The International Diabetes Federation stated that 32.2 million Americans were diagnosed with diabetes in 2021. According to the same source, 34.7 million instances are anticipated to be present by 2030. Before any major effects arise, the government starts taking preventive measures to assist people with diabetes in better understanding and managing the disease. The region is anticipated to prosper due to technology breakthroughs, extensive research, and innovations in diabetes care.
Data Bridge Market Research shows that the Glucose Sensors Market accounted for USD 2,064.044 million in 2021 and is expected to reach USD 8,786.65 million by 2029. The market is expected to grow with a CAGR of 19.58% from 2022 to 2029.
"Rising Diabetes Across Healthcare Will Aid Growth"
The prevalence of diabetes patients is rising due to the fast-evolving lifestyle, including alcohol and tobacco use worldwide. Several factors, including obesity, largely influence diabetes. Additionally, the industry is growing due to the rising elderly population. The WHO estimates that by 2050, there will be 2 billion older people globally, up from 1 billion in 2020. These are certain factors that will propel the market growth.
What restraints the growth of the Glucose Sensors Market?
"High Costs Are Expected to Hamper the Market's Growth"
Strict regulations, high sensor costs, and high cost of blood glucose monitoring systems and supplies are some of the main factors that will hinder market growth and the growth of the glucose sensors market during the forecast period. The range of blood glucose meters is enormous. A meter can cost between $8.99 and $1,150 for individuals without insurance, but it often costs $20 to $80. Although all meters serve identical purposes, the cost mostly depends on the meter's extra features.
Segmentation: Glucose Sensors Market
The glucose sensors market is segmented on the basis of product, technology, component, demographics, and end-users.
- On the basis of product, glucose sensors market is segmented into invasive glucose monitoring, non-invasive glucose monitoring, self-glucose monitoring and lab-based glucose monitoring.
- Based on technology, glucose sensors market 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.
- Based on component, the glucose sensors market is segmented into sensors, transmitters & receivers and integrated insulin pumps.
- Based on demographics, the glucose sensors market is segmented into adult population (>14 years) and children population (≤14 years).
- The glucose sensors market is also segmented on the basis of end-users into hospitals, private clinics, home are, ambulatory settings and others.
Regional Insights: North America is expected to dominate the Glucose Sensors Market
North America is expected to dominate the market because chronic diseases are becoming more common in this area and because healthcare expenditures and spending are rising.
In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2022 to 2029 due to the region's growing need for efficient disease management measures and rising healthcare costs.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-glucose-sensors-market
Recent Developments in Glucose Sensors Market
- In 2021, A new "connected" blood glucose monitoring (BGM) system called Accu-Chek Instant, which Roche announced would go on sale, will support and facilitate the company's integrated Personalised Diabetes Management strategy (iPDM). Wireless blood glucose results transmission is possible because of Bluetooth connectivity between Accu-Chek Instant and the mySugr app.
- In 2021, The GWave technology, developed by HAGAR, will be made available. It measures blood glucose levels using RF waves. Columbia Pacific headed a USD 11.7 million Series B fundraising round for HAGAR, a seasoned investor. The money from this round will be used for upcoming FDA clearance trials and to finish filing for global patents.
The Prominent Key Players Operating in the Glucose Sensors Market Include:
- Arkay, Inc. (U.S.)
- Bayer Healthcare AG (Germany)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Goldsite Diagnostics Inc.(U.S.)
- GlySure Ltd (U.K.)
- Sphere Medical Holding plc. (U.K)
- Dexcom, Inc. (U.S.)
- LifeScan, Inc. (U.S.)
- Abbott (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of glucose sensors market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Glucose Sensors Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
