Glucose Biosensors Market

Glucose Biosensors Market Outlook (2023 to 2033)

The global glucose biosensors market stands at US$ 14.09 billion in 2023 and is expected to increase at a CAGR of 12.6% from 2023 to 2033 with a valuation of US$ 46.16 billion by the end of the forecast period.

A glucose biosensor device is a vital tool to manage & monitor blood sugar levels in diabetic patients. Several blood glucose monitoring devices are being produced to maintain normal blood sugar levels in the human body.

A continuous glucose monitoring (CGM) system or a suitable smart device receives data wirelessly from a glucose sensor attached to a transmitter, allowing accurate monitoring of glucose levels in the blood.

Rising prevalence of diabetes and the fast-growing aging population (who are more prone to several chronic disorders) are increasing the global demand for glucose monitoring devices. Obesity and family history are both primarily responsible for causing diabetes.

Glucose biosensors are segmented into three types of devices, including continuous glucose monitoring (CGM), self-monitoring blood glucose (SMBG), and non-invasive glucose monitoring. Demand for self-monitoring blood glucose (SMBG) devices is expected to increase rapidly over the coming years due to the growing prevalence of type-2 diabetes.

Sales of self-monitoring blood glucose systems are increasing as people are becoming more aware of the dangers and consequences associated with diabetes. Managing and controlling the glucose levels in patients has become easier due to the availability of such devices. S

elf-monitoring blood glucose (SMBG) technologies are preferred by patients with type-2 diabetes due to their accessibility and reliability in forecasting the concentration of glucose. All the above-mentioned factors promote sales growth by assisting people in diagnosing diabetic conditions by conducting tests without visiting a hospital.

Sales of continuous glucose monitoring devices are expected to witness a significant growth rate over the coming 10 years. Glucose oxidase is used by sensors for continuous glucose monitoring to measure blood sugar levels. The most crucial component of continuous glucose monitoring equipment is the sensor.

When glucose is turned into hydrogen peroxide by glucose oxidase, it combines with platinum inside the sensor to provide an electrical signal that is sent to the transmitter. Technological developments are being employed in increasing the sensor’s accuracy, which are expected to fuel the demand for continuous glucose monitoring devices.

For diabetic patients’ easy access, continuous glucose monitoring has proven to be a major alternative to portable finger-prick glucometers. The development of a wide range of promising glucose-sensing technologies, ranging from conventional electrochemical-based glucose biosensors to optical and other glucose monitoring sensors, has a positive effect on the market growth. With the introduction of new technologies, such as mobile phone integration, continuous glucose monitoring systems are becoming more affordable.

Report Attributes	Details
Glucose Biosensors Market Size (2023E)	US$ 14.09 Billion
Forecasted Market Value (2033F)	US$ 46.16 Billion
Global Market Growth Rate (2023 to 2033)	12.6% CAGR
Dominating Regional Market	North America
Key Companies Profiled	Abbott Laboratories ACON Laboratories, Inc. AgaMatrix Inc. Bayer Biacore BioSense Medical Devices, LLC Biosensors International Pte. Ltd. LifeScan, Inc. LifeSensors, Inc. Medtronic, Inc. Nova Biomedical Pharmaco-Kinesis Corporation Pinnacle Medical Solutions, Inc. Roche Diagnostics Sanofi S.A.

Which Market Trends are Influencing the Sales of Glucose Biosensors?

“Rising Prevalence of Diabetes”

One of the most prevalent chronic health disorders worldwide is diabetes. Diabetes mellitus is regarded as one of the main causes of mortality globally. Products and services provided by manufacturers and suppliers in the glucose biosensors market are utilized as important tools for monitoring blood glucose levels. One of the most prominent factors propelling the growth and advancement of the market for glucose biosensors is the rising number of cases of diabetes across the world, particularly type-2 diabetes.

• The International Diabetes Federation (IDF) estimated that there were 537 million adult diabetics worldwide in 2021, and the figure is expected to rise to 643 million by 2030.

Using glucose monitoring devices, individuals and healthcare professionals can track and manage glucose levels in the blood. As a result of several technological developments, glucose biosensors are becoming more and more popular in the healthcare sector.

“COVID-19 Outbreak Opened Untapped Market Opportunities”

The COVID-19 pandemic generated several potential growth opportunities for glucose biosensor providers in the field of diabetic care. As a result of the pandemic's concentration on the use of online clinics and telehealth or mhealth for the management of diabetes, many consumers are now more aware of the advantages of blood glucose level monitoring technologies.

Through glucose biosensors' assistance, patients and healthcare professionals are able to monitor glycemia; potentially raising self-management by patients.

“Strict Product Approval Policies”

Regulators have implemented strict policies that have restricted several product approvals, which may have a detrimental impact on the commercialization of glucose biosensors. Organizations such as the United States Food and Drug Administration (U.S. FDA) have established standards, performance criteria, and operational procedures for the production of glucose biosensor devices.

The FDA ensures the proper safety of these gadgets. Thus, strict product approval regulations are expected to negatively impact sales growth to some extent.

Country-wise Analysis

What is Benefitting Glucose Biosensor Providers in the United States?

“Technological Advancements to Provide Affordable Glucose Biosensors”

The United States held a significant position in the North American glucose biosensors business in 2022, due to the large patient population and widespread acceptance of cutting-edge technologies. The rate of obesity population is increasing rapidly in the nation.

