Rockville, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The global glucose biosensors market is valued at US$ 14.09 billion in 2023 and is predicted to increase rapidly at a CAGR of 12.6% from 2023 to 2033, as per a new market analysis by Fact.MR, a market research and competitive intelligence provider. This high market growth can be attributed to aspects such as the rising prevalence of diabetes and the rapid adoption of improved glucose biosensor devices.
Glucose sensors are small analytical components or gadgets that combine a physiochemical transducer with a biologically sensitive recognition section. As glucose biosensors offer information on blood glucose levels, they are helpful in the treatment of diabetes. The concentration of sugar in the body can be closely monitored using glucose biosensors.
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Obesity, poor diet, and family history are some of the factors responsible for the prevalence of diabetes. Thus, increasing cases of diabetes across the globe is the reason for the higher adoption rate of glucose biosensors.
- According to research by the National Institute of Diabetes and Digestive and Kidney Diseases (United States), around 40% of adults with diabetes are over 65, and this number is expected to double to 1.5 billion by 2050.
Increasing penetration of improved technologies in the medical sector is generating several opportunities for glucose biosensor producers. The rising demand for self-monitoring glucose biosensor devices is boosting sales growth.
Key Takeaways from Market Study
- The global market for glucose biosensors is projected to reach US$ 46.16 billion by 2033.
- Demand for self-monitoring blood glucose systems is expected to increase rapidly during the forecast period.
- The presence of key market players launching new technologies is driving the sales of glucose biosensors in the United States.
- Rapidly increasing cases of diabetes in Japan are positively impacting market growth.
“Technological advancements such as the introduction of fast, smart, compact, and minimal-invasive glucose biosensors are driving product sales growth,” says a Fact.MR analyst.
Key Segments of Glucose Biosensors Market Research
- By Product :
- Continuous Glucose Monitoring
- Self-monitoring Blood Glucose
- Non-invasive Glucose Monitoring
- By Technology :
- Electrochemical Biosensors
- Optical Biosensors
- By End User :
- Hospitals
- Home Care
- Diagnostic Centres
- Clinics
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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| Report Attributes | Details |
| Glucose Biosensors Market Size (2023E) | US$ 14.09 Billion |
| Forecasted Market Value (2033F) | US$ 46.16 Billion |
| Global Market Growth Rate (2023 to 2033) | 12.6% CAGR |
| Dominating Regional Market | North America |
| No. of Pages | 170 Pages |
| No. of Pages | 84 Pages |
| No. of Figures | 112 Figures |
Recent Developments
- F. Hoffmann-La Roche Ltd. unveiled the Accu-Chek Instant device in March 2021. This device directly links to the mySugr app and delivers real-time blood glucose level information.
- To satisfy consumers’ demands in the European market, Ascensia Diabetes Care Holdings AG acquired the license for the distribution of Senseonics, Inc.'s EVERSENSE XL in February 2021 in Germany, Italy, Spain, Switzerland, the Netherlands, and Poland.
- A continuous glucose monitoring sensor that provides an estimate every minute, around-the-clock, was introduced by 77 Elektronika Kft. in April 2022. The data can also be given to the patient's doctor as the device is compatible with a mobile application.
Key Companies Profiled
- Abbott Laboratories
- ACON Laboratories, Inc.
- AgaMatrix Inc.
- Bayer
- Biacore
- BioSense Medical Devices, LLC
- Biosensors International Pte. Ltd.
- LifeScan, Inc.
- LifeSensors, Inc.
- Medtronic, Inc.
- Nova Biomedical
- Pharmaco-Kinesis Corporation
- Pinnacle Medical Solutions, Inc.
- Roche Diagnostics
- Sanofi S.A.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global glucose biosensors market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of product (continuous glucose monitoring, self-monitoring blood glucose, non-invasive glucose monitoring), technology (electrochemical biosensors, optical biosensors), and end user (hospitals, home care, diagnostic centers, clinics), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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