Glucose Biosensors Industry is projected to register 12.6% CAGR between 2022 and 2030 owing to rising number of diabetic patients across the globe.
Selbyville, Delaware, Aug. 10, 2022 (GLOBE NEWSWIRE) --
The glucose biosensors market value is estimated to exceed USD 33.2 billion by 2030, according to a new research report by Global Market Insights Inc.
The report identifies that a substantial rise in the development of advanced glucose biosensing products is expected to foster business growth. Despite the availability of a variety of biosensing platforms for glucose monitoring, there is a growing need to improve their repeatability, wearability, precision, and accessibility to end-users. Novel biosensing technologies use different bodily fluids like tear fluid and sweat that are calibrated and used to measure glucose concentrations precisely, which could further promote market expansion.
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Although the population of diabetic patients in developing and underdeveloped countries is rising, people from these regions face a dearth of treatment options owing to sub-standard healthcare systems and high costs. A survey conducted in India estimated that around 20% of the income of below-poverty Indian families goes into diabetes care which may impact market share.
With respect to the product, the glucose biosensors market is segregated into CGM (Continuous Glucose Monitoring) and SMBG (Self-Monitoring Blood Glucose). Of these, the CGM segment held a market share of 52% in 2021. As per the report, the growing prevalence and increasing awareness of diabetes mellitus among patients will push the product demand. The rising propensity toward monitoring solutions like glucose biosensors will further stimulate segmental development.
Considering the technology segment, the market is segmented into optical and electrochemical biosensors. The optical segment is held an 11% revenue share in 2021, driven by myriad product advantages such as remote sensing and faster reaction time, as well as rapid technological advancements and innovations.
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), Technology (Electrochemical Biosensors, Optical Biosensors), 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:
The diagnostic centres & clinics end-user segment held more than 20% of the glucose biosensors market share in 2021. One of the primary factors contributing to segmental growth is the surging geriatric population. As per the data from the WHO, the number of people above the age of 80 years is anticipated to reach close to 426 million by 2050. The geriatric population is more prone to disorders such as diabetes, which may increase the demand for glucose biosensors devices.
Moreover, the others segment was valued at USD 1,500 million in 2021. Increased participation in the healthcare sector from regulatory authorities is a primary contributor to the industry growth from the segment. For instance, the Government of Canada and the WHO unveiled the Global Diabetes Compact in 2021, in order to ensure that all diabetic patients have access to equitable, comprehensive, good quality, and affordable care and treatment.
The report cites that the North America region will become a major revenue pocket for the glucose biosensors market. This may primarily be attributed to the exponential growth in the number of diabetic patients in the region. According to the IDF, around 32 million patients in the United States suffered from diabetes in 2021 and this number is anticipated to reach close to 36.2 million by 2030. This could contribute to rapid progress in the North America glucose bionsensors industry, which is expected to account for over 32% of the overall revenue share by 2030.
Furthermore, the Asia Pacific region is anticipated to exhibit a 13.1% CAGR over the stipulated time frame. Rising income levels, ease of availability of novel glucose biosensors, and enhancing reimbursement policies are some key factors boosting industry expansion in the region.
The competitive landscape of the glucose biosensors market comprises 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.
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Some key players are focusing on regulatory approvals to expedite their business growth. In February 2022, Senseonics’ Eversense E3 obtained U.S. FDA approval for a six-month wear time which was initially ninety days. The Eversense E3 uses SBA (sacrificial boronic acid) technology and is considered the world’s only long-duration and first implantable CGM.
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