by The Blood Glucose Monitoring Market is estimated to be valued at US$ 18,466.3 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Blood Glucose Monitoring Market refers to the devices and systems used for monitoring and managing blood glucose levels in individuals with diabetes. These devices play a crucial role in diabetes management by providing real-time blood glucose measurements, allowing individuals to adjust their diets, medications, and lifestyle accordingly. The market offers various types of blood glucose monitoring devices, including continuous glucose monitoring systems, self-monitoring blood glucose systems, and non-invasive glucose monitoring systems.
Market Dynamics:
The market for Global Blood Glucose Monitoring Market is primarily driven by the increasing prevalence of diabetes worldwide. According to the International Diabetes Federation, around 463 million adults were living with diabetes worldwide in 2019, and this number is expected to rise to 700 million by 2045. This increasing diabetic population is anticipated to boost the demand for blood glucose monitoring devices.
Furthermore, technological advancements in blood glucose monitoring devices, such as improved accuracy, convenience, and connectivity to mobile applications, are also driving market growth. These advancements have made it easier for individuals with diabetes to monitor their blood glucose levels and manage their condition effectively and conveniently.
In conclusion, the Blood Glucose Monitoring Market is expected to witness high growth due to the increasing prevalence of diabetes and technological advancements in monitoring devices.
Segment Analysis:
The blood glucose monitoring market can be segmented based on product type, technique, end-user, and geography. In terms of product type, the dominating segment is the self-monitoring blood glucose devices. This is due to the increasing prevalence of diabetes worldwide and the growing demand for home-based monitoring devices. Self-monitoring devices provide convenience and ease of use, allowing patients to monitor their blood glucose levels regularly without the need for repeated visits to healthcare facilities. The growing adoption of continuous glucose monitoring devices is also contributing to the dominance of this segment.
PEST Analysis:
Political: The political landscape plays a crucial role in the blood glucose monitoring market. Government regulations and policies regarding healthcare reimbursements and approvals for medical devices influence the market dynamics.
Economic: Economic factors such as healthcare expenditure, disposable income, and insurance coverage affect the affordability and accessibility of blood glucose monitoring devices.
Social: Increasing awareness about diabetes management and the importance of regular blood glucose monitoring among individuals and healthcare professionals is positively impacting the market. Lifestyle changes, urbanization, and a sedentary lifestyle are contributing to the rising prevalence of diabetes.
Technological: Technological advancements in blood glucose monitoring devices, such as the development of wearable and non-invasive devices, have revolutionized the market. These devices offer improved accuracy, ease of use, and real-time data monitoring.
Key Takeaways:
The global blood glucose monitoring market is expected to witness high growth, exhibiting a CAGR of 9.4% over the forecast period (2023-2030), due to increasing prevalence of diabetes and growing adoption of self-monitoring devices. The market size for 2023 was valued at US$ 18,466.3 Mn.
Regionally, North America is the fastest growing and dominating region in the market, attributed to the high prevalence of diabetes, favorable reimbursement policies, and advanced healthcare infrastructure. Europe and Asia Pacific are also witnessing significant growth, driven by the increasing awareness about diabetes management and the adoption of advanced blood glucose monitoring devices.
Key players operating in the blood glucose monitoring market include Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd. These key players are focused on product innovation, strategic collaborations, and mergers and acquisitions to gain a competitive edge in the market.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
