The global glucose biosensors market was valued at USD 11.9 billion in 2021 and it is anticipated to grow up to USD 42.9 billion by 2031, at a CAGR of 13.7% during the forecast period.
A glucose biosensor is a device that uses an enzyme to catalyze the oxidation of glucose to generate a current, which is proportional to the concentration of glucose in the sample. The enzyme used in most glucose biosensors is glucose oxidase (GOx), which oxidizes glucose to gluconic acid and hydrogen peroxide. The hydrogen peroxide is then reduced to water by a catalyst, usually platinum, and the current generated is proportional to the concentration of glucose.
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Major Players in the Global Glucose Biosensors Market
The key players in the glucose biosensors market are Ascensia Diabetes Care Holdings AG. (Senseonics, Inc.), Abbott, Lifescan, Inc., Universal Biosensors, Nova Biomedical, Med Trust, Taidoc Technology Corporation, Roche AG, and Dexcom, among others.
Glucose Biosensors Market Segmentation
- CGM (Continuous Glucose Monitoring)
- SMBG (Self-Monitoring Blood Glucose)
- Electrochemical Biosensors
- Optical Biosensors
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Market Trends and Drivers
There has been a substantial rise in the number of people diagnosed with diabetes worldwide, which could propel glucose biosensors market statistics. According to the IDF (International Diabetes Federation), around 537 million people between the ages of 20 to 79 years were diagnosed as diabetics in 2021. Categorically, around 1.2 million patients, mainly adolescents and children, have type 1 diabetes whereas close to 541 million adults are at risk of getting type 2 diabetes. A socio-economic analysis by the World Health Organization (WHO) in 2021 showcased that diabetes is more prevalent in middle and low-income countries in comparison to high-income countries, which has increased the product demand.
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