Glucose Biosensors Market Analysis And Forecast To 2031: By Product (CGM (Continuous Glucose Monitoring), SMBG (Self-Monitoring Blood Glucose), By Technology (Electrochemical Biosensors, Optical Biosensors), By Waste Generator (Hospitals, Home Care, Diagn

Glucose Biosensors Market Analysis And Forecast To 2031: By Product (CGM (Continuous Glucose Monitoring), SMBG (Self-Monitoring Blood Glucose), By Technology (Electrochemical Biosensors, Optical Biosensors), By Waste Generator (Hospitals, Home Care, Diagnostic Centres & Clinics, Others), And Region

The global glucose biosensors market was valued at USD 11.9 billion in 2021 and it is anticipated to grow up to USD 42.9 billion by 2031, at a CAGR of 13.7% during the forecast period.

A glucose biosensor is a device that uses an enzyme to catalyze the oxidation of glucose to generate a current, which is proportional to the concentration of glucose in the sample. The enzyme used in most glucose biosensors is glucose oxidase (GOx), which oxidizes glucose to gluconic acid and hydrogen peroxide. The hydrogen peroxide is then reduced to water by a catalyst, usually platinum, and the current generated is proportional to the concentration of glucose.

Market Trends and Drivers

There has been a substantial rise in the number of people diagnosed with diabetes worldwide, which could propel glucose biosensors market statistics. According to the IDF (International Diabetes Federation), around 537 million people between the ages of 20 to 79 years were diagnosed as diabetics in 2021. Categorically, around 1.2 million patients, mainly adolescents and children, have type 1 diabetes whereas close to 541 million adults are at risk of getting type 2 diabetes. A socio-economic analysis by the World Health Organization (WHO) in 2021 showcased that diabetes is more prevalent in middle and low-income countries in comparison to high-income countries, which has increased the product demand.

Market Restraints and Challenges

Regulators have posed stringent policies that have limited the number of product approvals, which could negatively affect glucose biosensors business development. Agencies such as the United States Food and Drug Administration (U.S. FDA) have devised operating procedures, guidelines, performance criteria, and standards for the manufacturing and usage of glucose biosensors devices. This minimizes the risk associated with these devices and ensures adequate safety.

Global Glucose Biosensors Market Segmental Overview

The report analyses the global glucose biosensors market based on product, technology, end-user, and region.

Global Glucose Biosensors Market by Product

Based on product, it is segmented into CGM (Continuous Glucose Monitoring), and SMBG (Self-Monitoring Blood Glucose). Among these, SMBG (Self-Monitoring Blood Glucose) accounted for significant market share in 2021. Rising awareness about risks and complications related to diabetes along with the availability of countermeasures to manage and control the disease will augment segmental expansion. Patients diagnosed with type 2 diabetes prefer to use self-monitoring blood glucose (SMBG) devices due to their affordability and accuracy in predicting the concentration of glucose. This helps patients in identifying hypoglycemia and performing tests without visiting healthcare facilities, further fostering market demand.

Global Glucose Biosensors Market by Technology

In terms of technology, the glucose biosensors market is segregated into electrochemical biosensors and optical biosensors. The electrochemical biosensors segment is anticipated to progress at a significant market share in 2021. These devices have gained immense popularity due to their low cost and quick detection of glucose,. Many firms have developed novel electrochemical sensors with improved specificity, sensitivity, and cheaper cost. Abbott will debut the Libre Sense Glucose Sport Biosensor in September 2020, which employs electrochemical biosensor technology to measure the relationship between glucose levels and athlete performance. The product was based on FreeStyle Libre, Abbott's continuous glucose monitoring technology, which is used to monitor the glucose levels of diabetic patients, hence increasing market demand.

Global Glucose Biosensors Market by End-user

With regards to end-user, the glucose biosensors market is divided into hospitals, home care, diagnostic centres & clinics, and others. The homecare segment of the glucose biosensors market held a significant CAGR and is expected to register significant growth over the forecast period. During the COVID-19 pandemic, many hospitals were unable to offer treatments for disorders like diabetes which limited the availability of healthcare professionals and doctor appointments for non-COVID treatments. As a result, many diabetic patients have become inclined towards self-monitoring devices to track their blood glucose levels from their homes, which may positively influence segmental expansion.

Geographical Analysis of Global Glucose Biosensors Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Europe glucose biosensors market revenue is poised to grow significant CAGR during the forthcoming years. This can be credited to the surging healthcare expenditure in Europe. Moreover, , soaring disposable income, and surging technological advancements are major contributors to the expansion of Europe glucose biosensors market size. The region held over 24% revenue share in 2021. The growing availability of advanced products will also assert a substantial impact on regional industry growth. For instance, Netherlands-based glucose sensor company NovioSense introduced a non-invasive sensor to track the levels of glucose in tears.

Major Players in the Global Glucose Biosensors Market

The key players in the glucose biosensors market are

COVID-19 Impact:

The COVID-19 epidemic slowed all new product launches, impeding regulatory approval of novel glucose biosensor solutions. However, there has been a huge increase in product demand after the end of the lockdown. Furthermore, these devices are becoming more widely available to customers, which has increased the sales of glucose biosensors. During the pandemic, demand for these devices increased since diabetes people are more likely to contract COVID-19, leading to an upsurge in market demand.

Recent Developments

• In October 2022, Dexcom announced the global launch of Dexcom G7 glucose monitoring system with Dexcom announcing its availability in 5 countries in an announcement. Now available for people with diabetes aged 2 years and older in the United Kingdom, Ireland, Germany, Austria, and Hong Kong, also noted company plans for a rollout of the Dexcom G7 CGM system in New Zealand and South Africa in the coming weeks.
• In September 2022, GlucoRx and Cardiff University are set to launch a non-invasive continuous glucose monitor (CGM).
• In January 2022, Abbott launched biowearables for self-monitoring of key nutritional health indicators. This will help to track glucose, ketone, and lactate levels in the body enabling users to continually monitor nutritional and general health.
• In November 2021, Biolinq raises $100 million and unveils micro-sensing technology in the skin for continuous glucose monitoring.
• In September 2020, Abbott introduces world's first glucose biosensor such as Libre Sense Glucose Sport Biosensor. This is designed for athletes to continuously measure glucose to better understand the correlation between their glucose levels and their athletic performance.

Frequently Asked QuestionsQ1. How big is the medical power supply market?Ans. The global glucose biosensors market size was USD 11.9 billion in 2021 and is anticipated to reach USD 42.9 billion in 2031, growing at a rate of 13.7% from 2022 to 2031.Q2. What is the glucose biosensors market growth rate?Ans. The growth rate of the glucose biosensors market is 13.7%.Q3. Which region holds a major market share for the market?Ans. North America holds a major market share of the glucose biosensors market in 2021.Q4. Which segment accounted for the largest glucose biosensors market share?Ans. By end user, the hospitals segment accounted for the largest glucose biosensors market share.Q5. Who are the key players in the glucose biosensors market?Ans. The global glucose biosensors market report includes players such as Q6. What are the factors driving the glucose biosensors market growth?Ans. The major factors driving the growth of the market are Increasing number of patients suffering from diabetes across the worldQ7. What are the key growth strategies of glucose biosensors market players?Ans. The key growth strategies of glucose biosensors market players are product launch and product approval.Q8. Which region will provide more business opportunities for the glucose biosensors market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the glucose biosensors market during the forecast period.

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