Glucose Biosensor Market to Grow at 7.9% During the Forecast Period 2023-2030

Posted on 2023-04-06 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 06, 2023 — /EPR Network/ —

Glucose Biosensor Industry Overview

The global Glucose Biosensor Market size is expected to reach USD 20.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2022 to 2030. Glucose biosensors are an essential part of glucose monitoring systems that aid in monitoring blood glucose concentration in diabetic patients, which, in turn, helps them to manage and control diabetes and avoid any further complications. The International Diabetes Federation stated that in 2021, 537 million people were diagnosed with diabetes, and the number is anticipated to reach 783 million by 2045.

Emerging innovations in glucose monitoring are expanding the market. Glucose biosensors that use different body fluids such as sweat, blood, saliva, and tear and can be calibrated, are being increasingly researched. For instance, in October 2021, Penn State University researchers invented a novel technique that can assess glucose in sweat rather than blood, thus removing the need for a needle prick.

The market’s prominent competitors are taking different initiatives such as funding and acquisitions of medium and small-sized businesses, in order to expand their product portfolio and enhance their manufacturing capacity. For instance, in August 2020, Senseonics Holdings entered into a strategic partnership with PHC Holdings Corporation and Ascensia Diabetes Care. This allowed Ascensia to be the exclusive global distribution partner for Senseonics’ CGM systems.

Glucose Biosensor Market Segmentation

Grand View Research has segmented the global glucose biosensor market based on type, device, end use, and region:

Based on the Type Insights, the market is segmented into Electrochemical biosensor, Optical Biosensor and Other.

The electrochemical biosensor segment accounted for the largest market revenue share of more than 55.9% in 2021 and is expected to continue its dominance during the forecast period, owing to its sensitivity, reproducibility, and ease of maintenance.
The optical biosensor segment is estimated to witness a CAGR of 6.9% during the forecast period. Optical glucose biosensors uses fiber optics to detect analyses using absorption, illumination, light scattering, or refraction principles, including fluorescence, absorptiometry, and surface plasmon resonance (SPR).

Based on the End Use Insights, the market is segmented into Hospitals, Homecare and Diagnostic centers.

The hospital segment held the largest revenue share of more than 50% in 2021 due to the improving infrastructure and increasing healthcare expenditure in hospitals.
The home care segment is expected to register the fastest growth rate during the forecast period, owing to the availability of qualified nurses and the rising preference for home care in both developing and developed countries.

Glucose Biosensor Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The major players are working to improve their product offerings by upgrading their products, taking advantage of important cooperation activities, and exploring acquisitions and government clearances in order to expand their customer base and gain a larger share of the overall market.

Some prominent players in the global Glucose Biosensor market include

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

Order a free sample PDF of the Glucose Biosensor Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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