Glucose Biosensors Market
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Glucose Biosensors Market size was worth USD 12.9 billion in 2022. Driven by the increasing occurrence of diabetes globally, the industry could grow at over 13% CAGR from 2023 to 2032.
Growing occurrence of diabetes across the globe has increased the need for glucose biosensors for long-term management of glucose levels. As per the International Diabetes Federation, in 2022, nearly 8.75 million people had diabetes, of which 1.52 million were below 20 years. Moreover, the surging demand for self-monitoring devices (SMBG) is presenting growth pathways to the industry. Owing to high accuracy and affordability, these devices have gained immense traction among women suffering from gestational diabetes, propelling their demand in the long run.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Glucose Biosensors Market size in 2022: | USD 12.9 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 13.3 |
| 2023 Value Projection: | USD 40 Billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 182 |
| Tables, Charts & Figures: | 280 |
| Segments Covered: | Type, Technology, End-use, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The COVID-19 pandemic had a negative impact on the glucose biosensors market due to supply chain upheavals caused by prolonged lockdowns. Additionally, the pandemic paused new product launches for recently approved products. However, in the post-pandemic era, the sales of glucose biosensors were restored to normalcy as diabetic people are highly susceptible to COVID-19 infection. Growing government investment in diabetes management devices will further aid industry growth.
Recent advancements in glucose biosensors will generate lucrative opportunities for industry growth. Non-invasive glucose monitoring devices are now being developed to eliminate the need for frequent finger pricking and provide continuous glucose monitoring. Technologies, including optical sensors, spectroscopy, and transdermal patches, have gained immense traction in this field. Additionally, continuous glucose monitoring systems, which provide real-time glucose data and can alert users about high or low glucose levels, have gained popularity, further contributing to market revenue.
Based on the type, glucose biosensors market size from the SMBG (self monitoring blood glucose) segment was valued at more than USD 6 billion in 2022. Rising awareness about diabetes risks, associated complications, management, and control is leading to segment progress. Convenience and personalization offered by self monitoring blood glucose devices also favor their adoption. By regularly monitoring and recording glucose levels using these devices, users can identify patterns, such as glucose fluctuations at specific times of the day or in response to certain foods or activities.
Based on the end-use, glucose biosensors market share from the home care segment will grow at over 14% CAGR from 2023 to 2032. Surging number of women suffering from gestational diabetes has increased the need for glucose biosensors in home care settings. As per the CDC, gestational diabetes is diagnosed in around 2-10% of all pregnancies every year in the U.S. alone. Glucose biosensors allow the convenience of testing blood glucose levels at home. Users can perform tests at their preferred time and location without the need to visit a healthcare facility.
From the regional viewpoint, North America glucose biosensors market size will reach over USD 11.7 billion by 2032. Surging investment by the government in diabetes care is positively affecting the regional outlook. In January 2023, U.S. Senator Susan Collins announced an investment of around USD 2.4 billion for diabetes research. Moreover, the surging prevalence of diabetes coupled with the well-established healthcare infrastructure is contributing to regional growth.
Market Size, By Type
Market Size, By Technology
Market Size, By End-use
The above information is provided for the following regions and countries (USD Million):
North America glucose biosensors market size will reach more than USD 11.7 billion by 2032, owing to rising investment by the government in diabetes care.
Major glucose biosensors industry players include Lifescan, Inc., Nova Biomedical, Taidoc Technology Corporation, Dexcom, Abbott, Trividia Health, Universal Biosensors, Med Trust, Roche AG., and i-SENS, Inc., among others.
In 2022, the glucose biosensors industry was valued at USD 12.9 billion and will grow at more than 13% CAGR from 2023 to 2032, attributed to the rising incidence of diabetes globally.
Self monitoring blood glucose devices industry was valued at over USD 6 billion in 2022, owing to surging awareness about diabetes risks, its complications, management, and control.