Blood glucose monitoring involves testing the level of glucose present in the blood at specific time intervals. It is commonly done by diabetes patients to manage their levels of blood glucose. Traditional blood glucose monitoring systems required finger pricking to draw blood samples. However, continuous glucose monitoring systems allow monitoring of interstitial glucose levels without the need for finger pricking. The use of continuous glucose monitoring systems is on the rise due to benefits such as real-time tracking of glucose levels and alerts for high or low levels. These systems help diabetes patients gain better control of their condition through effective management.
The global blood glucose monitoring market is estimated to be valued at US$ 22101.13 Mn in 2024 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Continuous glucose monitoring allows close tracking of glucose levels through sensors under the skin that detect glucose levels in interstitial fluid. This eliminates the need for frequent finger pricking. The real-time readings and alerts for highs and lows help diabetes patients proactively manage their condition. Another driver for the market is increasing healthcare expenditure in developing nations. Developing countries in Asia Pacific and Latin America are witnessing rising incomes and improved access to healthcare facilities. This has led to higher spending on disease management devices and services in these regions. Greater affordability and access to blood glucose monitoring devices are expected to boost market growth during the forecast period.
Segment Analysis
The blood glucose monitoring market is segmented into self-monitoring blood glucose systems and continuous glucose monitoring systems. The self-monitoring blood glucose systems segment is dominating accounting for over 70% share of the total market. This is due to the high adoption of test strips for self-monitoring of blood glucose levels mainly by diabetic patients at home settings or during travel.
PEST Analysis
Political: The governments across regions are increasing funding for R&D activities focused on development of advanced blood glucose monitoring devices. Various initiatives are taken to increase awareness about diabetes self-management.
Economic: Rising healthcare expenditure on diabetes management and increasing disposable income is fueling the market growth. However, pricing pressure and reimbursement challenges may hamper the revenues.
Social: Growing prevalence of diabetes due to sedentary lifestyle and obesity is driving the demand. Also increased focus on diabetes self-management is prompting patients to opt for blood glucose monitoring devices for maintaining optimal glucose levels.
Technological: Leading players are developing smart blood glucose monitoring devices integrated with data management software. Use of advanced sensors, miniaturization, and artificial intelligence offers accuracy and convenience.
Key Takeaways
The Global Blood Glucose Monitoring Market Size is expected to witness high growth. The global blood glucose monitoring market is estimated to be valued at US$ 22101.13 Mn in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030.
North America leads currently accounting for over 40% share owing to presence of major players and early adoption of advanced technologies. However, Asia Pacific is anticipated to grow at fastest pace during the forecast period supported by rising healthcare spending, increasing awareness, and growing patient pool in countries like China and India. China accounts for major share currently attributed to large diabetic population and government initiatives to spread awareness. India is emerging high potential market with rapidly aging population suffering from diabetes.
Key players
Key players operating in the blood glucose monitoring market are Air Techniques, Inc., Maguire Refining, Inc., Solmetex, Durr Dental, Medentex GmbH, MARS Bio-Med Processes Inc., Dove Dental Products, METASYS, Crosstex International, Inc., Capsule Technologies Inc., A B Dental Trends, Inc., American Dental Accessories, Inc.,and Rebec Environmental.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it