Glucose Biosensors Global Market Report 2024

The glucose biosensors market has grown rapidly in recent years. It will grow from $14.07 billion in 2023 to $15.66 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historical period can be ascribed to advancements in research and development, cost-effectiveness, user-friendly designs, the rising prevalence of diabetes, integration with smart devices, and the adoption of non-invasive monitoring techniques.

The glucose biosensors market is expected to see rapid growth in the next few years. It will grow to $24.36 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The anticipated growth in the forecast period can be linked to the adoption of personalized healthcare solutions, an increase in diabetes cases, the expansion of continuous glucose monitoring, integration with wearable technology, and advancements in non-invasive monitoring development. Major trends expected in the forecast period encompass eco-friendly biosensor designs, enhanced interconnectivity and data sharing, the empowerment of home healthcare, the evolution of non-invasive monitoring techniques, and the development of implantable biosensors.

The anticipated growth in the glucose biosensors market is expected to be driven by the increasing prevalence of diabetes. Diabetes, an incurable disease resulting from insufficient insulin production or utilization, prompts individuals to use glucose biosensors for regular blood glucose monitoring. This practice empowers diabetes patients to conveniently monitor their blood glucose levels, enabling them to make necessary adjustments to their medication for improved diabetes management. As per the International Diabetes Federation's 2021 report, which is a Belgium-based international diabetic association, diabetes currently affects around 537 million individuals aged 20-79, constituting one in every ten people. Projections indicate an expected increase to 643 million by 2030 and 783 million by 2045. In low- and middle-income nations, three out of four adults are grappling with diabetes, causing 6.7 million deaths in 2021, equating to one death every 5 seconds. Therefore, the rising prevalence of diabetes is a driving force behind the growth of the glucose biosensors market.

The increasing aging population is anticipated to contribute to the growth of the glucose biosensor market. The aging population, characterized by a rising proportion of elderly individuals, benefits from glucose biosensors that support effective diabetes management through early detection, remote monitoring, and overall well-being. According to the World Health Organization's October 2022 report, globally, one in six people will be 60 or older by 2030, with the number of individuals in this age group reaching 2.1 billion by 2050. In the United Kingdom, projections from the UK Parliament's House of Commons Library in June 2021 indicate that by 2043, the senior population will constitute 24% of the total population, amounting to 17.4 million people. Therefore, the growing aging population is a significant factor driving the growth of the glucose biosensor market.

Prominent players in the glucose biosensor market are strategically concentrating on introducing innovative products, such as the Accu-Chek Instant System, to meet the increasing demand for personalized diabetes management (iPDM). The Accu-Chek Instant system is a connected blood glucose monitoring system specifically designed to support iPDM. It equips users with the necessary tools and data for informed decision-making regarding their diabetes care. In March 2021, Roche Diabetes Care GmbH, a Switzerland-based developer of blood glucose monitoring systems, unveiled the Accu-Chek Instant system. This new system incorporates a range of features aimed at simplifying and enhancing blood glucose monitoring for effective diabetes management. Overall, the Accu-Chek Instant system provides a comprehensive and user-friendly solution for blood glucose monitoring, coupled with connectivity to the mySugr app, empowering users to take control of their diabetes and work towards achieving their health goals.

Major companies in the glucose biosensor market are emphasizing innovative product launches, exemplified by the introduction of the GlucoMen Day continuous glucose monitoring (CGM) system, to diversify their product portfolio and broaden market outreach. The GlucoMen Day CGM system, a real-time subcutaneous continuous glucose monitoring system, is designed to assist individuals with diabetes in effectively managing their blood sugar levels. This system offers a more convenient and accurate alternative for tracking glucose fluctuations compared to traditional finger-pricking methods. In April 2022, 77 Elektronika Kft., a Hungary-based medical equipment manufacturer, introduced the glucomen day continuous glucose monitoring (CGM) system in collaboration with A. Menarini Diagnostics, an Italy-based diagnostics company. The glucomen day CGM system represents a notable advancement in diabetes management technology, providing users with valuable insights into their glucose levels and empowering them to make informed decisions for better diabetes control. This innovative system has the potential to enhance the quality of life for people with diabetes and alleviate the burden of this chronic condition.

In May 2023, Medtronic plc, an Ireland-based medical device company, completed the acquisition of EOFLOW Co., Ltd. for $738 million. Through this strategic acquisition, Medtronic plc aims to broaden treatment options, cater to the demand for discreet delivery, and strengthen its position in the market. EOFLOW Co. Ltd. is a South Korea-based medical device company specialized in developing and manufacturing wearable drug delivery systems.

Major companies operating in the glucose biosensors market report are Abbott Laboratories, DexCom Inc., F. Hoffmann-La Roche AG, Sanofi S.A., GlySens Incorporated, Trividia Health, Bayer AG, LifeScan Inc., Medtronic plc, Nova Biomedical Corporation, Senseonics Holdings, Pinnacle Technologies Inc., ACON Laboratories Inc., AgaMatrix Inc., Ypsomed AG, Ascencia Diabetes Care Holdings Inc., Bio-Rad Laboratories Inc., DuPont de Nemours Inc., Biosensors International Group Ltd., Cytiva, Universal Biosensors Inc., CARDEA BIO INC., Conductive Technologies Inc., EarlySense Inc., Innovative Sensor Technology IST AG, LifeSignals Inc., NeuroSky Inc., SD Biosensor INC., VitalConnect Inc., Xsensio, Taidoc Technology Corporation.

North America was the largest region in the glucose biosensors market in 2023. The regions covered in the glucose biosensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the glucose biosensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product categories for glucose biosensors include continuous glucose monitoring, self-monitoring blood glucose, and non-invasive glucose monitoring. Continuous glucose monitoring (CGM) involves using a miniature sensor implanted under the skin to measure glucose levels in the patient's body. This method offers a more comprehensive view of glucose levels compared to standard fingerstick glucose monitoring and provides real-time results. The technologies predominantly used are electrochemical biosensors, optical biosensors, piezoelectric biosensors, and others. These biosensors find applications across various end-users such as hospitals, home care, diagnostic centers, clinics, and others.

The glucose biosensors market research report provides glucose biosensors market statistics, including glucose biosensors industry global market size, regional shares, competitors with a glucose biosensors market share, detailed glucose biosensors market segments, market trends and opportunities, and any further data you may need to thrive in the glucose biosensors industry. This glucose biosensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The glucose biosensors market consists of sales of magnetic biosensors, thermometric biosensors, potentiometric, amperometric, and conductometric sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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