The global glucose biosensor market size was USD 10.20 Billion in 2022 and is expected to register a revenue CAGR of 7.9% during the forecast period.
- The CGM segment is expected to account for largest revenue share over the forecast period.
- The SMBG segment \is expected to grow at a moderate rate over the forecast period.
- The electrochemical segment accounted for largest revenue share in 2022.
- The optical segment accounted for a moderate revenue growth owing to its high specificity and low cost of production.
- The Europe market accounted for second largest revenue share in 2022
- The Asia Pacific market accounted for a moderate revenue growth rate over the forecast period.
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Report Scope of the Glucose Biosensor Market:
|The market size value in 2022||USD 10.20 Billion|
|CAGR (2023 – 2032)||7.9%|
|The Revenue forecast in 2032||USD 20.06 Billion|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Increasing diabetic patients and significant technological advancements in the medical industry, growing spending capacities of users, and significant progress in biosensor technology are major factors driving market revenue growth. According to International Diabetes Federation (IDF), in 2021, approximately 537 million were diagnosed with diabetes worldwide and this number would rise to 643 million by 2032. It is now possible to monitor blood glucose levels noninvasively owing to numerous advancements in wearable sensor technology and comprehensive digital healthcare. Introduction of wearable, non-invasive devices that test glucose levels using various physical principles, such as glucose oxidase, fluorescence, or skin dielectric characteristics, and deliver real-time measurements every 1–5 minutes, has revolutionized efficient glucose control.
Increase in demand for self-monitoring devices is also driving market revenue growth. Use of biosensors, particularly in portable devices, has increased owing to increasing demand for self-monitoring equipment. These biosensors are currently offered as tiny, minimally intrusive medical devices that can determine a patient’s blood glucose levels. Blood glucose monitoring is the gold standard method for detecting blood glucose levels, which can be detected in various concentrations through other body fluids such as sweat, saliva, tears, and interstitial fluids. For instance, on 5 April 2022, GlucoModicum, a company revolutionizing glucose monitoring with precise, needle-free magnetohydrodynamic technology, published a peer-reviewed data demonstrating successful integration of the company’s Magnetohydrodynamic (MHD) technology platform, with an amperometric biosensor in journal biosensors and bioelectronics. Additionally, amperometric glucose biosensor was combined with GlucoModicum’s MHD fluid extractor to test effectiveness of a Continuous non-invasive Glucose Monitoring (CGM) system that measures blood sugar levels via skin.
Recent technological advancements in biosensor devices for monitoring blood glucose levels are also driving market revenue growth. For instance, on 17 September 2020, Abbott, a healthcare company introduced Libre Sense Glucose Sport Biosensor, the first glucose sport biosensor, which is made for athletes to measure their blood sugar levels continually to better understand their blood sugar levels and performance. Libre Sense biosensor is built on Abbott’s FreeStyle Libre continuous glucose monitoring technology, which was initially created for persons with diabetes.
The competitive landscape of the global glucose biosensor market is moderately consolidated with a few major companies operating on global and regional levels. Major companies are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footprint in the global market. Some major companies in the market report include Abbott, Dexcom Inc., F. Hoffmann-La Roche Ltd., Sanofi, Bayer AG, GlySens Incorporated, Trividia Health, Inc., Medtronic, LifeScan IP Holdings, LLC., and Senseonics.
Glucose Biosensor Market Segmentations:
|By Product Type||By Technology Type||By End-Use||Regional scope|
Middle East & Africa
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