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Glucose Biosensors Market size to exceed $33.2bn by 2030
- Published Date: August 9, 2022
The global glucose biosensors market size is estimated to surpass USD 33.2 billion by 2030, according to the new research study by Global Market Insights Inc.
The report cites the growing prevalence of Type 2 diabetes and gestational diabetes as the primary drivers for glucose biosensors market growth. The United States has witnessed a significant increase in the number of Type 2 diabetics in recent years. As per the data presented by the Centers for Disease Control and Prevention (CDC), around 37 million people are diabetics, out of which 90 to 95% suffer from type 2 diabetes in the United States, thereby bolstering the industry outlook.
Furthermore, many pregnant women around the world are diagnosed with gestational diabetes mellitus (GDM) which may contribute further to business growth. The children of these women are at an elevated risk of diabetes in the future, which has significantly increased the demand for SMBG devices amongst pregnant women.
Based on product, the continuous glucose monitoring segment accounted for the largest glucose biosensors market share of 52% in 2021. An increased level of patient awareness of Type 1 diabetes will also augment segmental growth during the forecast period, says the report.
As per the data issued by the European Association for the Study of Diabetes in 2021, over 9 million people around the globe are diagnosed with Type 1 diabetes. As a minimally invasive device, CGM is a viable wearable biosensor option for monitoring samples such as intertidal fluids.
Browse key industry insights spread across 182 pages with 170 market data tables and 13 figures & charts from the report “Glucose Biosensors Market Size By Product (Continuous Glucose Monitoring, Self-monitoring Blood Glucose), By Technology (Electrochemical Biosensors, Optical Biosensors), By End-Use (Hospitals, Home Care, Diagnostic Centres & Clinics), Industry Analysis Report, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents
In terms of technology, the optical biosensors segment accounted for a revenue share of 11% in 2021 and is expected to grow at a substantial rate over the forecast period. These devices offer several benefits such as remote sensing, electrical interference-free operation, and a rapid reaction time. With such advantages at its disposal, the segment is expected to proliferate at a commendable rate.
With respect to end-users, the glucose biosensors market from hospitals segment is predicted to grow at 12.9% CAGR during the forecasted timeframe, claims the report. People diagnosed with diabetes are prone to frequent hospitalizations to treat complications caused by unstable glycaemic control.
A study issued in 2021 revealed that close to 25% of patients diagnosed with type 1 diabetes and around 30% of patients with type 2 diabetes are admitted to hospital every year.
Furthermore, many developed nations have witnessed a significant jump in the number of diagnosed diabetics. According to CDC estimates in 2019, around 28.7 million people of all ages had a diabetes diagnosis in the United States. Therefore, a growing patient pool in developed nations such as the U.S. will promote segmental development.
Regionally, the Latin America glucose monitoring market is poised to witness an 11.9% CAGR over the stipulated timeframe. The regional growth is primarily credited to a rise in the number of patients suffering from non-communicable diseases (NCDs).
A survey conducted by the Population Reference Bureau (PRB) has estimated that NCDs such as cancer, chronic respiratory diseases, and diabetes will account for close to 81% of deaths in Latin America and the Caribbean by the end of this decade. Such a high forecasted mortality rate indicates a surge in the number of potential NCD patients, thereby promoting the business growth of monitoring devices such as glucose biosensors.
Ascensia Diabetes Care Holdings AG. (Senseonics, Inc.), Lifescan, Inc., Universal Biosensors, Nova Biomedical, Med Trust, Taidoc Technology Corporation, Roche AG., Dexcom, i-SENS, Inc., Abbott, Trividia Health, Pinnacle technology, and Medtronic are some of the key players operating in the glucose biosensors market.