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  • Published On : Feb 2024
  • Code : CMI6631
  • Pages :170
  • Formats :
      Excel and PDF
  • Industry : Medical Devices

The global glucose biosensor market size is expected to reach US$ 21.3 Bn by 2031 from US$ 11.77 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 7.7% during the forecast period (2024-2031).

Glucose biosensors are analytical devices used for the detection of glucose in biological samples like blood and urine. They are primarily of two main types - enzymatic glucose biosensors and non-enzymatic glucose biosensors. Enzymatic glucose biosensors utilize the enzyme glucose oxidase which selectively reacts with glucose and generates hydrogen peroxide. The generated hydrogen peroxide is then detected electrochemically by the sensor. These biosensors are highly selective and sensitive towards glucose detection. However, their lifespan is limited as the enzyme can degrade over time.

Global Glucose Biosensor Market- Regional Insights

  • North America has been the dominant region in the global glucose biosensors market for the past decade. The region is expected to account for over 35% of the total market share in 2024 due to a strong presence of leading players and early adoption of technologically advanced medical devices. Companies based out of the U.S. and Canada have established themselves as pioneers in developing innovative biosensing technologies for diabetes care management. The per capita healthcare spending in the region is also one of the highest worldwide, allowing for the faster penetration of new medical technologies.
  • Asia Pacific is expected to be the second-largest market for the glucose biosensors, accounting for over 2% of the market share in 2024. The Asia Pacific region has emerged as the fastest growing market for glucose biosensors in recent times on account of improving economic conditions and healthcare investments. Countries like China, India, Japan, and South Korea are witnessing rising incidences of diabetes in tandem with changing lifestyles. This has ignited the need for effective measures to control blood glucose levels. Local production and exports of diabetes care devices have also picked up pace in Asia Pacific nations.
  • Europe is expected to be the fastest-growing market for glucose biosensors, with a share of 19% during the forecast period. The glucose biosensor market in Europe is experiencing robust growth driven by increasing diabetes prevalence and a growing emphasis on home healthcare monitoring. Technological advancements, such as continuous glucose monitoring systems, are gaining traction. Key players in the region are focusing on product innovation and strategic collaborations to enhance the market share. Stringent regulatory standards and the demand for accurate and user-friendly devices are shaping the industry landscape. The market is poised for further expansion as awareness of diabetes management rises, fostering a favorable environment for glucose biosensor adoption in Europe.          

 Figure 1. Global Glucose Biosensor Market Share (%), By Region, 2024

GLOBAL GLUCOSE BIOSENSOR MARKET

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Analyst’s Views:

The glucose biosensors market holds significant growth potential over the next five years. Rising prevalence of diabetes worldwide will be a major driver, with the demand for continual glucose monitoring devices growing. North America and Western Europe currently dominate due to the increased adoption of personal healthcare devices. However, Asia Pacific is expected to see the fastest gains. China and India stand out as emerging markets to watch as their populations' healthcare needs multiply. Portable glucose monitors allowing for on-the-go blood sugar checks offer convenience that should appeal to active consumers. Nonetheless, strict regulatory guidelines and testing requirements present a restraint especially for new entrants.

Cost remains a factor for wider accessibility in developing nations. Glucose biosensors integrated into advanced wearables and smart contact lenses can open novel opportunities by 2028 if technical and regulatory challenges are overcome. Ongoing R&D on minimally invasive sensing technologies may further stimulate demand.

Collaboration between sensor makers and digital health IT firms promises to enhance predictive capabilities. While competitive pressure may squeeze profit margins, opportunities lie in combining glucose monitoring with other vital parameters in a single device. Favorable reimbursement coverage expands the potential patient pool as well. In summary, the glucose biosensors arena retains solid fundamentals based on demography despite short-term pandemic uncertainties.

