by The global glucose biosensor market comprises glucose biosensors that measure the concentration of glucose in biological samples like whole blood, serum, plasma, urine, and interstitial fluid. Glucose biosensors find wide usage in self/home blood glucose monitoring solutions for diabetes management. The continuous glucose monitoring systems help both patients and clinicians gain better insights into glycemic variability and control. This has significantly improved diabetes treatment outcomes. The growing diabetic patient pool worldwide has boosted demand for personal glucose monitors to enable improved self-management.
The Global glucose biosensor market is estimated to be valued at US$11.77 billion in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period between 2024 to 2031.
Key Takeaways
Key players operating in the global glucose biosensor market are Abbott Laboratories, Dexcom, Ascenia Diabetes Care, Nova Diabetes Care, F. Hoffmann-La Roche Ltd., Sanofi, GlySens Incorporated, Trividia Health, Bayer, and Lifescan.
The growing geriatric population suffering from chronic diseases represents significant opportunities for players in the glucose biosensor market. Also, the advent of advanced wireless CGM technologies is enabling real-time glucose data analysis for efficient diabetes management.
The increasing availability of advanced biosensors across emerging markets of Asia Pacific and Latin America is fueling the global expansion of the glucose biosensor market. Advancements in remote monitoring technologies further support market growth in these regions.
Market Drivers
The widening applications of glucose biosensors in managing diabetes, obesity, and other lifestyle-related disorders have been a key growth driver for this market. It has enabled improved glucose monitoring and insulin dosage determination for achieving better clinical outcomes.
PEST Analysis
Political: The Glucose Biosensor Market Size is influenced by stringent regulations imposed by governing bodies for standardization of healthcare products and services. For example, in the US, FDA regulates approval and commercialization of biosensors.
Economic: Rising healthcare expenditure coupled with increasing prevalence of diabetes is driving demand for cost-effective glucose monitoring solutions like glucose biosensors. Rapid economic growth in emerging countries also supports market expansion.
Social: Growing health awareness and focus on healthy lifestyle changes has increased demand for self-monitoring and management of chronic diseases like diabetes. Introduction of user-friendly home-based glucose monitoring kits improves patient compliance.
Technological: Continuous innovation in sensor technology, material science, and wireless data connectivity has enhanced functionality and reduced pain/discomfort associated with traditional finger-pricking methods. Integration of smartphones allows remote monitoring and data sharing with caregivers.
Geographical Regions
The North America region currently holds the largest share of the global Glucose Biosensor Market Regional Analysis in terms of value, owing to the presence of developed healthcare infrastructure and availability of advanced glucose monitoring devices. The Asia Pacific region is expected to witness the fastest growth during the forecast period due to rising healthcare spending, growing diabetes patient pool, and increasing adoption of personal glucose monitoring practices in countries like China and India.
Fastest Growing Region
The Asia Pacific region is poised to be the fastest growing regional market for glucose biosensors during the forecast period. This is attributable to factors like rising disposable incomes, increasing health awareness, growing prevalence of diabetes, expansion of health insurance coverage, and heavy investments by both public and private players to strengthen regional healthcare systems. Proliferation of mobile health apps and remote teleconsultation services in countries like India and China also supports market growth in the Asia Pacific region.
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Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights. LinkedIn
