New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Glucose Biosensors Global Market Report 2023" - https://www.reportlinker.com/p06486475/?utm_source=GNW
The global glucose biosensors market is expected to grow from $12.64 billion in 2022 to $14.07 billion in 2023 at a compound annual growth rate (CAGR) of 11.30%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The glucose biosensors market is expected to reach $21.56 billion in 2027 at a CAGR of 11.26%.
The glucose biosensors market consists of sales of magnetic biosensors, thermometric biosensors, potentiometric, amperometric, and conductometric sensors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A glucose biosensor is a device that is designed to measure glucose levels in various samples, typically in biological fluids such as blood or interstitial fluid. It is widely used in healthcare, particularly for diabetes management, as they enable convenient and frequent monitoring of blood glucose levels.
North America was the largest region in the glucose biosensors market in 2022. The regions covered in the glucose biosensors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main product types of glucose biosensors are continuous glucose monitoring, self-monitoring blood glucose, and non-invasive glucose monitoring.Continuous glucose monitoring (CGM) is a method that uses a tiny sensor implanted under the skin to measure glucose levels in the patient’s body and it is used to provide a more comprehensive view of a patient’s glucose levels than standard fingerstick glucose monitoring and offers results in real-time.
Majorly used technologies are electrochemical biosensors, optical biosensors, piezoelectric biosensors, and others that are used by various end-users such as hospitals, home care, diagnostic centers and clinics, and others.
The rising prevalence of diabetes is expected to propel the growth of the glucose biosensors market going forward.Diabetes is an incurable disease that arises when the pancreas fails to create enough insulin or when the body fails to adequately utilize the insulin that is produced.
Diabetes patients utilize glucose biosensors to monitor their blood glucose levels which enables them to monitor their blood glucose levels regularly at their convenience and helps to adjust their medication for better diabetes management.For instance, according to the International Diabetes Federation 2021 report, a Belgium-based international diabetic association, diabetes affects approximately 537 million individuals (20-79 years old), accounting for one in every ten and is expected to increase to 643 million by 2030, and 783 million by 2045.
Additionally, every 3 in 4 adults are suffering from diabetes in low- and middle-income nations and it caused 6.7 million deaths in 2021 which equals to one in every 5 seconds. Therefore, the rising prevalence of diabetes is driving the growth of the glucose biosensors market.
Wireless technology is a key trend gaining popularity in the glucose biosensors market.Major companies operating in the glucose biosensors market are focused on innovating technologically advanced products to strengthen their position in the market.
For instance, in September 2020, Abbott Laboratories, a US-based medical devices and healthcare company, introduced Libre Sense, a glucose sport biosensor for continuous glucose monitoring in athletes.Libre Sense uses a small round biosensor worn on the back of the upper arm for up to 14 days to continually detect glucose levels in athletes aged 16 and up.
Every minute, the user will receive streaming glucose data via Bluetooth® wireless technology, and these data are designed to operate with compatible mobile apps.
In June 2020, WaveForm Diabetes, a US-based manufacturer of innovative glucose monitoring devices partnered with Bayer AG for an undisclosed amount.The agreement seeks to provide revolutionary glucose monitoring solutions to patients and physicians in China by combining WaveForm’s novel and proprietary technology with Bayer’s considerable experience and know-how in diabetes treatment.
Bayer AG is a Germany-based leading pharmaceutical and biotechnology company.
The countries covered in the glucose biosensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The glucose biosensors market research report is one of a series of new reports that provides glucose biosensors market statistics, including glucose biosensors industry global market size, regional shares, competitors with a glucose biosensors market share, detailed glucose biosensors market segments, market trends and opportunities, and any further data you may need to thrive in the glucose biosensors industry. This glucose biosensors market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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