Glucose sensors are inserted under skin to measure glucose (sugar) levels. These sensors are connected wirelessly to the continuous glucose monitoring system. They offer data to the monitoring system or smart compatible devices that aid to track the level of blood glucose in a patient at regular intervals.
Increasing number of pipeline studies to develop new glucose sensors is expected to boost the glucose sensor market growth. For instance, in April 2018, University of California San Diego, in collaboration with National Institutes of Health (NIH), initiated the clinical study for adhesive glucose sensor to measure sweat glucose of patients with diabetes. The main aim of this clinical study is to explore the accuracy and acceptability of a non-invasive, wearable glucose sensor in patients living with Diabetes Mellitus. The study is estimated to be completed by June 2019.
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Moreover, new product launches for measuring blood glucose levels is also expected to contribute to growth of the glucose sensor market size. For instance, in December 2018, Nemaura Medical Inc., a medical technology company developing sugarBEAT, signed licensing and distribution agreement with Doha-based Al-Danah Medical Co. to commercially launch sugarBEAT in Qatar by 2019. sugarBEAT is the first painless, non-invasive continuous glucose monitor (CGM) for use by diabetic and pre-diabetic patients.
On the basis of region, the global glucose sensor market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to witness significant growth in the glucose sensor market, owing to presence of major players and launch of new products in this region. For instance, in July 2018, Abbott Laboratories received the U.S. Food and Drug Administration (FDA) approval for its FreeStyle Libre 14 day Flash Glucose Monitoring System. The system allows a diabetic patient to wear the sensor up to 14 days and offers results with high accuracy. It is the first continuous glucose monitoring system that can be used by diabetic patients to take diabetes treatment decisions without using a blood sample from the fingertip. The systems eliminates the need for fingerstick testing by using a small sensor wire inserted below the skin’s surface. This sensor continuously measures and monitors glucose levels.
Furthermore, Asia Pacific glucose sensor market is expected to witness significant growth over the forecast period, owing to increasing diabetes healthcare spending in the region. For instance, according to the International Diabetes Federation’ (IDF) estimates, in 2017, diabetic healthcare spending in Asia Pacific was US$ 241 million.
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Key players operating in the global glucose sensor market include, Abbott Diagnostics, Pinnacle Technologies, Inc., 77 Elektronika KFT, Sanofi-Deutschland GmbH, Life Scan (Johnson and Johnson Company), Universal Biosensors, Diamontech GmbH, Medical Wireless Sensing Ltd, Medtronic MiniMed, Inc. Bayer Healthcare, DexCom Inc., Nova Biomedical Corporation, Terumo Europe NV, Arkay, Inc., and Roche Diagnostics.