May 22, 2024

Global Glucose Biosensor Market is set to Rise Due to Growing Adoption of Continuous Glucose Monitoring Devices

Glucose biosensors are miniaturized devices that detect and quantify the amount of glucose in blood through an electrochemical reaction. They are portable, pain-free, and provide real-time information about changes in blood glucose levels, allowing patients to effectively manage their diabetes. Some key advantages of glucose biosensors include ease of use, high degree of accuracy, small size, and ability to continuously monitor glucose levels. Rising prevalence of diabetes globally is fueling the demand for reliable blood glucose monitoring devices for effective management of the disease.

The Global Glucose Biosensor Market is estimated to be valued at US$11.77 billion in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period between 2024 to 2031.

Key Takeaways

Key players operating in the Glucose Biosensor Market Size are Abbott Laboratories, Dexcom, Ascenia Diabetes Care, Nova Diabetes Care, F. Hoffmann-La Roche Ltd., Sanofi, GlySens Incorporated, Trividia Health, Bayer, and Lifescan.

Increasing adoption of minimally invasive and needle-free continuous glucose monitoring devices presents significant growth opportunities in the market. Advancements in sensor technology have enabled development of long-term, flexible, miniaturized, and wearable glucose monitors.

Growing popularity of smartphone integrated glucose monitors is expected to drive the market. These devices allow real-time streaming of glucose levels to compatible smartphones for easy monitoring. Launch of advanced biosensors for non-invasive glucose monitoring through techniques like sweat analysis will further fuel market growth.

Market Drivers

Rising incidence of diabetes globally due to sedentary lifestyles and obesity is a major growth driver. Diabetes patients require regular glucose monitoring to manage their blood sugar levels. Growing geriatric population also contributes to market expansion, as elderly are more prone to diabetes. Favorable reimbursement policies and government support for innovative glucose monitoring devices will boost adoption.

Current Challenges in Global Glucose Biosensor Market

The glucose biosensor market faces many challenges currently. Rising healthcare costs put pressure on manufacturers to develop affordable technologies. Miniaturization of biosensors is an ongoing challenge as reducing size impacts sensitivity and accuracy. Interferent molecules like ascorbic acid and uric acid present in body fluids can impact sensor readings if not properly filtered. Device calibration remains important due to factors affecting readings over time. User-friendly, pain-free designs are important for patient compliance. Regulatory approvals take significant time and cost, impacting new product development cycles.

SWOT Analysis
Strength: Non-invasive nature and continuous monitoring capabilities provide convenience to users. Real-time results help make timely therapy decisions.
Weakness: Requirements of frequent calibration and replacement impact operating costs. Sensitivity to environmental conditions like temperature affects accuracy.
Opportunity: Growing prevalence of diabetes and other conditions drive demand. Expanding applications beyond glucose to other analytes present opportunities.
Threats: Intense competition from existing and new market entrants may impact pricing and market share. User acceptance of new form factors remains a challenge.

North America accounts for the largest share of the global glucose biosensor market, both in terms of value and volume. This is attributed to growing incidence of diabetes, supportive reimbursement policies, and advanced healthcare facilities in the region. Asia Pacific is poised to witness the fastest growth during the forecast period due to increasing healthcare spending, growing diabetes population, and rising awareness about self-monitoring.

China accounts for over half of the Asia Pacific glucose biosensor market value owing to a large patient pool and improving access to diagnostic technologies. Other major regions contributing to market value are Western Europe, Latin America, and Middle East & Africa. Regulatory approvals and reimbursements vary significantly across regions, impacting regional demand dynamics.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it