Global Glucose Biosensor Market Size to hit $21.3 billion by 2031, growing at a CAGR of 7.7%, says Coherent Market Insights

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Jul 22, 2024, 12:45 ET

BURLINGAME, Calif. , July 22, 2024 /PRNewswire/ -- The global Glucose Biosensor Market is projected to grow from USD 11.77 billion in 2023 to USD 21.3 billion by 2031, with a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031, as per a recent report by Coherent Market Insights. Rising demand for self-monitoring blood glucose devices among diabetes patients in recent years owing to their ease of use and mobility. These devices allow flexible glucose monitoring through the day and night without needing to visit hospitals or diagnostic centers every time. They provide real-time glucose readings along with trends that help patients and healthcare professionals better understand fluctuations and accordingly manage insulin therapy.

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Market Dynamics:

The Global Glucose biosensor market is witnessing high growth owing to growing prevalence of diabetes across the globe. According to WHO data, around 422 million people worldwide have diabetes and it is one of the major causes of death in developing and developed nations. Furthermore, advancement in technology and growing demand for self-monitoring blood glucose devices are also fueling the market growth. Glucose biosensors offer constant monitoring of blood glucose levels which enable early detection as well as management of diabetes.

Global Glucose Biosensor Market Report Coverage

Report Coverage	Details
Market Revenue in 2023	$11.77 billion
Estimated Value by 2031	$21.3 billion
Growth Rate	Poised to grow at a CAGR of 7.7%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Technology, By Application, By End Use
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	Rising prevalence of diabetes Growing geriatric population
Restraints & Challenges	Stringent regulatory policies High cost of biosensors

Market Trends:

Non-invasive Glucose Monitoring Systems: Continuous glucose monitoring (CGM) systems that does not require finger pricking for glucose reading are gaining higher traction among consumers. Major players are focusing on development of non-invasive CGM systems to measure interstitial glucose levels.

Smart Contact Lens Integrated with Glucose Sensor: Companies are developing novel glucose sensing contact lenses that can continuously monitor tear glucose levels and are linked with smartphone apps. This emerging technology would provide discreet glucose monitoring solution for diabetes patients.

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Enzymatic biosensors are expected to hold the largest market share over the forecast period. Enzymatic biosensors utilize oxidoreductase enzymes like glucose oxidase or dehydrogenase to catalyze the oxidation of glucose. This reaction generates an electrical signal that can be measured by electrodes and processed to indicate the glucose level. Enzymatic biosensors offer high selectivity and sensitivity in detecting glucose due to the enzyme's catalytic activity. Advances in nanotechnology and material sciences have improved the performance and stability of enzyme immobilization methods, boosting the demand for enzymatic glucose biosensors.

The home diagnostic applications segment is poised to witness significant growth during the forecast period. The increasing acceptance of self-monitoring practices and portable glucose monitoring systems for home use is a major factor driving this segment's growth. Self-monitoring helps diabetics better manage their condition and make timely therapeutic decisions. It allows for round-the-clock glucose monitoring without hospital visits. This provides convenience and empowers patients to take control of their health. Technological advancements enabling accurate, pain-free, and easy-to-use home diagnostic tools will further propel the adoption of glucose biosensors for self-monitoring at home.

Key Market Takeaways:

The global glucose biosensor market is anticipated to witness a CAGR of 7.7% during the forecast period 2024-2031, owing to the growing prevalence of diabetes worldwide. On the basis of technology, the enzymatic biosensors segment is expected to hold a dominant position, owing to their high selectivity and sensitivity in glucose detection.

On the basis of application, the home diagnostic segment is expected to hold a dominant position over the forecast period, due to the increasing preference for self-monitoring and portable glucose monitoring systems.

On the basis of end use, the hospitals segment is expected to dominate the market over the forecast period since a majority of glucose tests are performed in hospitals.

By region, North America is expected to hold a dominant position over the forecast period, due to the rising diabetic population, growing awareness regarding diabetes management, and availability of advanced healthcare facilities in the region.

Key players operating in the global glucose biosensor market include Abbott Laboratories, Dexcom, Ascenia Diabetes Care, Nova Diabetes Care, F. Hoffmann-La Roche Ltd., Sanofi, GlySens Incorporated, Trivindia Health, Bayer, and Lifescan among others. Strategic collaborations and new product launches are some key strategies adopted by major players to gain a competitive edge in the market.

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Recent Developments:

In September 2021, Abbott, introduced the world's first glucose sport biosensor, Libre Sense Glucose Sport Biosensor, which is designed for athletes to continuously measure glucose to better understand the correlation between their glucose levels and their athletic performance.

In March 2019, Biolinq, announced that it has expanded its oversubscribed Series A financing with an additional investment of US$ 4.7 million led by the JDRF T1D Fund, Aphelion Capital and LifeSci Venture Partners.

Detailed Segmentation:

By Technology:

- Enzymatic Biosensor
- Non-Enzymatic Biosensor

By Application:

- Home Diagnostics
- Hospitals and Clinics
- Research and Development

By End Use:

- Hospitals
- Homecare
- Diagnostic centers

By Region:

North America:

U.S.
Canada

Latin America:

Brazil
Argentina
Mexico
Rest of Latin America

Europe:

Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe

Asia Pacific:

China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific

Middle East:

GCC Countries
Israel
Rest of Middle East

Africa:

South Africa
North Africa
Central Africa

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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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