The global glucose sensor market is projected to witness substantial growth, reaching a valuation of USD 20,421.4 million by 2034, according to a recent report. The market, currently valued at USD 8,949.3 million in 2024, is anticipated to expand at a CAGR of 8.6% from 2024 to 2034.
Rising concerns over the escalating prevalence of diabetes worldwide are fueling the demand for efficient glucose monitoring systems. Factors contributing to the increasing prevalence of diabetes include aging populations, poor dietary habits, and sedentary lifestyles. Consequently, there is a pressing need for innovative solutions to manage this global health concern.
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Continuous glucose monitoring systems, leveraging advanced glucose sensors, offer a practical and effective alternative to conventional techniques such as fingerstick testing. CGM systems enable individuals to monitor their blood sugar levels continuously, providing real-time insights and facilitating better control over glucose levels.
“The demand for glucose sensors is directly correlated with the growing number of individuals diagnosed with diabetes,” stated FMI. “As the prevalence of diabetes continues to rise, there is a heightened emphasis on the development of technologies that simplify glucose monitoring and enhance patient outcomes.”
Key highlights driving the growth of the global glucose sensor market include:
- Increasing prevalence of diabetes worldwide.
- Growing adoption of continuous glucose monitoring systems.
- Technological advancements enhancing the accuracy and reliability of glucose sensors.
- Rising awareness about the importance of proactive diabetes management.
As the global community grapples with the challenges posed by diabetes, stakeholders across the healthcare industry are intensifying efforts to develop innovative solutions that address the evolving needs of patients.
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
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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