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Non-Invasive Glucose Monitoring Devices Market Size, Share and Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032
- Report ID: GMI3538
Non-Invasive Glucose Monitoring Devices Market size is anticipated to register substantial progression from 2023 to 2032. Increasing health awareness among people, leading to an upsurge in the demand for regular and remote monitoring of patients, and burgeoning healthcare expenditure will foster the market development.
The soaring prevalence of lifestyle diseases like diabetes due to unhealthy dietary habits and changing lifestyles is likely to propel industry expansion. According to the World Diabetes Federation, over 540 million persons worldwide have diabetes, with half of those being undiagnosed. The number of persons affected is set to climb to 643 million by 2030 and 783 million by 2045.
Non-invasive glucose monitoring devices are generally intended for people suffering from diabetes mellitus to monitor a patient's blood glucose levels without pricking the skin, drawing blood, or causing trauma or pain. These devices are gaining traction among the pediatric and geriatric populations driven by their non-invasive and painless monitoring process.
Moreover, growing R&D investment and activities leading to the innovation of advanced and cost-effective products will positively impact the non-invasive glucose monitoring devices market outlook by 2032. In November 2022, at MEDICA 2022, UK-based medical product and platform provider GlucoRx unveiled the world's first multi-sensor non-invasive continuous glucose monitor (CGM), to enable needle-free monitoring for diabetic patients.
However, as the prices of raw materials for medical devices have surged in recent years, the industry is facing several challenges. Numerous medical device businesses are experiencing shortages of semiconductors and other crucial components. The medical industry has witnessed an increase in transportation costs as well as prolonged and more uncertain delivery times. The COVID-19 pandemic and the Russo-Ukrainian conflict both had an impact on industry progress and this trend is projected to continue in the future.
Based on technology, the non-invasive glucose monitoring devices industry from the Raman spectroscopy segment is poised to observe lucrative gains by 2032 considering the precise monitoring and cost-effective benefits it offers. It is a non-destructing and non-contacting technique that involves the interaction of light with chemical bonds within a matter. It also requires no sample preparation and is highly sensitive to changes in the material structure.
The non-invasive glucose monitoring devices market from the wearable blood glucose monitoring systems system is slated to gain exponential traction by 2032 led by the proliferating development for non-invasive continuous glucose monitoring devices integrated with trending technologies that offer detailed glucose data, accurate CGM, blood-free readings, and extra features on a budget. TRUMPF Photonic Components, a global leader in photodiode and VCSEL solutions, and Danish startup, RSP Systems, collaborated to facilitate wrist-worn glucose monitoring. TRUMPF agreed to provide its VCSEL technology to design a similar sensor that will miniaturize the size of RSP Systems’ non-invasive glucose monitoring system to be made wearable.
The non-invasive glucose monitoring devices industry from the home care segment is likely to register decent progression over the forecast timeframe due to the growing requirement for continuous self-monitoring of blood glucose. These devices are easy to use and do not require any expertise, thus eliminating the hassle of hospital visits.
Regionally, the Asia Pacific non-invasive glucose monitoring devices market is set to witness rapid expansion through 2032 driven by an upsurge in the diabetic population and improving healthcare infrastructure in the region. Furthermore, increasing R&D investment by major industry players in product innovation will boost regional growth over the projected timeframe.
Prominent enterprises engaged in the non-invasive glucose monitoring devices industry include Abbott Laboratories, DexCom, Tech4Life Enterprises, Integrity Applications, Inc., Hoffmann-La Roche Ltd., MediWise, Medtronic, Nemaura, OrSense, and Taiwan Biophotonic Corporation, among others.
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