The global glucose biosensor market size was worth around USD 10.30 Billion in 2021 and is expected to reach a value of USD 20.12 billion by 2030 with a compound annual growth rate CAGR of roughly 8.10% during the forecast period.
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➤ The market is experiencing growth due to the increasing prevalence of self-monitoring devices.
The prevalence of diabetes has experienced a significant increase, which has led to a rise in the cost of regular check-ups, medications, and the purchase of precise and effective sugar level monitoring devices. Furthermore, the glucose biosensor industry is anticipated to experience growth due to the hereditary character of diabetes and the global increase in the geriatric population.
➤ The market growth is constricted by the high cost of glucose biosensor devices.
The cost of glucose biosensor devices is significantly higher than that of their alternatives, which could potentially lead to a significant decrease in demand among diabetic patients. Additionally, the prevalence of innovative glucose monitoring techniques eliminates the necessity for needle pricks, which may be more accessible to patients. For example, transdermal Reverse Iontophoresis (RI) is rapidly acquiring popularity as a needle-free technology that can extract biomolecules and medications through the undamaged skin, thus enabling the monitoring of glucose levels in patients’ blood. Consequently, the glucose biosensor market’s expansion during the forecast period is impeded by the availability of such precise and convenient measurement devices and processes.
➤ Ample opportunities for the market are created by the growth of telemedicine for diabetic management and the persistent technological advancements in glucose biosensors.
The demand for innovative and effective diagnostic methods is expected to increase as a result of the rapid advancements in healthcare technology. The gold standard technique is also being used more frequently in the diagnosis and management of diabetes among patients as a significant blood glucose detection method.
➤ The prevalence of government-imposed stringent regulatory policies may pose a challenge to market expansion.
Regulators worldwide have consistently implemented stringent policies in the healthcare sector, which has resulted in a reduction in the total number of product approvals. This, in turn, could pose a challenge and have a detrimental effect on the glucose biosensor industry’s growth during the forecast period. The manufacturing and use of glucose biosensor devices are subject to the mandatory implementation of performance criteria, operating procedures, guidelines, and standards by numerous agencies. This is done to guarantee the utmost safety and reduce the likelihood of potential hazards associated with the use of these devices by patients.
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The Global Glucose Biosensor Market is segmented based on product, application and region
Global Glucose Biosensor Market: Product Segment Analysis
● Electrochemical Biosensors
● Optical Biosensors
● Piezoelectric biosensors
● Others
Global Glucose Biosensor Market: Application Segment Analysis
● Hospitals
● Home Care
● Research Institutes
● Diagnostic Centers
● Clinics
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The global Respiratory Diagnostics market profiles key players such as:
● F. Hoffmann-La Roche Ltd.
● Trividia Health Inc.
● Abbott
● Dexcom Inc.
● Medtronic
● LifeScan IP Holdings LLC.
● Senseonics
● Sanofi
● Bayer AG
● GlySens Incorporated
● Pinnacle Technologies Inc
???? Recent Developments:
• In April 2022, 77 Elektronika Kft, a prominent medical equipment manufacturer based in Hungary, declared the launch of its new GlucoMen Day continuous glucose monitor (CGM) system in partnership with A. Menarini Diagnostics, an Italian company. 77 Electronika mentions that their new system provides real-time glucose monitoring through the use of a sensor that can take measurements every minute, throughout the day.
• Roche Diabetes Care announced the launch of its new connected blood glucose monitoring (BGM) system, the Accu-Chek Instant system, in February 2021. This system will complement the company’s integrated Personalised Diabetes Management (iPDM), a therapeutic approach that aims to provide personalized and streamlined diabetes management to patients. In conjunction with the mySugr application, the Accu-Chek Instant is equipped with Bluetooth connectivity.
➤ The market is anticipated to be dominated by the North American region during the forecast period.
The North American region accounted for approximately 30.3% of the global glucose biosensor market share in 2021, and it is expected to continue to expand at a substantial CAGR throughout the forecast period. The primary reason for the market’s expansion in this region is the rise in the prevalence of diabetes among the population.
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