Glucose Biosensors Market Size By Product (Continuous Glucose Monitoring, Self-monitoring Blood Glucose), By Technology (Electrochemical Biosensors, Optical Biosensors), By End-Use (Hospitals, Home Care, Diagnostic Centres & Clinics), Industry Analysis Re

Glucose Biosensors Market Size By Product (Continuous Glucose Monitoring, Self-monitoring Blood Glucose), By Technology (Electrochemical Biosensors, Optical Biosensors), By End-Use (Hospitals, Home Care, Diagnostic Centres & Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2030

The global glucose biosensors market is expected to grow at an exponential rate through 2030 owing to the increasing number of diabetes patients across the world. Recently, surging preference for self-monitoring devices to detect diabetes and cost-effective treatments have propelled product innovation in the market.

Several renowned industry players in the glucose biosensors industry are substantially investing in research and development to enhance product innovation and meet consumer demand. Back in April 2022, Ascensia Diabetes Care, a leading international diabetes care corporation, announced the launch of its next-gen Eversense® E3 Continuous Glucose Monitoring (CGM) System, as well as the latest savings program known as Eversense PASS.

Earlier this year, Eversense E3, created by Senseonics Holdings, Inc., received US Food and Drug Administration (FDA) approval for use for a maximum of six months, which made it the longest-lasting CGM sensor available on the market.

The glucose biosensors market has been bifurcated in terms of product, technology, end-users, and region.

Based on product, the glucose biosensors market has been categorized into continuous glucose monitoring (CGM) as well as self-monitoring blood glucose (SMBG).

In 2021, the SMBG segment registered a market valuation of approximately $5 billion and is projected to gain significant momentum in the forecast timeframe owing to increasing awareness around diabetes complications, risks, control, and management.

Based on technology, the industry has been divided into electrochemical biosensors and optical biosensors.

The electrochemical biosensors segment is anticipated to register a CAGR of around 12.8% through the forecast period, driven by the rising number of new product launches and innovations, which will further drive product demand.

With respect to end-users, the glucose biosensors market has been segmented into hospitals, home care, diagnostic centers & clinic, and others.

The hospitals segment is set to grow with a robust CAGR of nearly 12.9% over the review timeline. The increasing number of diabetic patients around the globe and the numerous complications associated with the disease would foster segment outlook.

Meanwhile, the home care segment, garnering the highest CAGR of over 13.2% through the forthcoming years, is expected to achieve this market growth owing to the elevated demand for glucose self-monitoring devices in recent years, especially in the wake of the COVID-19 pandemic.

From the regional perspective, the Middle East & Africa glucose biosensors market is projected to account for more than USD 1,700 million through 2030. The region is anticipated to witness robust growth on the back of the expanding geriatric patient population, obesity, and several diabetes-causing factors such as stress, sedentary lifestyles, as well as a lack of physical activity.