The biopharma buffer market comprises various products such as phosphate buffers, Tris buffers and acetate buffers which are used to maintain and stabilize pH levels in continuous glucose monitoring systems (CGMS). These buffers help measure glucose levels through interstitial fluid and provide real-time readings of blood glucose levels. The growing prevalence of diabetes mellitus worldwide has increased the demand for glucose monitoring devices for effective disease management.
The Global biopharma buffer market is estimated to be valued at US$ 4.24 Billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the biopharma buffer market are Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, Companion Medical Inc., Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Pendiq GmbH, Sanofi, Berlin Chemie Companion Medical Inc., Bigfoot Biomedical, Digital Medics Pty ltd, Eli Lilly and company, Ypsomed Holding AG, Diabnext Diamesco Co. Ltd. These players are focusing on developing advanced glucose monitoring systems to cater to the growing patient demands.
The increasing prevalence of diabetes across the globe is expected to drive the demand for continuous glucose monitoring systems in the coming years. According to International Diabetes Federation, over 537 million adults were living with diabetes in 2021 worldwide and the number is projected to rise to 643 million by 2030 and 783 million by 2045.
The major players are expanding their geographical reach through partnerships and collaborations with regional players. For instance, in August 2022, Digital Medics partnered with Sanofi to distribute its Eversense continuous glucose monitoring systems across Middle East and North Africa markets. Such strategic collaborations are helping players strengthen their global presence.
Market Key Trends
One of the key trends in the Biopharma Buffer Market Size is the increasing adoption of wearable and patch-based glucose monitoring systems. Players are focused on developing comfortable and user-friendly devices to improve compliance. For example, in August 2021, Abbott launched FreeStyle Libre 3, the worlds first factory-calibrated, wearable continuous glucose monitoring system which does not require fingersticks for calibration. Such innovative products are gaining popularity among diabetics.
Porter's Analysis
Threat of new entrants: Biopharma buffer market requires significant capital investment for R&D and production facilities which act as a barrier for new players.
Bargaining power of buyers: Presence of numerous established players in the market gives buyers options to choose from resulting in lower bargaining power of buyers.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of substitute materials.
Threat of new substitutes: Threat of new substitutes is low as biopharma buffers have proven efficiency, safety and stability.
Competitive rivalry: Intense competition exists among established players to gain higher market share through product innovation and strategic collaborations.
Geographical regions of concentration: North America accounts for the largest share in Biopharma Buffer Market Regional Analysis owing to presence of major players and developed healthcare infrastructure in the region.
Fastest growing region:
Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rising healthcare expenditure, increasing healthcare awareness and presence of emerging economies in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)