The Global Glucose Biosensor Market is Anticipated to Witness High Growth Owing to Increasing Cases of Diabetes
Glucose biosensors are highly accurate, pain-free, portable and easy to use devices that helps in monitoring glucose levels among diabetic patients. Growing diabetic population globally and growing adoption of self-monitoring of blood glucose devices has been a major growth factor for this market.
The Global glucose biosensor market is estimated to be valued at US$ 11.77 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the global glucose biosensor market are Abbott Laboratories, Dexcom, Ascenia Diabetes Care, Nova Diabetes Care, F. Hoffmann-La Roche Ltd., Sanofi, GlySens Incorporated, Trividia Health, Bayer, and Lifescan. These players are focusing on new product launches, partnerships and geographic expansion to gain major market share. The glucose biosensor market provides various opportunities such as continuous glucose monitoring, non-invasive glucose monitoring and smart insulin delivery systems. North America dominates the global glucose biosensor market. However, Asia Pacific region is expected to exhibit fastest growth owing to increasing healthcare spending and growing adoption of diabetes management devices.
Market Drivers and Restrain
The key driver for the Global Glucose Biosensor Market Size is increasing cases of diabetes worldwide. As per WHO, around 422 million adults were living with diabetes in 2014, which is expected to rise to 629 million by 2045. Moreover, growing geriatric population is also at high risk of diabetes due to age related diseases. Approximately 5-10% of global healthcare spending is spent on diabetes. This creates demand for low cost and frequent glucose monitoring among diabetic patients thus driving the glucose biosensor market growth.
However, lack of reimbursement policies for glucose monitoring devices along with their high costs are expected to restrain the market growth. Moreover, alternatives monitoring technologies such as self-monitoring blood glucose systems and continuous glucose monitoring systems pose stiff competition to glucose biosensors. Significant research and development investments are required for development of accurate, stable and cost effective glucose biosensors which also act as a major challenge for industry players over the forecast period.
Segment Analysis
The global glucose biosensor market can be segmented based on product type, sample type, application, end user, and regions. The Homecare sub segment dominates the product type segment owing to the increasing diabetic population and growing awareness about self-care. The point-of-care glucose testing devices are witnessing the highest demand as they are ideal for measuring glucose levels at hospitals, nursing homes, and in home care settings.
Global Analysis
Geographically, the North American region holds the largest share in the global glucose biosensor market and is expected to maintain its dominance during the forecast period. This is attributed to the presence of key manufacturers in the region coupled with the growing prevalence of diabetes. Furthermore, the presence of advanced healthcare infrastructure and growing R&D investments for the development of cost-effective and long-lasting glucose biosensors are also driving the regional market growth. The Asia Pacific region is projected to witness the fastest growth rate during the forecast period owing to the rising geriatric population, growing lifestyle diseases, increasing healthcare expenditure, and rising penetration of key players in emerging Asian countries.
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