and are linked with
smartphone apps. This emerging technology would provide discreet
glucose monitoring solution for diabetes patients.
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Enzymatic biosensors are expected to hold the largest market
share over the forecast period. Enzymatic biosensors utilize
oxidoreductase enzymes like glucose oxidase or dehydrogenase to
catalyze the oxidation of glucose. This reaction generates an
electrical signal that can be measured by electrodes and processed
to indicate the glucose level. Enzymatic biosensors offer high
selectivity and sensitivity in detecting glucose due to the
enzyme's catalytic activity. Advances in nanotechnology and
material sciences have improved the performance and stability of
enzyme immobilization methods, boosting the demand for enzymatic
glucose biosensors.
The home diagnostic applications segment is poised to witness
significant growth during the forecast period. The increasing
acceptance of self-monitoring practices and portable glucose
monitoring systems for home use is a major factor driving this
segment's growth. Self-monitoring helps diabetics better manage
their condition and make timely therapeutic decisions. It allows
for round-the-clock glucose monitoring without hospital visits.
This provides convenience and empowers patients to take control of
their health. Technological advancements enabling accurate,
pain-free, and easy-to-use home diagnostic tools will further
propel the adoption of glucose biosensors for self-monitoring at
home.
Key Market Takeaways:
The global glucose biosensor market is anticipated to witness a
CAGR of 7.7% during the forecast period 2024-2031, owing to the
growing prevalence of diabetes worldwide. On the basis of
technology, the enzymatic biosensors segment is expected to hold a
dominant position, owing to their high selectivity and sensitivity
in glucose detection.
On the basis of application, the home diagnostic segment is
expected to hold a dominant position over the forecast period, due
to the increasing preference for self-monitoring and portable
glucose monitoring systems.
On the basis of end use, the hospitals segment is expected to
dominate the market over the forecast period since a majority of
glucose tests are performed in hospitals.
By region, North America is
expected to hold a dominant position over the forecast period, due
to the rising diabetic population, growing awareness regarding
diabetes management, and availability of advanced healthcare
facilities in the region.
Key players operating in the global glucose biosensor market
include Abbott Laboratories, Dexcom, Ascenia Diabetes Care, Nova
Diabetes Care, F. Hoffmann-La Roche Ltd., Sanofi, GlySens
Incorporated, Trivindia Health, Bayer, and Lifescan among others.
Strategic collaborations and new product launches are some key
strategies adopted by major players to gain a competitive edge in
the market.
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Recent Developments:
In September 2021, Abbott,
introduced the world's first glucose sport biosensor, Libre Sense
Glucose Sport Biosensor, which is designed for athletes to
continuously measure glucose to better understand the correlation
between their glucose levels and their athletic performance.
In March 2019, Biolinq, announced
that it has expanded its oversubscribed Series A financing with an
additional investment of US$ 4.7
million led by the JDRF T1D Fund, Aphelion Capital and
LifeSci Venture Partners.
Detailed Segmentation:
By Technology:
-
- Enzymatic Biosensor
- Non-Enzymatic Biosensor
By Application:
-
- Home Diagnostics
- Hospitals and Clinics
- Research and Development
By End Use:
-
- Hospitals
- Homecare
- Diagnostic centers
By Region:
North America:
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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