Glucose Sensor Market reaching around US$ 16,382 million by the end of 2032 | FMI
[297 Pages Report] The global glucose sensor market is expected to be worth $7,588 million in 2022. Between 2022 and 2032, global sales of glucose sensors are expected to grow at an 8.6% CAGR, reaching around US$ 16,382 million by the end of 2032.
Diabetes mellitus is one of the most widely prevalent endocrine disorder of carbohydrate metabolism. Over the last couple of years, there has been a significant rise in diabetes mellitus cases worldwide. Sedentary lifestyle coupled with unhealthy dietaries leads to obesity which in turn is fueling diabetic cases.
Glucose sensors is a compact analytical device or a unit incorporating a biological or biologically derived sensitive recognition element integrated with physiochemical transducer. Self-monitoring blood glucose investigated in diabetes mellitus is essential for insulin treatment or oral glucose lowering medication to provide information of glucose concentrations in our body.
These sensors has proved quite efficient in monitoring the glucose level in human body, thus gaining wide popularity among healthcare practitioners for assessment purpose.
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Glucose Sensor Market: Drivers and restraints
As per the World Health Organization (WHO) diabetes is the seventh leading cause for death. Incidence rate is quite high when compared to other chronic disorder. In 2014, around 382 million were diagnosed with diabetes. Changing lifestyle is expected to further extrapolate the diabetic cases globally. Increasing cases of diabetes is expected to drive the overall demand of glucose sensors devices.
Accurate and precise data offered by glucose monitoring sensors than that of conventional devices is another leading driver for this market. Diabetic patients are inclined towards noninvasive techniques such as sensors. More number of people becoming health conscious and use of sensors are increasing gradually.
Macroeconomic factors such as increasing healthcare expenditure is expected to further driver the market over the forecast period. Though the market is expected to generate significant revenue throughout the forecast period, high cost of these sensors compared to that of glucose monitoring meters is a major challenge for overall growth of the market.
Glucose Sensor Market: Overview
The Global glucose sensor market is witnessing rapid technological advancements with high accuracy and precision. These devices are noninvasive and pain free so patients are accepting these devices to monitor blood glucose levels. Glucose sensor devices market is expected to grow at healthy growth rate in forecasting period.
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Glucose Sensor Market: Region-Wise Outlook
On the basis of region, glucose sensor market is segmented into seven key regions: North America, Latin America, and Eastern Europe, Western Europe, and Asia pacific excluding japan, Japan, Middle East and Africa.
Going through the present trend, market seems to be optimistic in near future and is expected to register significant growth during the forecast period.
Currently, North America dominates the Glucose sensor market. Glucose Sensors are most widely used in developed countries because of noninvasive and pain free technologies. Increasing healthcare awareness among people is expected to fuel the demand for glucose sensors in developed regions. Asia Pacific market is considered to rapidly evolving healthcare infrastructure, this region is anticipating providing a lucrative growth of glucose sensor market.
Glucose Sensor Market: Key players
Abbott Diagnostics, Pinnacle Technologies, Inc., 77 Elektronika KFT, Sanofi, Life Scan (Johnson and Johnson Company) are some of the key market players engaged in glucose sensor market
The Research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, U.K, Spain, France, Rest of Western Europe)
- Eastern Europe (Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa)
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