Glucose Monitoring Device Market to Grow with a CAGR of 7.09% through 2029
According to TechSci Research report, “Glucose
Monitoring Device Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029”, the Global Glucose
Monitoring Device Market stood at USD
18.88 Billion in 2023 and is anticipated to grow with a CAGR of 7.09% in the forecast
period, 2024-2029. The global glucose monitoring device market is witnessing
robust growth driven by factors such as the escalating prevalence of diabetes,
technological advancements, and increased awareness of diabetes management.
Self-monitoring devices, including continuous glucose monitoring (CGM) systems
and traditional glucometers, are prominently leading the market. Wearable
technology integration, such as glucose monitoring features in smartwatches, is
further enhancing accessibility and user convenience. Regulatory support,
particularly in North America and Europe, is facilitating market expansion.
Additionally, the shift toward remote patient monitoring and the integration of
artificial intelligence in glucose data analysis are shaping the market's
future. With a focus on personalized medicine and improving patient outcomes,
the global glucose monitoring device market is poised for sustained growth and
innovation.
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However, the market is not without its challenges. One
critical concern revolves around the accuracy and reliability of glucose
monitoring devices. Inconsistencies in readings can lead to inappropriate
treatment decisions, affecting patient outcomes. Regulatory hurdles and the
lack of standardized interoperability among different devices present
challenges in achieving seamless data exchange and integration within broader
healthcare systems. Overcoming these challenges is essential for sustaining the
growth and effectiveness of glucose monitoring devices in improving diabetes
management.
The global
glucose monitoring device market has also undergone significant changes due to
the COVID-19 pandemic. The increased focus on remote patient monitoring and
telehealth, driven by the imperative for social distancing, has accelerated the
adoption of glucose monitoring devices. However, disruptions in the supply
chain and healthcare services during the pandemic have posed challenges to
market players, impacting production and distribution. Despite these
challenges, the pandemic has underscored the importance of accessible and
remote healthcare solutions, contributing to the ongoing evolution of the
glucose monitoring device market.
On the trend
front, the integration of artificial intelligence (AI) into glucose data
analysis has emerged as a notable development. AI enhances the accuracy of
interpreting glucose patterns, enabling more personalized diabetes management.
This trend aligns with the broader transformation in healthcare toward
individual empowerment and convenience. Moreover, the emphasis on user-friendly
devices and the integration of wearable technology reflects a patient-centric
approach, acknowledging the significance of user experience in promoting
regular monitoring and adherence to treatment plans.
The Global Glucose
Monitoring Device Market is segmented into Product type, application, end user,
regional distribution, and company.
Homecare
settings have emerged as the dominant end-user segment in the global Glucose
Monitoring Device market for several compelling reasons. Firstly, the shift
towards patient-centric care and the growing emphasis on empowering individuals
to actively manage their health have fueled the preference for glucose
monitoring devices in home environments. The convenience offered by
self-monitoring devices allows users to track their blood glucose levels in the
comfort of their homes, promoting a more patient-friendly approach to diabetes
management. Additionally, the global trend towards remote patient monitoring
and telehealth services has further accelerated the adoption of glucose
monitoring devices in home settings. The COVID-19 pandemic has underscored the
significance of home-based healthcare solutions, contributing to the surge in
demand for devices that facilitate continuous monitoring without the need for
frequent hospital visits. As healthcare continues to evolve towards
personalized and decentralized models, the dominance of homecare settings in
the glucose monitoring device market is poised to persist, providing
individuals with diabetes greater control over their health in familiar and
accessible environments.
Based on region,
North America is currently dominating the Global Glucose Monitoring Device
Market due to a convergence of influential factors. Firstly, the region boasts
a high prevalence of diabetes, creating a substantial demand for advanced
glucose monitoring solutions. Secondly, the robust healthcare infrastructure
and technological advancements in North America facilitate the rapid adoption
of innovative monitoring devices. The region's proactive approach to chronic
disease management aligns with the evolving landscape of diabetes care, further
propelling the demand for glucose monitoring devices.
Major companies
operating in Global Glucose Monitoring Device Market are:
- Abbott Laboratories, Inc
- Dexcom, Inc
- F. Hoffmann-La Roche AG
- Medtronic plc
- Ascensia Diabetes Care
Holdings AG
- Sinocare Inc
- Nemaura Medical Inc
- Nipro Corporation
- ARKRAY, Inc
- Senseonics Holdings, Inc
- B. Braun Medical Inc
- LifeScan Inc
- Prodigy Diabetes Care LLC
- Nova Biomedical Corp
- DiaMonTech GmbH
- AgaMatrix Inc
- Bionime Corporation
- Acon Laboratories Inc
- Medisana AG
- Rossmax International Ltd
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“The Global
Glucose Monitoring Device Market is witnessing robust growth, propelled by
escalating diabetes prevalence and technological advancements. Key drivers
include a growing awareness of diabetes management and proactive healthcare
initiatives. Trends encompass wearable technology integration, artificial
intelligence in data analytics, and a shift toward patient-centric care.
Challenges include accuracy concerns and regulatory complexities. Notable
companies contributing to market dynamics are Dexcom, Abbott Laboratories,
Medtronic, and Roche. Dexcom's G7 Continuous Glucose Monitoring System and
innovative products from other industry leaders reflect ongoing efforts to
address challenges, embrace trends, and meet the diverse needs of individuals
managing diabetes, shaping the trajectory of the global glucose monitoring
device market.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Glucose Monitoring
Device Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2019-2029F Segmented By Product Type {Self-Monitoring Glucose Devices
(Glucometers, Test Strips, Lancets) and Continuous Glucose Monitoring Devices
(Sensors, Transmitters & Receivers, Integrated Insulin Pumps)}, By
Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), By End
User (Home Care Settings, Hospitals, Others), By Region and Competition”,
has evaluated the future growth potential of Global Glucose Monitoring Device
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Glucose Monitoring
Device Market.
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