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Glucose Biosensors Market Analysis, Trends, Growth, Research And Forecast 2033
Glucose Biosensors Market Analysis
According to The Business Research Company's, The glucose biosensors market size has grown rapidly in recent years. It will grow from $14.07 billion in 2023 to $15.66 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to research and development, cost-efficiency, user-friendly design, increasing diabetes prevalence, integration with smart devices, non-invasive monitoring techniques.
The glucose biosensors market size is expected to see rapid growth in the next few years. It will grow to $24.36 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to personalized healthcare solutions, rise in diabetes cases, continuous glucose monitoring expansion, integration with wearable tech, non-invasive monitoring development. Major trends in the forecast period include eco-friendly biosensor designs, interconnectivity and data sharing, home healthcare empowerment, non-invasive monitoring techniques, implantable biosensors.
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Market Drivers and Trends:
The rising prevalence of diabetes is expected to propel the growth of the glucose biosensors market going forward. Diabetes is an incurable disease that arises when the pancreas fails to create enough insulin or when the body fails to adequately utilize the insulin that is produced. Diabetes patients utilize glucose biosensors to monitor their blood glucose levels which enables them to monitor their blood glucose levels regularly at their convenience and helps to adjust their medication for better diabetes management. For instance, according to the International Diabetes Federation 2021 report, a Belgium-based international diabetic association, diabetes affects approximately 537 million individuals (20-79 years old), accounting for one in every ten and is expected to increase to 643 million by 2030, and 783 million by 2045. Additionally, every 3 in 4 adults are suffering from diabetes in low- and middle-income nations and it caused 6.7 million deaths in 2021 which equals to one in every 5 seconds. Therefore, the rising prevalence of diabetes is driving the growth of the glucose biosensors market.
Major companies operating in the glucose biosensor market are focusing on innovative product launches, such as the Accu-Chek Instant System, to address the growing demand for personalized diabetes management (iPDM). The Accu-Chek Instant system is a connected blood glucose monitoring system designed to support personalized diabetes management (iPDM). It provides users with the tools and data they need to make informed decisions about their diabetes care. For instance, in March 2021, Roche Diabetes Care GmbH, a Switzerland-based developer of blood glucose monitoring systems, launched the new Accu-Chek Instant system, which boasts an array of features designed to simplify and enhance blood glucose monitoring for effective diabetes management. Overall, the Accu-Chek Instant system offers a comprehensive and user-friendly solution for blood glucose monitoring and diabetes management. Its combination of advanced features, convenient design, and connectivity with the mySugr app empowers users to take control of their diabetes and achieve their health goals.
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Major Key Players of the Market:
Abbott Laboratories; DexCom Inc.; F. Hoffmann-La Roche AG; Sanofi S.A.; GlySens Incorporated; Trividia Health; Bayer AG; LifeScan Inc.; Medtronic plc; Nova Biomedical Corporation; Senseonics Holdings; Pinnacle Technologies Inc.; ACON Laboratories Inc.; AgaMatrix Inc.; Ypsomed AG; Ascencia Diabetes Care Holdings Inc.; Bio-Rad Laboratories Inc.; DuPont de Nemours Inc.; Biosensors International Group Ltd.; Cytiva; Universal Biosensors Inc.; CARDEA BIO INC.; Conductive Technologies Inc.; EarlySense Inc.; Innovative Sensor Technology IST AG; LifeSignals Inc.; NeuroSky Inc.; SD Biosensor INC.; VitalConnect Inc.; Xsensio; Taidoc Technology Corporation
Glucose Biosensors Market 2024 Key Insights:
• The glucose biosensors market size will grow to $24.36 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%.
• Glucose Biosensors Market Surges As Diabetes Prevalence Grows Globally
• Roche's Accu-Chek Instant System Pioneers Personalized Diabetes Management
• North America was the largest region in the glucose biosensors market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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