Overview and Scope
A glucose biosensor is a device that is designed to measure glucose levels in various samples, typically in biological fluids such as blood or interstitial fluid. It is widely used in healthcare, particularly for diabetes management, as they enable convenient and frequent monitoring of blood glucose levels.
Sizing and Forecast
The glucose biosensors market size has grown rapidly in recent years. It will grow from $14.07 billion in 2023 to $15.66 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to research and development, cost-efficiency, user-friendly design, increasing diabetes prevalence, integration with smart devices, non-invasive monitoring techniques.
The glucose biosensors market size is expected to see rapid growth in the next few years. It will grow to $24.36 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to personalized healthcare solutions, rise in diabetes cases, continuous glucose monitoring expansion, integration with wearable tech, non-invasive monitoring development. Major trends in the forecast period include eco-friendly biosensor designs, interconnectivity and data sharing, home healthcare empowerment, non-invasive monitoring techniques, implantable biosensors.
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Segmentation & Regional Insights
The glucose biosensors market covered in this report is segmented –
1) By Product Type: Continuous Glucose Monitoring, Self-monitoring Blood Glucose, Non-invasive Glucose Monitoring
2) By Technology: Electrochemical Biosensors, Optical Biosensors, Piezoelectric Biosensors, Others Technologies
3) By End Users: Hospitals, Home Care, Diagnostic Centers and Clinics, Other End Users
North America was the largest region in the glucose biosensors market in 2023. The regions covered in the glucose biosensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising prevalence of diabetes is expected to propel the growth of the glucose biosensors market going forward. Diabetes is an incurable disease that arises when the pancreas fails to create enough insulin or when the body fails to adequately utilize the insulin that is produced. Diabetes patients utilize glucose biosensors to monitor their blood glucose levels which enables them to monitor their blood glucose levels regularly at their convenience and helps to adjust their medication for better diabetes management. For instance, according to the International Diabetes Federation 2021 report, a Belgium-based international diabetic association, diabetes affects approximately 537 million individuals (20-79 years old), accounting for one in every ten and is expected to increase to 643 million by 2030, and 783 million by 2045. Additionally, every 3 in 4 adults are suffering from diabetes in low- and middle-income nations and it caused 6.7 million deaths in 2021 which equals to one in every 5 seconds. Therefore, the rising prevalence of diabetes is driving the growth of the glucose biosensors market.
Key Industry Players
Major companies operating in the glucose biosensors market report are Abbott Laboratories, DexCom Inc., F. Hoffmann-La Roche AG, Sanofi S.A., GlySens Incorporated, Trividia Health, Bayer AG, LifeScan Inc., Medtronic plc, Nova Biomedical Corporation, Senseonics Holdings, Pinnacle Technologies Inc., ACON Laboratories Inc., AgaMatrix Inc., Ypsomed AG, Ascencia Diabetes Care Holdings Inc., Bio-Rad Laboratories Inc., DuPont de Nemours Inc., Biosensors International Group Ltd., Cytiva, Universal Biosensors Inc., CARDEA BIO INC., Conductive Technologies Inc., EarlySense Inc., Innovative Sensor Technology IST AG, LifeSignals Inc., NeuroSky Inc., SD Biosensor INC., VitalConnect Inc., Xsensio, Taidoc Technology Corporation
The glucose biosensors market report table of contents includes:
1. Executive Summary
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