June 18, 2024
Global Glucose Biosensor Market

The Global Glucose Biosensor Market is trending towards point of care testing by 2031

They provide painless, non-invasive and accurate detection through a small electrode that senses the presence of glucose. The biosensor contains glucose-specific enzymes like glucose oxidase or glucose dehydrogenase and an electrode coated with mediator molecules to transfer electrons from the glucose reaction.

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.

The market has witnessed significant growth owing to the rising prevalence of diabetes and subsequent increase in demand for continuous glucose monitoring systems for better management of diabetes. Portable and wearable glucose monitoring systems have gained popularity as they provide more flexibility and easier glucose measurements without pricking fingers frequently.

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. Abbott Laboratories dominates the market with its Freestyle Libre continuous glucose monitoring system.

The growing incidence of diabetes owing to obesity, sedentary lifestyle and aging population has fueled the demand for glucose biosensors for self-monitoring of glucose levels. According to International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide.

Major companies have expanded their geographical presence across global markets to meet the rising demand. For instance, Abbott Laboratories has received regulatory approvals for Freestyle Libre in various regions and countries including Europe, India, Brazil, Mexico and Malaysia. Players are also investing in technology advancement to develop innovative products for improved usability and accuracy.

Market key trends

One of the key trends in the Global Glucose Biosensor Market Size is the development of non-invasive technology for pain-free glucose monitoring. Companies are working on new wearable and patch-based devices that can painlessly detect the glucose levels through sweat, tears or interstitial fluid. Researchers are exploring ways to incorporate wireless data transmission and cloud-based data management with these devices for continuous remote monitoring. This technology could help overcome issues with current finger-pricking based systems and improve user compliance.

Porter’s Analysis
Threat of new entrants: Low cost of production and intense price wars among the existing key players makes entry difficult for any newcomers in this competitive market. Bargaining power of buyers: With several established options available in the market, buyers have high bargaining power and easily switch to alternatives based on price and quality. Bargaring power of suppliers: Being a highly fragmented market, glucose biosensor manufacturers source components from multiple global and regional suppliers giving them low bargaining power. Threat of new substitutes: Continuous technological advancements in artificial pancreas and non-invasive monitoring devices pose a threat of substitution to traditional glucose biosensors. Competitive rivalry: Being a mature market, intense competition exists among the key global players to gain higher market share through new product launches, mergers and geographic expansions.

Geographical Regions
North America accounts for the largest share of the global glucose biosensor market in terms of value owing to rising prevalence of diabetes, growing elderly population and availability of advanced healthcare facilities. Asia Pacific is expected to witness the fastest growth over the forecast period supported by increasing health awareness, expanding medical device industry and growing disposable incomes in countries like China and India.

Fastest Growing Region
Asia Pacific region is poised to emerge as the fastest growing region for the global glucose biosensor market between 2024-2031. This is attributed to rapidly increasing patient base of diabetes, rising healthcare expenditures, growing penetration of health insurance schemes and improving accessibility of diagnosis and treatment services across countries like India and China. Furthermore, favourable initiatives by governments to create awareness about diabetes self-management will continue to drive the demand for personal glucose monitoring devices.

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