The global blood glucose monitoring market consists of blood glucose meters, test strips, lancets, and other such devices used for monitoring blood glucose levels. Blood glucose monitoring devices enable effective management of diabetes by providing real-time blood glucose readings. The prevalence of diabetes and other lifestyle diseases has been steadily increasing worldwide owing to sedentary lifestyles and unhealthy dietary patterns. This has augmented the demand for blood glucose monitoring devices for convenient self-monitoring of blood glucose levels by diabetes patients.
Blood glucose meters enable pain-free and hassle-free measurement of blood glucose levels through a small drop of blood obtained by pricking the fingertip with a lancet. Regular monitoring helps diabetes patients keep their blood glucose levels under control through timely administration of insulin or oral medications. The data from blood glucose meters can also be transmitted to smartphones or other devices for remote monitoring by healthcare providers. This eases management for both patients and physicians.
The global blood glucose monitoring market size is estimated to be valued at US$ 25460.51 Mn in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Continuous glucose monitoring systems are gaining popularity among diabetes patients. These systems calculate interstitial fluid glucose levels continuously without the need for frequent finger pricking. The glucose values are transmitted in real-time to receivers or smartphones for constant monitoring. This allows timely administration of insulin doses and prompts users of impending high or low blood glucose levels via alarms. The increasing accuracy and reduced invasiveness of continuous glucose monitoring systems are expected to drive their adoption over the forecast period.
Threat of new entrants: The threat is moderate as setting up new production facilities and gaining brand recognition requires significant capital investment and time.
Bargaining power of buyers: The bargaining power of buyers is high as the market has several product offerings from various established brands. Buyers can negotiate on price and demand value-added services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have established relationships with key players. However, switching costs are low.
Threat of new substitutes: The threat is low as there are limited substitutes for blood glucose monitoring methods. New products need to prove efficacy.
Competitive rivalry: The competitive rivalry is high due to the presence of many global and regional players offering similar product lines. Players compete on product features, pricing, and marketing.
The global Blood Glucose Monitoring Market is expected to witness high growth. The global blood glucose monitoring market is estimated to be valued at US$ 25460.51 Mn in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2024 to 2031.
North America dominates the market currently due to high diabetes prevalence and supportive reimbursement policies for devices. However, Asia Pacific is expected to grow at the fastest pace due to growing diabetes population, increasing healthcare expenditure, and raising awareness. Europe is another major region for the blood glucose monitoring market. The growth can be attributed to sophisticated healthcare infrastructure and availability of advanced products. Latin America and Middle East & Africa offer lucrative opportunities for players given the increasing focus on preventing and managing diabetes in these regions.
Key players: Key players operating in the Blood Glucose Monitoring Market are Air Techniques, Inc., Maguire Refining, Inc., Solmetex, Durr Dental, Medentex GmbH, MARS Bio-Med Processes Inc., Dove Dental Products, METASYS, Crosstex International, Inc., Capsule Technologies Inc., A B Dental Trends, Inc., American Dental Accessories, Inc.,and Rebec Environmental. Key players are focusing on product launches, collaborations, and geographic expansion to expand their market share.