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Industry Overview
Glucose Biosensors Market size was registered at USD 11.11 billion in 2021. The industry is estimated to grow at a CAGR of 12.6% from 2022 to 2030. Increasing prevalence of diabetes worldwide and the rising geriatric population will be key drivers for the market growth.
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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.
| Report Coverage | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | USD 11.11 Billion |
| Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 12.6% |
| 2030 Value Projection: | USD 33.24 Billion |
| Historical Data for: | 2017 to 2021 |
| No. of Pages: | 182 |
| Tables, Charts & Figures: | 183 |
| Segments covered: | Product, Technology, End-use, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Strict regulatory policies may hamper the market growth
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.
Surging demand for self-monitoring blood glucose devices to bolster market size
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Based on product, the glucose biosensors market is bifurcated into SMBG (Self-Monitoring Blood Glucose) and CGM (Continuous Glucose Monitoring). Among these, the self-monitoring blood glucose segment was valued at USD 5 billion 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.
Growing demand for new electrochemical products to define the industry landscape
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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 12.8% CAGR during the forecasted timeframe. These devices have gained immense popularity due to inexpensive and rapid glucose detection.
Many companies have devised new electrochemical sensors with higher selectivity, sensitivity, and lower cost. In September 2020, Abbott unveiled the Libre Sense Glucose Sport Biosensor, which uses electrochemical biosensor technology to assess the association between glucose levels and the performance level of athletes.
The product was based on FreeStyle Libre, Abbott’s continuous glucose monitoring technology, which is used for monitoring the glucose levels of diabetic patients, thereby proliferating market demand.
Lack of healthcare professionals to bolster the homecare segment demand
The homecare segment of the glucose biosensors market held a 13.2% 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.
Surging healthcare expenditure propels market expansion in Europe
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Increased healthcare spending, 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.
Impact of COVID-19 on the glucose biosensors market trends
The COVID-19 pandemic impeded all launches of newly approved products, adversely affecting regulatory approval of new glucose biosensor solutions.
However, since the end of the lockdown, there has been a significant rise in product demand. In addition, these devices are becoming easily available to consumers, which has augmented glucose biosensors sales. The demand for these devices skyrocketed during the pandemic as diabetic patients are more prone to contract COVID-19, leading to a further increase in market demand.
The Glucose Biosensors market report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD million from 2017 to 2030 for the following segments:
By Product
- CGM (Continuous Glucose Monitoring)
- SMBG (Self-Monitoring Blood Glucose)
By Technology
- Electrochemical Biosensors
- Optical Biosensors
By End Users
- Hospitals
- Home Care
- Diagnostic Centres & Clinics
- Others
The above information is provided on a regional and country basis for the following:
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
Asia Pacific
- China
- India
- Japan
- Australia
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- South Africa
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