The global glucose sensor industry is set to experience remarkable growth, according to a recent market analysis. By the end of 2022, the market is expected to generate approximately US$ 7,588 million in revenue. Moreover, forecasts predict an impressive Compound Annual Growth Rate (CAGR) of 8.6% from 2022 to 2032, with the market estimated to surge to US$ 16,382 million by the end of 2032.
Rapid technical progress is being seen in the global glucose sensor market, with great accuracy and precision. Patients are agreeing to use these non-invasive, painless devices to monitor their blood glucose levels. The market for glucose sensor devices is anticipated to expand at a healthy rate throughout the projection period.
It is projected that both the number of diabetic patients and patient awareness of blood sugar monitoring would increase. Due to new product releases and growing awareness of diabetes prevention, the market for glucose sensors is growing.
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Because of the rapidly evolving lifestyle, there are more diabetic patients worldwide. Obesity has a major impact on diabetes. As the number of seniors grows, the market for glucose sensors is rising globally. The global market for glucose sensors is divided into seven major geographical areas: North America, Latin America, Eastern and Western Europe, Asia Pacific outside of Japan, Japan, the Middle East, and Africa. According to the current trend, the market is positive for the near future and is anticipated to have significant growth throughout the prediction period.
At the moment, the market for glucose sensors is dominated by North America. Due to noninvasive and painless technologies, developed nations employ glucose sensors the most frequently. In developed nations, rising healthcare awareness is anticipated to increase demand for glucose sensors. The healthcare infrastructure in the Asia Pacific market is thought to be swiftly evolving, and this area anticipates supplying a lucrative rise in the glucose sensor industry.
Glucose Sensor Market: Drivers and restraints
As per the World Health Organization (WHO) diabetes is the seventh leading cause for death. Incidence rate is quite high when compared to other chronic disorder. In 2014, around 382 million were diagnosed with diabetes. Changing lifestyle is expected to further extrapolate the diabetic cases globally. Increasing cases of diabetes is expected to drive the overall demand of glucose sensors devices. Accurate and precise data offered by glucose monitoring sensors than that of conventional devices is another leading driver for this market. Diabetic patients are inclined towards noninvasive techniques such as sensors. More number of people becoming health conscious and use of sensors are increasing gradually. Macroeconomic factors such as increasing healthcare expenditure is expected to further driver the market over the forecast period. Though the market is expected to generate significant revenue throughout the forecast period, high cost of these sensors compared to that of glucose monitoring meters is a major challenge for overall growth of the market.
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Glucose Sensor Market: Key players
- Abbott Diagnostics
- Pinnacle Technologies Inc.
- 77 Elektronika KFT
- Sanofi
- Life Scan
- Novo Nordisk A/S
- Ypsomed
- GlySens Inc.
- Medtronic
- Dexcom Inc.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Glucose Sensor Market: Segmentation
Glucose Sensor Market can be segmented on the bases of region, product type, technologies, and end-users.
By Product:
- Non Invasive
- Optical Sensors
- Trans Dermal Sensors
- Minimally Invasive
- Micro pore/ Micro needles
- Invasive
- Intravenous Implantable
- Micro dialysis
- Subcutaneous Sensor
By Technologies:
- Photo Acoustic Spectroscopy
- Optical Coherence Tomography
- Polarimetry
- Fluorescence
- MIR Spectroscopy
- NIR Spectroscopy
- Impedance Spectroscopy
- Skin Suction Blister Technique
- Sonophoresis
- Reverse Iontophoresis
By End User:
- Hospitals
- Clinics
By Region:
- North America Glucose Sensor Market
- Latin America Glucose Sensor Market
- Europe Glucose Sensor Market
- East Asia Glucose Sensor Market
- South Asia Glucose Sensor Market
- Oceania Glucose Sensor Market
- Middle Eats & Africa Glucose Sensor Market
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