Glucose Biosensors Market to Exceed USD 31 billion by 2024

Posted by David Jones on August 11th, 2017

The worldwide glucose biosensors market size is expected to surpass USD 31 billion by 2024. It was valued about USD 15.3 billion in 2015. The high incidence of diabetes is a key factor that drives this market. Technological breakthroughs in monitoring glucose levels can spur market demand. Biosensors are devices that detect biological changes in the body and display those via electronic indicators. These changes (commonly known as analytes) could be gases, organic compounds, bacteria, and others.

Glucose biosensors can sense glucose levels within the body. They are small & minimally invasive devices that assess glucose levels in outpatient settings. Need for reliable biosensors still pose a market challenge. Alternative methods, like laboratory tests can restrict market growth. But several companies are investing in R&D (research and development) to improve the current technology.

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The global Glucose Biosensors Market is segmented on the basis of types, end-users, and regions. The two types are amprometric and fluorescent. Amperometric biosensors are extensively available. They function by way of glucose oxidase. These devices combine glucose with oxygen to produce hydrogen peroxide. The electrode identifies hydrogen peroxide and accurately measures glucose levels from it.

Fluorescent biosensors are estimated to capture major market shares over the forecast period (2016-2024). These biosensors measure glucose levels by detecting sensitive proteins via the fluorescence process. Better operational life of these devices may benefit the market in the years ahead.

End-users are home care diagnostics, hospitals, and others. Others include diagnostic laboratories, research institutes, and clinical. Home care diagnostics held over 46% market shares in 2015. This segment comprises the adoption hand-held glucose meters. These devices deliver quick & efficient results and reduce the need for frequent hospital visits. ‘Hospitals’ may expand significantly over the next eight years. It could grow a 10.3% CAGR from 2015 to 2022.

Regions in the global Glucose Biosensors Market are North America, Latin America, Middle East & Africa (MEA), Asia Pacific, and Europe. North America dominated the worldwide market with nearly 37% shares in 2015. Growing cases of diabetes coupled with technological advancements in the region can boost revenues during the forecast period. Europe may be the second largest market in terms of revenue after North America.

Asia Pacific is expected to grow at a CAGR of 13% from 2015 to 2022. India & China jointly accounted for over 65% of the global diabetic base in 2013. This could benefit the worldwide market in the years ahead.

Major players in the glucose biosensor industry are LifeScan Inc., Abbott Laboratories, F. Hoffmann-La Roche AG, and Bayer AG. These companies held over 70% of the total market shares in 2014. They focus on product development, partnerships, and collaborations for long term growth and market sustenance. For instance, LifeScan introduced a new glucose monitoring system, OneTouch Verio in 2015. It measures glucose levels via a color-coded indicator.

Mayo Clinic, Gentag, NovioSense, and Fraunhofer Institute for Microelectronic Circuits & Systems entered a collaboration to fight against type 2 diabetes, in 2015. They aim at equipping smartphones with low-cost diabetes monitoring systems. The technology thus developed may be employed in a number of diabetes applications, such as eye sensors, skin patches, long-terms implantable sensors and so on. All of these devices can be controlled via smartphones. Currently, carbon nanotubes are gaining popularity due to their exceptional physical and electrical properties. These nanotubes work well with glucose biosensors by providing support for enzyme control.

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