The global glucose sensor market is valued at US$ 8,949.3 million in 2024 and is anticipated to surpass a valuation of US$ 20,421.4 million by 2034. The glucose sensor market expansion is estimated at a CAGR of 8.6% from 2024 to 2034.
As the number of people with diabetes rises constantly, it has become a global health problem. This increase is caused by several factors, including aging populations, poor diets, and sedentary lifestyles. There is an increasing need for efficient glucose monitoring systems as more people are given diabetes diagnoses. Compared to more conventional techniques like fingerstick testing, continuous glucose monitoring (CGM) systems, which make use of glucose sensors, provide a more practical and effective means of controlling blood sugar levels. Thus, the demand for glucose sensors is directly driven by the growing number of people with diabetes.
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The continuous real-time glucose data provided by CGM devices is transforming the management of diabetes. CGM devices measure glucose patterns at all hours of the day or night, in contrast to standard fingerstick testing, which only provides a snapshot of blood sugar levels at one particular moment. This extensive data gathering enables more precise insulin dosage modifications in addition to improved identification of hypo- and hyperglycemia episodes. The need for CGM systems and the glucose sensors they need is only increasing as more patients and healthcare professionals become aware of how effective CGM can be in enhancing glycemic control and lowering the risk of complications connected to diabetes.
Key Takeaways from the Glucose Sensor Market Report
- The global market size expanded at a 9.2% CAGR from 2019 to 2023.
- The invasive product segment holds 68.4% of market shares in 2024.
- The hospitals end user segment captured 41.4% of market shares in 2024.
- The market size in the United States is projected to rise at a 7% CAGR through 2034.
- The market size in Germany is anticipated to develop at a 5.6% CAGR through 2034.
- The market size in China is estimated to surge at a 7.5% CAGR through 2034.
- The market size in India is expected to increase at an 8.4% CAGR through 2034.
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Competitive Landscape:
The glucose sensor market is highly competitive, with prominent competitors fighting for market dominance and technical leadership. Large corporations like Abbott Laboratories, Dexcom, Inc., and Medtronic plc dominate the industry, using their broad product portfolios, robust distribution networks, and established brand reputations to retain a competitive edge. These industry titans are always investing in research and development to promote innovation and launch new glucose-monitoring devices with elevated accuracy, reliability, and user experience.
Recent Developments:
- In March 2024, the FDA authorized Dexcom’s Stelo, a new over-the-counter continuous glucose monitor. It is intended for people with Type 2 diabetes who do not use insulin.
- In February 2024, Know Labs introduced a new wearable, non-invasive continuous glucose monitor. FDA testing remains pending, but it might improve user experience. KnowU comes with a connected smartphone app and a rechargeable battery.
Note from the Analysts:
“In the expanding glucose sensor market, success requires investing in innovation and forming strategic alliances. Because diabetes is becoming more common, businesses need to stand out from the competition by utilizing cutting-edge technologies while collaborating with key industry players. In this highly competitive environment, continuous success depends on adhering to legal requirements and being responsive to customer demands.” Says a Lead Analyst at Future Market Insights (FMI).
Key Players in the Glucose Sensor Industry:
- Abbott Laboratories
- Dexcom, Inc.
- Medtronic plc
- Roche Diabetes Care
- Senseonics Holdings, Inc.
- Ascensia Diabetes Care
- LifeScan, Inc. (a Johnson & Johnson company)
- Ypsomed AG
- Nemaura Medical Inc.
- MicroPort Scientific Corporation
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Segmentation Analysis:
By Product:
The sector fragments into Non-invasive (Optical Sensors, Trans Dermal Sensors, Minimally Invasive, and Micro pore/ Micro Needles), Invasive (Intravenous Implantable, Micro Dialysis, and Subcutaneous Sensor)
By Technologies:
The industry is segmented into Photo Acoustic Spectroscopy, Optical Coherence Tomography, Polarimetry, Fluorescence, MIR Spectroscopy, NIR Spectroscopy, Impedance Spectroscopy, Skin Suction Blister Technique, Sonophoresis, and Reverse Iontophoresis.
By End User:
The industry bifurcates into Hospitals and Clinics.
By Region:
Analysis of the market has been conducted in the countries of North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa (MEA).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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