GLOBAL GLUCOSE BIOSENSOR MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Challenges And Opportunities

Global Glucose Biosensor Market - Drivers

• Rising prevalence of diabetes: The rising prevalence of diabetes across the globe is a major factor behind the growing demand for glucose biosensors. According to the latest data by the International Diabetes Federation, the total number of diabetes patients globally increased from 463 million in 2019 to over 537 million in 2021. This rise has been accelerated by increasing obesity rates, sedentary lifestyles, and aging populations. Glucose biosensors offer an easier and more convenient method of monitoring blood glucose levels for diabetic patients compared to traditional finger-pricking methods. They help improve glucose management and control among diabetes patients which helps prevent complications associated with uncontrolled blood sugar levels like heart disease, vision loss, and kidney damage. With the growing diabetes burden, there is an increasing need for strengthened self-monitoring practices to ensure optimal diabetes care. This is a major factor driving the demand for advanced glucose biosensors across home as well as hospital settings.
• Growing geriatric population: The growing elderly population is a key factor driving the growth of the glucose biosensor market. As per the United Nations, the number of people aged 65 years and above is projected to be more than double, from 703 million globally in 2019 to 1.50 billion in 2050. Older individuals are more prone to chronic diseases like diabetes due to age-related physiological changes. For instance, the International Diabetes Federation (IDF) estimates that over 374 million people have diabetes worldwide. By 2030, this number is expected to rise to almost 600 million. Diabetes management requires frequent blood glucose monitoring which is putting upward pressure on demand for glucose biosensors.

Global Glucose Biosensor Market - Opportunities

• Emerging markets in developing countries: Emerging markets in developing countries present a huge opportunity for growth in the glucose biosensor market. As populations in developing nations continue to grow rapidly and their economies develop further, prevalence of diabetes and need for reliable glucose monitoring will rise dramatically. According to the International Diabetes Federation, there will be a staggering 215 million adults with diabetes living in developing countries by 2045. This is compared to just 82 million in 2015. Much of this growth is being driven by increasing urbanization, shifting diets, obesity rates, and more sedentary lifestyles in developing populations. Countries like India, China, Brazil, and Mexico which already have large populations will see enormous rises in the number of diabetes cases over the coming decades without significant interventions. This growing diabetes burden coupled with often inadequate access to healthcare means accurate, low-cost glucose monitoring devices have huge potential value in managing the disease in emerging markets.
• Integration of biosensors with smartphones: The integration of biosensors with smartphones offers tremendous opportunities for the glucose biosensor market. Biosensors hold the potential to revolutionize healthcare by providing real-time access to meaningful health data. By connecting biosensors to smartphones, glucose levels can be continuously monitored in a non-invasive manner. This allows patients greater freedom and convenience as they no longer need to prick their finger for blood tests multiple times a day. Smartphone-integrated biosensors could facilitate more proactive healthcare management for diabetics. Patients can more easily track their glucose readings and share the data with doctors. With around 463 million adults suffering from diabetes worldwide according to the 2021 International Diabetes Federation Diabetes Atlas, this represents a huge patient population that can benefit from continuous glucose monitoring (CGM) capabilities provided through biosensors. Real-time glucose alerts on the phone can help patients make immediate adjustments to medication, diet or exercise to better control their condition. The data collected over time also allows clinicians to analyze patterns for optimizing treatment plans.

Global Glucose Biosensor Market - Restraint

• Stringent regulatory policies: Stringent regulatory policies from governments across the globe are posing significant challenges for the growth of the glucose biosensor market. Governments are increasingly focusing on ensuring the safety, efficacy and quality of medical devices and technologies like glucose biosensors that are intended for use in patient care. Biosensors that come in direct contact with human tissues and fluids are classified as Class III medical devices by regulatory bodies like the U.S. FDA. This is the highest risk classification for medical devices. As a result, glucose biosensors are subject to rigorous pre-market approval processes that involve extensive clinical testing and trials to demonstrate safety and effectiveness. Manufacturers need to provide very detailed technical documentation, design controls and validations as per international quality standards like ISO 13485. The approval timelines can stretch for years causing delays in market launches.
• High cost of biosensors: The high cost of biosensors is one of the major factors restraining the growth of the glucose biosensor market. Biosensors require high-quality and precise materials and components for manufacturing which makes them an expensive technology. The key components that make biosensors costly are enzymes, substrates, mediators, electrodes, etc. For example, enzymes used in glucose biosensors like glucose oxidase are derived from living organisms through extraction and purification processes which are complex and increase the production cost. Similarly, gold and platinum which are commonly used electrode materials are expensive precious metals. The cost of materials alone contributes to over 50% of the total cost of a basic biosensor.