by The Blood Glucose Monitoring Market is estimated to be valued at US$ 22101.13 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood glucose monitoring devices help patients with diabetes monitor their blood glucose levels. These devices include glucometers, blood glucose test strips, and lancets. Glucometers are medical devices used to measure the glucose level in blood samples. Test strips are inserted into these glucometers to obtain blood glucose readings. Lancets are used to prick the skin to obtain blood samples. Regular monitoring helps patients manage their diabetes and prevent complications.
Market Dynamics:
The increasing prevalence of diabetes across the globe is a major driver of the blood glucose monitoring market.According to the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and this number is expected to rise to 783 million by 2045. Rising obesity rates and sedentary lifestyles have increased the risk of diabetes. Furthermore, favorable reimbursement policies regarding blood glucose monitoring devices in several countries also boost their demand.For instance, in the U.S., Medicare and Medicaid cover the costs of blood glucose monitors and test strips for diabetes management. However, cost pressures due to healthcare budget cuts in some regions may hamper the market growth.
Segment Analysis
The blood glucose monitoring market can be segmented into self-monitoring blood glucose systems and continuous glucose monitoring systems. Continuous glucose monitoring systems dominates the market currently due to its ability to continuously monitor glucose levels in interstitial fluid/ tissues. These systems are widely used by patients to make necessary lifestyle changes and for diet and physical activity monitoring.
PEST Analysis
Political: Regulations around diabetes management and monitoring are getting stronger. Authorities are supporting initiatives to increase awareness.
Economic: Rising healthcare expenditure and improving reimbursements are driving the market growth. High cost of innovative devices can however hinder adoption.
Social: Increasing cases of diabetes, growing health consciousness, and social support for diabetes management are fueling market expansion.
Technological: Introduction of advanced sensing technologies, internet connectivity in devices, artificial intelligence, and miniaturization are transforming the market.
Key Takeaways
The Global Blood Glucose Monitoring Market Size is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing awareness about diabetes self-management and technological advancements.
North America dominates the market currently owing to presence of major players, favorable reimbursement policies, and rising prevalence of diabetes in the region. Asia Pacific is expected to exhibit the fastest growth due to growing healthcare infrastructure, large patient pool, and rising income.
Key players operating in the blood glucose monitoring market are 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., among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
