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Non-Invasive Glucose Monitoring Devices Market Size
Non-Invasive Glucose Monitoring Devices Market size is anticipated to register substantial progression from 2024 to 2032. The growth is driven by the soaring prevalence of lifestyle diseases such as diabetes due to unhealthy dietary habits and changing lifestyles. According to the World Diabetes Federation, over 540 million persons worldwide have diabetes, with half of those being undiagnosed. The number of persons affected is set to climb to 643 million by 2030 and 783 million by 2045.
Increasing health awareness among people, leading to an upsurge in the demand for regular and remote monitoring of patients, and burgeoning healthcare expenditure will foster the market development.
Non-Invasive Glucose Monitoring Devices Market Trends
The growing R&D investment leading to the innovation of advanced and cost-effective products will positively impact the industry outlook through 2032. In November 2022, at MEDICA 2022, UK-based medical product and platform provider GlucoRx unveiled the world's first multi-sensor non-invasive continuous glucose monitor (CGM), to enable needle-free monitoring for diabetic patients.
However, as the prices of raw materials for medical devices have surged in recent years, the industry is facing several challenges. Numerous medical device organizations are experiencing shortages of semiconductors and other crucial components. The medical industry has witnessed an increase in transportation costs as well as prolonged and more uncertain delivery times. The Russo-Ukrainian conflict had an impact on industry progress.
Non-Invasive Glucose Monitoring Devices Market Analysis
Based on technology, the Raman spectroscopy segment is poised to observe lucrative gains by 2032, considering the precise monitoring and cost-effective benefits it offers. It is a non-destructing and non-contacting technique that involves the interaction of light with chemical bonds within a matter. It also requires no sample preparation and is highly sensitive to changes in the material structure.
The non-invasive glucose monitoring devices market share from the wearable systems segment is slated to gain exponential traction through 2032, led by the proliferating development for the product integrated with trending technologies that offer detailed glucose data, accurate CGM, blood-free readings, and extra features on a budget. TRUMPF Photonic Components, a global leader in photodiode and VCSEL solutions, and Danish startup, RSP Systems, collaborated to facilitate wrist-worn glucose monitoring. TRUMPF agreed to provide its VCSEL technology to design a similar sensor that will miniaturize the size of RSP Systems’ non-invasive glucose monitoring system to be made wearable.
The home care segment is likely to register decent progression over the forecast timeframe due to the growing requirement for continuous self-monitoring of blood glucose among the diabetic patients. These devices are easy to use and do not require any expertise, making them suitable for home care and eliminating the hassle of hospital visits.
Asia Pacific non-invasive glucose monitoring devices industry size is set to witness rapid expansion through 2032 driven by an upsurge in the diabetic population and improving healthcare infrastructure in the region. Furthermore, increasing R&D investment by major industry players in product innovation will boost regional progession over the projected timeframe.
Non-Invasive Glucose Monitoring Devices Market Share
Prominent enterprises engaged in the non-invasive glucose monitoring devices industry include:
- Abbott Laboratories
- DexCom
- Tech4Life Enterprises
- Integrity Applications
- Inc.
- Hoffmann-La Roche Ltd.
- MediWise
- Medtronic
- Nemaura
- OrSense
- Taiwan Biophotonic Corporation
Non-Invasive Glucose Monitoring Devices Market News
- In May 2023, Abbott announced a series of new programs within its multi-million-dollar proposal to increase diversity in medical trials and improve care among under-represented populations.
- In June 2023, Know Labs, a medical diagnostic company, announced that it is planning to introduce the world's inaugural commercially accessible non-invasive glucose monitor with the unveiling of its Generation (Gen) 1 device.