• Approximately 37.3 million Americans or 11.3% of the country's population are diabetic, according to the Centers for Disease Control and Prevention (CDC) 2020 estimates.

New developments in glucose sensors are increasing in the United States by start-up businesses such as Bigfoot Biomedical, Glooko, OneDrop, Orgenesis, Insulet, Vacate, Noom, Diabeloop, etc. Companies are collaborating to provide innovative technologies in the production of glucose sensors, which is expanding sales growth.

• In July 2020, a non-exclusive cross-license deal for certain diabetes-related technologies was signed by Tandem Diabetes Care Inc. and Medtronic PLC.

Patients with type-1 diabetes use CGM much less than those with type-2 diabetes. However, type-1 diabetic patients spend almost twice the amount of money on these devices than type-2 diabetic patients.

• With Libre, which costs between US$ 75 and US$ 150 each month, Abbott created a new, more affordable glucose biosensor to lessen the financial strain on diabetic patients in the United States.

Why are Sales of Glucose Biosensors High in Germany?

“Presence of Well-established Healthcare Facilities”

Numerous health issues are related to diabetes. When the population with and without diabetes is compared, diabetic patients have a 300% higher risk of being hospitalized and, as a result, spend more money on healthcare.

One of the developed nations in the European region with cutting-edge medical facilities is Germany. There has been a faster adoption of continuous glucose monitoring technologies by target patients in Germany than in other developing nations.

Furthermore, the sales of glucose biosensors are increasing and the adoption rate of new and cutting-edge technologies is rising due to the high regulation of the price and reimbursement policies. The prevalence of newly diagnosed type-1 and type-2 diabetic cases is increasing, primarily as a result of obesity, occurring due to a poor diet and lack of exercise.

• The German Diabetes Center (DDZ) estimates that around 7.2% of Germany's population is diabetic and the number is expected to rise dramatically over the coming years.

Why is Demand for Glucose Biosensors Increasing Rapidly in Japan?

“Rising National Health Concerns Due to Increasing Number of Diabetic Patients”

In Japan, diabetes is becoming more common among people of all ages, which can be ascribed to the increasing rate of overweight people, unhealthy diets, and sedentary lifestyles. In Japan, diabetes affects 6% to 8% of the adult population. Due to its high incidence and associated rising cost burdens on individuals, healthcare systems, and governments, diabetes mellitus has drawn a lot of concern.

• The Japan Association for Diabetes Education and Care provides some disease management initiatives for the Japanese healthcare system.

In terms of diabetes-related public health policies, Japan is leading the Asia Pacific region. The nation encourages public education and supports preventative measures that emphasize dietary and lifestyle changes to lower the risk of adult-onset diabetes.

Category-wise Analysis

Which Glucose Biosensor Technologies are Highly Popular?

“High Demand for Electrochemical Biosensors Due to Their Multiple Benefits”

Glucose biosensor technologies are segmented into electrochemical biosensors and optical biosensors. Electrochemical biosensor technologies currently hold a dominating share of the global glucose biosensors market, owing to the factors such as reproducibility, sensitivity, and easy maintenance. The development of straightforward, one-step blood glucose testing has been aided by electrochemical biosensors, which also satisfy the criteria for individual (home) blood glucose testing.

Sales of optical glucose biosensors are expected to progress at a faster pace during the forecast period. Fiber optics are used in optical glucose biosensors to monitor analyses based on the principles of absorption, light scattering, illumination, refraction, encompassing, absorptiometry, fluorescence, and surface plasmon resonance (SPR). Optical biosensors have several benefits over conventional test procedures, including remote sensing, interference-free operating, etc., without electrical power and quick response times.

Why Do Patients Widely Prefer Hospitals for Treatment Procedures?

“Presence of Advanced Medical Sensor Technologies”

Hospitals held around 50% share in the glucose biosensor sales in 2022 due to improving infrastructure & healthcare expenditure. The introduction of advanced glucose biosensors, including non- to minimal-invasive glucose biosensors and small-sized glucose monitoring systems, is increasing the use of glucose biosensors in hospitals.

The efficiency and quality of patient care given in hospitals are becoming more advanced due to the quick and easy results of modern technologies. The patients' demand for advanced, stress-free, and time-saving testing is increasing the demand for glucose biosensors from hospitals.

Competitive Landscape

Key players in the glucose biosensors market are introducing advanced sensors to increase their market dominance and earn more profits. Leading companies are also increasing their sales through regional expansion, improvements in local supply chain management systems, new developments in product standards, partnerships with local market players, and more.

• The Android version of Medtronic's Guardian Connect continuous glucose monitoring system received FDA approval in May 2020. The Guardian Connect system is a stand-alone CGM device that alerts users of impending low or high sensor glucose occurrences with customizable predictive alerts.
• Abbott introduced the Libre Sense Glucose Sport Biosensor in September 2020. This glucose sport biosensor is intended to assist athletes in better understanding the connection between their blood glucose levels and athletic performance.

Fact.MR, a market research and competitive intelligence provider, reveals a detailed competitive analysis of the glucose biosensors business in its latest report.

Key Segments of Glucose Biosensors Market Research

• By Product :

  • Continuous Glucose Monitoring
  • Self-monitoring Blood Glucose
  • Non-invasive Glucose Monitoring

• By Technology :

  • Electrochemical Biosensors
  • Optical Biosensors

• By End User :

  • Hospitals
  • Home Care
  • Diagnostic Centres
  • Clinics

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA