Blood Glucose Monitoring Devices Market: is Expected To Expand At A Lucrative CAGR Over The Forecast Period
Blood Glucose Monitoring Devices Industry Overview
The global blood glucose monitoring devices market size was valued at 11.71 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030. The key drivers of the market are the rising incidence of diabetes and the increasing geriatric population prone to diabetes. The market growth is further propelled by the increasing awareness regarding diabetes preventive care and new product launches. Diabetes is a serious and growing problem globally, where the inefficiency of the pancreas to produce insulin results in an increase in blood glucose levels. According to the International Diabetes Federation, in 2021, around 537 million people were diagnosed with diabetes, this number is expected to increase to 643 million by 2030 and 783 million by 2045.
Blood glucose monitoring (BGM) devices are helpful for patients with diabetes in four ways. These devices enable patients and clinicians to detect high or low blood glucose levels, allowing for therapy modifications and protecting patients by confirming acute hypoglycemia or hyperglycemia promptly and by offering patients greater self-care. The technology facilitates patient education about diabetes and its management and encourages people to adopt healthier habits. Blood glucose devices are available in a multitude of sizes, prices, testing times, and ease of use.
Gather more insights about the market drivers, restrains and growth of the Global Blood Glucose Monitoring Devices market
The COVID-19 pandemic has opened new opportunities for blood glucose monitoring devices and these devices gained more popularity in the diabetic care market. Awareness regarding the benefits of blood glucose monitoring devices increased among the consumers as during the pandemic, there had been an emphasis on the use of virtual clinics and telemedicine for diabetic management. The blood glucose monitoring devices helped patients and healthcare providers improve glycemic control and potentially increase patient self-management, thus changing diabetes care significantly. Further, a surge in the demand for blood glucose monitoring devices due to the quick response by major market players during the Covid-19 pandemic.
The rapidly changing lifestyle such as the consumption of alcohol and smoking is contributing to the rise in the number of diabetes patients, worldwide. Obesity is also one of the major factors contributing to diabetes. Furthermore, the increasing geriatric population is propelling market growth. According to the WHO, by 2050, the world’s aging population will be about 2 billion from 1 billion in 2020.
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Blood Glucose Monitoring Devices Market Segmentation
Grand View Research has segmented the global blood glucose monitoring devices market based on product, end-use, and region:
Blood Glucose Monitoring Devices Product Outlook (Revenue, USD Million, 2017 - 2030)
- Self-monitoring Devices
- Blood Glucose Meter
- Testing Strips
- Lancets
- Continuous Blood Glucose Monitoring Devices
- Sensors
- Transmitter & Receiver
- Insulin Pumps
Blood Glucose Monitoring Devices End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Hospitals
- Home Care
- Diagnostic Centers
Blood Glucose Monitoring Devices Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- May 2021: Roche collaborated with Eli Lilly and Company, to work towards enhancing the management of insulin pen therapy. With this collaboration, Roche follows its ambition to create an open ecosystem including its own and partner devices, solutions, and services, across the continuum of care in diabetes.
Key Companies profiled:
Some prominent players in the global blood glucose monitoring devices market include:
- Abbott Laboratories
- Medtronic plc
- Hoffmann-La Roche Ltd.
- Ascensia Diabetes Care
- Dexcom, Inc.
- Sanofi
- Novo Nordisk
- Insulet Corporation
- Ypsomed Holdings
- Glysens Incorporated
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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