Global Glucose Biosensor Market - Drivers

  • Rising prevalence of diabetes: The rising prevalence of diabetes across the globe is a major factor behind the growing demand for glucose biosensors. According to the latest data by the International Diabetes Federation, the total number of diabetes patients globally increased from 463 million in 2019 to over 537 million in 2021. This rise has been accelerated by increasing obesity rates, sedentary lifestyles, and aging populations. Glucose biosensors offer an easier and more convenient method of monitoring blood glucose levels for diabetic patients compared to traditional finger-pricking methods. They help improve glucose management and control among diabetes patients which helps prevent complications associated with uncontrolled blood sugar levels like heart disease, vision loss, and kidney damage. With the growing diabetes burden, there is an increasing need for strengthened self-monitoring practices to ensure optimal diabetes care. This is a major factor driving the demand for advanced glucose biosensors across home as well as hospital settings.
  • Growing geriatric population: The growing elderly population is a key factor driving the growth of the glucose biosensor market. As per the United Nations, the number of people aged 65 years and above is projected to be more than double, from 703 million globally in 2019 to 1.50 billion in 2050. Older individuals are more prone to chronic diseases like diabetes due to age-related physiological changes. For instance, the International Diabetes Federation (IDF) estimates that over 374 million people have diabetes worldwide. By 2030, this number is expected to rise to almost 600 million. Diabetes management requires frequent blood glucose monitoring which is putting upward pressure on demand for glucose biosensors.

Global Glucose Biosensor Market - Opportunities

  • Emerging markets in developing countries: Emerging markets in developing countries present a huge opportunity for growth in the glucose biosensor market. As populations in developing nations continue to grow rapidly and their economies develop further, prevalence of diabetes and need for reliable glucose monitoring will rise dramatically. According to the International Diabetes Federation, there will be a staggering 215 million adults with diabetes living in developing countries by 2045. This is compared to just 82 million in 2015. Much of this growth is being driven by increasing urbanization, shifting diets, obesity rates, and more sedentary lifestyles in developing populations. Countries like India, China, Brazil, and Mexico which already have large populations will see enormous rises in the number of diabetes cases over the coming decades without significant interventions. This growing diabetes burden coupled with often inadequate access to healthcare means accurate, low-cost glucose monitoring devices have huge potential value in managing the disease in emerging markets.
  • Integration of biosensors with smartphones: The integration of biosensors with smartphones offers tremendous opportunities for the glucose biosensor market. Biosensors hold the potential to revolutionize healthcare by providing real-time access to meaningful health data. By connecting biosensors to smartphones, glucose levels can be continuously monitored in a non-invasive manner. This allows patients greater freedom and convenience as they no longer need to prick their finger for blood tests multiple times a day. Smartphone-integrated biosensors could facilitate more proactive healthcare management for diabetics. Patients can more easily track their glucose readings and share the data with doctors. With around 463 million adults suffering from diabetes worldwide according to the 2021 International Diabetes Federation Diabetes Atlas, this represents a huge patient population that can benefit from continuous glucose monitoring (CGM) capabilities provided through biosensors. Real-time glucose alerts on the phone can help patients make immediate adjustments to medication, diet or exercise to better control their condition. The data collected over time also allows clinicians to analyze patterns for optimizing treatment plans.

Global Glucose Biosensor Market Report Coverage

Report Coverage Details
Base Year: 2023 Market Size in 2023: US$ 11.77 Bn
Historical Data for: 2019 to 2023 Forecast Period: 2024 - 2031
Forecast Period 2024 to 2031 CAGR: 7.7% 2031 Value Projection: US$ 21.3 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa 
Segments covered:
  • By Technology: Enzymatic Biosensors, Non-Enzymatic Biosensors
  • By Application: Home Diagnostics, Hospitals and Clinics, Research and Development
  • By End Use: Hospitals, Homecare, Diagnostic centers
Companies covered:

Abbott Laboratories, Dexcom, Ascenia Diabetes Care, Nova Diabetes Care, F. Hoffmann-La Roche Ltd., Sanofi, GlySens Incorporated, Trividia Health, Bayer, and Lifescan

Growth Drivers:
  • Rising prevalence of diabetes
  • Growing geriatric population
Restraints & Challenges:
  • Stringent regulatory policies
  • High cost of biosensors

Global Glucose Biosensor Market - Trends

  • Miniaturization of devices: The trend of miniaturization of devices is having a strong influence on the glucose biosensor market. As consumer electronic devices get smaller with each new generation, there is demand for medical devices to also minimize their size while retaining or improving functionality. Glucose biosensors, which are used by millions of diabetics worldwide to monitor their blood sugar levels, have greatly benefited from reduced dimensions. Miniaturized glucose sensors now come integrated into everyday accessories like wristwatches, providing discreet monitoring without the need for bulky test strips or lancets. This has improved patient convenience and compliance with regular testing routines.
  • Use of nanotechnology for sensor development: The development and use of nanotechnology for sensor applications is significantly impacting the glucose biosensor market in a positive manner. Nanoscale materials such as graphene, gold nanoparticles, carbon nanotubes, etc. are being widely utilized by research institutions and sensor manufacturers to miniaturize existing glucose biosensors and enhance their functionality. These nano-materials allow for the development of novel sensor platforms that can more accurately detect glucose levels in biological samples. For example, graphene-based glucose biosensors have shown improved sensitivity and ability to detect lower glucose concentrations compared to traditional biosensors. This is because graphene has a large surface area which enables more enzyme immobilization and stronger electrochemical responses. Continuous research into graphene-glass composites, 3D graphene foams and functionalized graphene is helping improve biosensor performance for point-of-care diabetes testing. Similarly, gold nanoparticles are being used to amplify enzyme signal transduction in biosensors, thus enhancing detection sensitivity.

