The Global Glucose Biosensor Market Is Driven By Technological...

The Global Glucose Biosensor Market Is Driven By Technological Advancements

Posted 2024-05-28 09:31:05

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The Global Glucose Biosensor Market involves the manufacturing and marketing of electrochemical biosensors that are used to measure and monitor glucose levels in blood samples. Glucose biosensors play a crucial role in the treatment and management of diabetes by enabling the patient to keep track of their blood glucose levels on a regular basis. Continuous glucose monitoring systems use subcutaneous glucose biosensors to provide constant monitoring of glucose levels throughout the day and night. The growing obesity rates and rising incidence of diabetes worldwide have led to a higher demand for glucose biosensors over the last few years.

The Global Glucose Biosensor Market is estimated to be valued at US$ 11.77 Bn in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024 To 2031.

Key Takeaways

Key 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. Key players like Dexcom and Abbott Laboratories are gaining more market share owing to their wider product portfolio and innovations.

The growing prevalence of diabetes across both developing and developed countries is one of the major factors fueling the demand for glucose biosensors. According to the International Diabetes Federation, around 463 million adults aged between 20-79 years were living with diabetes in 2019 which is predicted to rise to 700 million by 2045.

The major players in the market are focusing on expanding their geographical presence through strategic partnerships and mergers & acquisitions. For instance, in 2021, Dexcom partnered with Cellnovo to launch the Dexcom G6 CGM System in selected European and Asian countries. Abbott Laboratories also acquired Voluntis to strengthen its digital health portfolio and expand globally.

Market Drivers

Technological advancements is one of the key drivers of the Global Glucose Biosensor Market Size . Various new and innovative products featuring smart technologies like artificial intelligence, cloud connectivity and smartphone compatibility are being launched regularly. For example, Abbott's Freestyle Libre 2 and Dexcom's G6 offer continuous glucose monitoring without the need for fingerpricks or calibration. This has provided more convenience to patients leading to increased adoption.

Impact of Current Geopolitical Situation on Global Glucose Biosensor Market Growth

The global glucose biosensor market is witnessing headwinds due to the ongoing geopolitical conflicts and economic uncertainties across major regions. Rising inflationary pressures and supply chain disruptions caused by the Russia-Ukraine war have significantly impacted the production and distribution activities of key players in Europe. Furthermore, strict lockdowns imposed by the Chinese government to curb the spread of COVID-19 infections have disrupted manufacturing operations and created raw material shortages. To overcome such challenges, companies must diversify their supplier networks, localize production wherever possible, and establish strategic partnerships. Adopting advanced technologies like 3D printing can help develop innovative, cost-effective solutions and achieve faster production turnarounds. Collaborating with local research institutes and startups will aid product customization and address region-specific requirements better.