Market Research Report
Glucose Biosensors Market Size, Share & Trends Analysis Report By Type (Electrochemical, Optical, Others), By End Use (Hospitals, Homecare, Diagnostic centers), By Region, And Segment Forecasts, 2022 - 2030
|Glucose Biosensors Market Size, Share & Trends Analysis Report By Type (Electrochemical, Optical, Others), By End Use (Hospitals, Homecare, Diagnostic centers), By Region, And Segment Forecasts, 2022 - 2030|
Published: April 21, 2022
Grand View Research, Inc.
Content info: 120 Pages
Delivery time: 2-10 business days
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.