Glucose Biosensors Market: North America Dominated With Revenue Share By 2030
Glucose Biosensors Industry Overview
The global glucose biosensors market size was valued at USD 10,206.3 million in 2021 and is anticipated to expand at a CAGR of 7.9% during the forecast period. The rise in the adoption of non-invasive and small-sized glucose monitoring systems coupled with the increasing incidence of diabetes globally is expected to boost the market growth. According to the International Diabetes Federation in 2021, there were about 537 million people diagnosed with diabetes, which is expected to reach 643 million by 2030 and 783 million by 2045. In addition, increasing patient awareness, and early diabetes detection is expected to contribute to the market growth. Diabetic patients consistently need to monitor their blood glucose levels to avoid complications.
Glucose biosensors are used to monitor a patient's blood glucose concentration and are an essential part of diabetes management. As a result, a glucose biosensor that is accurate, sensitive, and reliable is essential. Furthermore, the growing demand for self-monitoring devices has augmented the use of biosensors among diabetic patients. These are now available as small and minimally invasive devices that measure glucose levels even in outpatient settings and home care.
The gold standard method for diabetes diagnosis and management is still blood glucose detection. Apart from blood, saliva, urine, sweat, interstitial fluids, and tears, there are other bodily fluids in which glucose is present in various concentrations. For instance, in October 2021, Penn State University researchers invented a novel technique that can assess glucose in sweat rather than blood, removing the need for a needle prick.
Gather more insights about the market drivers, restrains and growth of the Global Glucose Biosensors market
Technological advancements are expected to play an integral role in boosting usage rates. This is evident from the development of minimal and non-invasive glucose biosensors in the market. Several companies, including small and major players, conduct extensive R&D activities to develop less painful, cost-effective, more accurate, and reliable products. For instance, in September 2020, Abbott launched the Libre Sense Glucose Sport Biosensor, a glucose sport biosensor that is designed to help athletes better understand the relationship between their glucose levels and athletic performance.
The COVID-19 pandemic has provided untapped opportunities for glucose biosensors to gain ground in the diabetic care sector. Consumers are more aware of the benefits of blood glucose monitoring devices, as there was a focus on the usage of virtual clinics and telemedicine for diabetic management during the pandemic. The glucose biosensors assisted patients and healthcare providers in improving glycemic control and possibly increasing patient self-management, resulting in a dramatic shift in diabetes care. However, the economic setback experienced by patients.
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Glucose Biosensors Market Segmentation
Grand View Research has segmented the global glucose biosensor market based on type, device, end use, and region:
Glucose Biosensors Type Outlook (Revenue, USD Million, 2017 - 2030)
- Electrochemical biosensor
- Optical Biosensor
- Other
Glucose Biosensors End Use Outlook (Revenue, USD Million, 2017 - 2030)
- Hospitals
- Homecare
- Diagnostic centers
Glucose Biosensors Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- May 2020: Medtronic announced that the Android version of its Guardian Connect CGM system has been approved by the U.S. FDA. The Guardian Connect system is a standalone CGM device that notifies patients up to 60 minutes in advance of anticipated high or low sensor glucose events.
Key Companies profiled:
Some prominent players operating in the glucose biosensors market include:
- Abbott Laboratories
- Dexcom
- Ascenia Diabetes Care
- Nova Diabetes Care
- Hoffmann-La Roche Ltd.
- Sanofi
- GlySens Incorporated
- Trividia Health
- Bayer
- Lifescan
Order a free sample PDF of the Glucose Biosensors Market Intelligence Study, published by Grand View Research.
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