by Blood glucose monitoring market involves the use of blood glucose test strips, blood glucose monitors, and lancets for checking blood glucose levels, especially among diabetics. Diabetes is one of the most common chronic diseases affecting people worldwide. According to the International Diabetes Federation, in 2021, around 537 million adults were living with diabetes globally and the number is anticipated to rise to 643 million by 2030 and 783 million by 2045. Blood glucose monitors and other blood glucose testing devices enable diabetics to frequently monitor their glucose levels and make necessary modifications to their treatment plans and lifestyle accordingly. Insulin therapy often requires multiple daily measurements of blood glucose levels and monitoring devices make this process relatively painless and quick. The global blood glucose monitoring market is estimated to be valued at US$22,101.13 million in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Surging prevalence of diabetes globally due to sedentary lifestyle and obesity is a major driver of growth of the blood glucose monitoring market. According to the projections by International Diabetes Federation, approximately one in ten adults around the globe has diabetes. Timely monitoring of blood glucose levels is critical for effective management of diabetes. This is promoting increased adoption of blood glucose monitoring devices. Moreover, technological advancements in blood glucose monitoring devices characterized by continuous monitoring, miniaturization, and smartphone connectivity are further fueling the market growth. Newer devices enable hassle-free, convenient, and accurate monitoring of glucose levels without requiring frequent finger prick tests. This is making blood glucose monitoring more accessible and user-friendly.
Segment Analysis
The Blood Glucose Monitoring Market Size is dominated by the blood glucose test strips sub segment. It holds around 90% of the total market share as most patients prefer using test strips due to their ease of use and accurate blood glucose reading results. Other sub segments like glucometers and lancets also have a presence but account for a relatively smaller market share.
PEST Analysis
Political: Regulations related to diabetes management and monitoring in various countries have supported the growth of this market. Standards set by organizations like the FDA for product approval have made the market more organized.
Economic: Rising disposable incomes and increasing healthcare expenditures have enabled more people to opt for regular blood glucose monitoring. The growing aging population affected by diabetes has also boosted market revenues.
Social: Growing prevalence of diabetes, especially type 2 diabetes, has boosted awareness levels regarding the importance of glucose monitoring. Social stigma related to diabetes has reduced over time.
Technological: Advancements in test strip technology have enhanced accuracy and reduced reading times. Connected glucometers allow data sharing with physicians through mobile apps. New products with advanced features will aid future market growth.
Key Takeaways
The global blood glucose monitoring market is expected to witness high growth over the forecast period. The market size for 2023 is projected to reach US$ 22101.13 Mn.
Regional analysis: North America currently dominates the market due to supportive reimbursement policies and higher consumer awareness. Asia Pacific is poised to exhibit the fastest growth led by countries like China and India. Rising diabetes incidence, growing geriatric population and increasing healthcare expenditures are driving the Asia Pacific market.
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. All leading manufacturers are focusing on product innovations and launching advanced technologies to gain market share. they are also expanding their geographical presence in high growth markets through collaborations and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
