Blood Glucose Monitoring devices Market
Blood Glucose Monitoring Devices Market was estimated around USD 11.9 billion in 2021 and is expected to reach USD 21.1 billion by 2029, growing at a CAGR of 7.4% over the forecast period (2022-2029).
The factors driving the growth of Blood Glucose Monitoring Devices Market includes increasing prevalence of diabetes around the world, growing consumption of alcoholic beverages and unhealthy food items, rising awareness amongst consumers about the benefits of using blood glucose monitoring devices and improvements in the living standards. As per the report published by International Diabetes Federation, almost 537 million people were diagnosed with diabetes in 2021, this figure is estimated to reach 783 million by the end of 2045, which will push the demand for blood glucose monitoring devices in the approaching years. Moreover, technological advancements in blood glucose monitoring devices, growing popularity of virtual clinics, increasing geriatric population, rise in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Blood Glucose Monitoring Devices Market Growth. In addition, the increasing investments by major corporations on research and developments, rising population growth rates and growing disposable incomes, are further propelling the Blood Glucose Monitoring Devices Market size.
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However, growth of the Blood Glucose Monitoring Devices Market is hindered due to low diagnosis rate of diabetes in the developing countries.
The prominent players operating in the market are Dexcom, Inc., Sanofi, F. Hoffmann-La Roche Ltd, Terumo Corporation, Nipro Diagnostics, Abbott Laboratories, ARKRAY, Inc, Medtronic, Becton and Dickinson and Company, among others.
Based on End User, the Hospitals and Clinics segment is predicted to capture the largest market share during the forecast period
As per the Blood Glucose Monitoring Devices Market Report, increase in consumer spending on the healthcare services and technological innovations in point-of-care glucose monitoring technology, are some of the factors responsible for the segment’s growth.
Based on Product Type, the Blood Glucose Monitors segment is projected to expand at a remarkable CAGR over the forecast period
Continuous Blood Glucose Monitoring (CBGM), devices assist in analyzing the glucose level pattern and provides continuous and real-time blood sugar reading, after every five minutes, which is pushing growth of the segment.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Presence of the leading players such as Dickinson and Company, Becton, and Abbott laboratories, increase in Government’s expenditure on the healthcare sector, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Developments
- In 2022, Abbott developed new bio-wearable, which will continuously monitor the glucose and ketone levels in one sensor. The system has secured breakthrough device designation from the U.S. Food and Drug Administration, which is designed to expedite the review of innovative technologies that can improve the lives of people with life-threatening or irreversibly debilitating diseases or conditions.
- In March 2022, DexCom publicized the receipt of CE Mark for its G7 CGM system in Europe, intended for people who have diabetes and are two years and older, including pregnant women. With this approval, the highly popular and best-selling real-time CGM in the world is now more powerful and easier to use with a small, all-in-one wearable and completely redesigned mobile app.
- March 2021 – F. Hoffmann-La Roche Ltd. developed Accu-Chek Instant system to connect directly with the mySugr app and provide real-time blood glucose level data.
Market Segmentation
Segmentation by Product Type
- Blood Glucose Monitors
- Single Point Blood Glucose Meters
- Continuous Glucose Monitoring Systems
- Sensors
- Transmitter and Receivers
- External Monitor
- Glucose Monitoring Strips
- Lancets
Segmentation by End User
- Hospitals and Clinics
- Diagnostic Centers
- Home Settings
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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