Global Glucose Biosensor Market - Restraint

  • Stringent regulatory policies: Stringent regulatory policies from governments across the globe are posing significant challenges for the growth of the glucose biosensor market. Governments are increasingly focusing on ensuring the safety, efficacy and quality of medical devices and technologies like glucose biosensors that are intended for use in patient care. Biosensors that come in direct contact with human tissues and fluids are classified as Class III medical devices by regulatory bodies like the U.S. FDA. This is the highest risk classification for medical devices. As a result, glucose biosensors are subject to rigorous pre-market approval processes that involve extensive clinical testing and trials to demonstrate safety and effectiveness. Manufacturers need to provide very detailed technical documentation, design controls and validations as per international quality standards like ISO 13485. The approval timelines can stretch for years causing delays in market launches.
  • High cost of biosensors: The high cost of biosensors is one of the major factors restraining the growth of the glucose biosensor market. Biosensors require high-quality and precise materials and components for manufacturing which makes them an expensive technology. The key components that make biosensors costly are enzymes, substrates, mediators, electrodes, etc. For example, enzymes used in glucose biosensors like glucose oxidase are derived from living organisms through extraction and purification processes which are complex and increase the production cost. Similarly, gold and platinum which are commonly used electrode materials are expensive precious metals. The cost of materials alone contributes to over 50% of the total cost of a basic biosensor.

Figure 2. Global Glucose Biosensor Market Share (%), By Technology, 2024

GLOBAL GLUCOSE BIOSENSOR MARKET

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Recent Developments

In September 2021, Abbott, a U.S.-based multinational medical devices and health care company, 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. The Libre Sense biosensor is based on Abbott's world-leading FreeStyle Libre continuous glucose monitoring technology, which was originally developed for people living with diabetes. Based on that technology, this is the first personal-use product that allows for use beyond diabetes.

In March 2019, Biolinq, a health technology company with a unique wirelessly-enabled biosensor patch capable of continuously monitoring multiple biomarkers, 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. They join a strong syndicate of existing investors, including M Ventures and Hikma Ventures, the corporate venture capital arm of Hikma Pharmaceuticals who also participated in the financing. The investment brings Biolinq’s total Series A funding to US$ 15 million.

Top Companies in the Global Glucose Biosensor Market

  • Abbott Laboratories
  • Dexcom
  • Ascenia Diabetes Care
  • Nova Diabetes Care
  • Hoffmann-La Roche Ltd.
  • Sanofi
  • GlySens Incorporated
  • Trividia Health
  • Bayer
  • Lifescan

Definition: A glucose biosensor is a compact analytical device designed to detect and quantify glucose levels in biological samples, commonly blood. It operates based on the recognition and interaction between glucose molecules and specific biological elements, often enzymes, immobilized on the sensor's surface. The enzyme catalyzes a reaction that produces a measurable signal, typically electrical, reflecting the glucose concentration. Widely used in diabetes management, these biosensors provide rapid and accurate glucose measurements, enabling timely interventions for patients. Continuous advancements in technology and miniaturization have facilitated their integration into portable devices, fostering convenient and routine monitoring for both healthcare professionals and individuals with diabetes.

Frequently Asked Questions

Stringent regulatory policies and high cost of biosensors are the key factors hampering the growth of the global glucose biosensor market.

Rising prevalence of diabetes and growing geriatric population are the major factors driving the global glucose biosensor market growth.

The enzymatic biosensors segment is the leading technology segment in the global glucose biosensor market.

The major players operating in the global glucose biosensor market are Abbott Laboratories, Dexcom, Ascenia Diabetes Care, Nova Diabetes Care, F. Hoffmann-La Roche Ltd., Sanofi, GlySens Incorporated, Trividia Health, Bayer, and Lifescan.

North America will lead the global glucose biosensor market.

The CAGR of the global glucose biosensor market is expected to be 7.7%

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