Blood Glucose Monitoring Devices Market to grow at 6.58% CAGR during the Forecast Period
Growing awareness
towards significance of maintaining blood sugar levels is expected to drive the
market growth.
According to TechSci Research report, “Global
Blood
Glucose Monitoring Devices Market, By Product Type (Self-Monitoring
Glucose Devices and Continuous Glucose Monitoring Devices), Self-Monitoring
Glucose Devices (Glucometers, Test Strips, Lancets), 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, Hospital, Others), Forecast &
Opportunities, 2026”, the
global blood glucose monitoring devices market stood at USD18.88 billion in
2023 and is expected to grow at a steady CAGR of 6.58% during the forecast
period. This can be ascribed to growing awareness pertaining to self-management
of diabetes. Additionally, rapidly changing regulatory policies and lucrative
investment policies are enabling the global players such as Abbott
Laboratories, Inc., Medtronic Plc., among others to invest in the development
of glucose monitoring devices. This in turn is expected to positively influence
the market growth through 2026.
Browse over 122 market data Figures spread through 110 Pages and an in-depth TOC on "
Global Blood Glucose Monitoring Devices Market”.
https://www.techsciresearch.com/report/blood-glucose-monitoring-devices-market/7267.html
Global blood glucose monitoring devices market has
been segmented into product type, application, end user, region, and company. Based
on product type, the market is bifurcated into self-monitoring glucose devices
and continuous glucose monitoring devices. Glucometers, test strips, lancets fall
under the category of self-monitoring glucose devices. Continuous glucose
monitoring devices consists of sensors, transmitters & receivers,
integrated insulin pumps. Self-monitoring glucose devices dominated the market
in 2020 with a share of around 64.85% owing to their affordability and ease of
use over its counterpart. However, the inconvenience caused due to sharp pain
associated because of finger pricking and real-time analysis facility is
expected to drive the consumer preference towards continuous glucose monitoring
system in developed countries over the forecast period.
Regionally, North America is holding its dominance and
is anticipated to play dominant role during the forecast period over the global
blood glucose monitoring devices market. This can be ascribed to the large
patient pool of diabetic population in the region. According to the Centers for
Disease Control and Prevention (CDC), 10.5% of the US population suffered from
diabetes in 2018.
Some of the leading players
in global blood glucose monitoring devices market are Abbott Laboratories, Inc.,
F. Hoffmann-La Roche AG, Sanofi S.A., Dexcom Inc., Medtronic PLC, Ascensia
Diabetes Care Holdings AG, Agamatrix Inc., B. Braun Melsungen AG, LifeScan,
Inc., Arkay, Inc., Nipro Diagnostics, Inc., Terumo Corporation, DiamonTech GmbH,
Prodigy Diabetes Care, LLC, Becton,
Dickinson and Company and Insulet Corporation. In order to expand their market
share, the companies adopt new product launches, collaborations, conduction of periodic
sales and many more strategies. The surging requirement of the blood glucose
monitoring devices due to the huge number of people suffering from chronic
diseases have led the companies to introduce more advanced and user-friendly
interface products which eventually increase the competition amongst themselves
and give out more positive patient outcomes.
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“Global blood glucose monitoring
devices market is anticipated to witness substantial growth in the next five
years owing to the government initiatives such as reimbursement facility available
for self-monitoring and continuous blood glucose monitoring systems in
developed countries like U.S. Moreover, increasing proliferation of wireless
monitoring services which provides real time analysis and continuous monitoring
of blood glucose levels are further pushing the sales of blood glucose
monitoring devices market.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Blood Glucose Monitoring Devices
Market, By Product Type (Self-Monitoring Glucose Devices and Continuous Glucose
Monitoring Devices), Self-Monitoring Glucose Devices (Glucometers, Test Strips,
Lancets), 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, Hospital,
Others), Forecast & Opportunities, 2026”, has evaluated
the future growth potential of global blood glucose monitoring devices market and
provided statistics & information on market size, shares, 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 blood glucose
monitoring devices market.
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