Blood Glucose Meters Industry: A Comprehensive Analysis of the 2023-2030 Market Outlook
Blood Glucose Meters Industry | Forecast 2030
Grand View Research’s blood glucose meters industry data book is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Access the Global Blood Glucose Meters Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Blood Glucose Monitoring Devices Market Growth & Trends
The global blood glucose monitoring devices market size is expected to reach USD 23.21 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.25% from 2024 to 2030. Patients with diabetes and their healthcare professionals benefit significantly from Blood Glucose Monitoring Devices (BGMD). BGMD is becoming more widely accepted as an important component of intensive diabetic treatment. It allows diabetic patients to measure their blood sugar levels within minutes with ease and convenience wherever they are. The continuous glucose monitoring (CGM) devices help analyze the blood glucose level continuously and in real-time. It also helps patients determine the level of dietary intake and dosage of insulin. In addition, factors such as sedentary lifestyles including consumption of junk food, alcohol, and smoking, and a surge in the need for safer and faster diagnoses are expected to boost the market growth during the forecast period.
Order your copy of the Free Sample of “Blood Glucose Meters Industry Data Book - Point-of-care Glucose Testing Devices, Self-Monitoring & Continuous Blood Glucose Monitors Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030, published by Grand View Research
Point-of-Care Glucose Testing Market Growth & Trends
The global point-of-care glucose testing market size is expected to reach USD 4.51 billion by 2030, registering a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. An increase in the demand for Point-of-Care Testing (POCT) has been witnessed in recent years. As compared to the conventional laboratory testing performed in central lab settings, glucose POCT aids in performing effective diagnosis at the patient’s bedside. The easy and convenient operation of POCT has largely favored the growing usage of glucose meters across medical settings. The demand for performing bedside monitoring of blood sugar levels efficiently in a capillary blood sample and the need to ensure better management of carbohydrate metabolism have propelled the companies to launch innovative glucose meters in the market.
Continuous Glucose Monitoring Devices Market Growth & Trends
The global continuous glucose monitoring devices market size is anticipated to reach USD 7.51 billion by 2030 and it is projected to grow at a CAGR of 7.19% from 2024 to 2030, according to a new report by Grand View Research, Inc. Growing cases of diabetes and introduction of novel and advanced diabetes care and management devices are the major factors driving the market growth. Continuous glucose monitoring (CGM) devices provide an efficient method to measure body glucose levels in real time. Data recorded by these devices is transmitted through a wireless network to receivers; this helps keep track of glucose levels over a designated period.
With the advent of digital therapeutics, a rising number of continuous glucose monitoring devices are being incorporated with apps and software to help patients with diabetes mellitus. Apps such as Glucose buddy, Diabetes Connect, MySugar, and others are available under paid subscription. Further, the rise in the number of diabetes mellitus has contributed significantly toward the global market growth. The device allows real time biofeedback and behavioral change support, allowing effective management of diabetes by the patient. Additionally, the government is spending a huge amount on diabetic care tools to closely monitor diabetes in patient. For instance, according to American Diabetes Association, the overall cost of diagnosed diabetes in the United States for the year 2022 is estimated to be USD 412.9 billion. This amount encompasses direct medical costs of USD 306.6 billion and indirect costs of USD 106.3 billion associated with diabetes.
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Competitive Landscape
Technological advancements: especially in case of biosensors, Bluetooth integration, & real-time alerts, and price competitiveness are two of the major strategies mostly focused on by the major market players. Each new product is designed to be easier to use by its antecedents and laced with connectivity. Increasing awareness of advanced diabetes management tools is among the top priority of market players.
Mentioned below are some of the key strategies followed by major players in recent years:
- In April 2021, Medtronic announced its ongoing commitment to health equity for people of colour living with diabetes. To better understand and address these discrepancies, the company committed investments in collaborations with the American Diabetes Association (ADA) and T1D Exchange, as well as additional research activities.
- In May 2021, Medtronic received CE marking for its Guardian 4 Sensor, which does not require a fingerstick for calibration or diabetes treatment decisions. With the CE marking, this sensor can be used along with the MiniMed 780G insulin pump system or the InPen, as well as for standalone CGM use.
- In June 2022, Abbott announced the development of a new bio wearable that will monitor CGM and ketone levels in one sensor. This device has received breakthrough designation from the U.S. FDA.
- In April 2022, Roche launched cobas Pulse, its new point-of-care blood glucose monitoring device, for hospital professionals. This device runs on an Android operating system and is equipped with digital health applications, performing a wide range of clinically valuable functions-from clinical decision support to measuring digital biomarkers & vital signs
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