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 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Blood glucose monitoring devices are used to test and monitor glucose levels in the blood by people with diabetes. These devices range from test strips that using a small blood sample to continuous glucose monitors that record glucose levels with a sensor inserted under the skin. Monitoring blood glucose levels helps people with diabetes control their condition and avoid complications.
Market key trends:
One of the key trends in the blood glucose monitoring market is the increasing demand for continuous glucose monitoring (CGM) devices. CGM devices provide real-time glucose readings throughout the day and night by measuring glucose levels just beneath the skin. This makes CGM systems more convenient than traditional fingerstick methods as they eliminate the need for frequent finger pricks. CGM devices also provide trend information to show how fast glucose levels are rising or falling and whether intervention is needed. This additional information helps people with diabetes better manage their condition.
SWOT Analysis
Strength: The blood glucose monitoring market has a steady demand as glucose monitoring is essential for millions of patients with diabetes. Regular monitoring helps diabetic patients manage their blood sugar levels and prevent long term complications.
Weakness: Cost of continuous glucose monitoring devices is higher compared to self-monitoring blood glucose devices. This limits the adoption of advanced glucose monitoring solutions among cost-sensitive populations.
Opportunity: Growing prevalence of diabetes worldwide due to obesity, sedentary lifestyle is increasing the demand for blood glucose monitoring devices. This provides an opportunity for existing and new market players to cater to the needs of large diabetic patient base.
Threats: Stringent regulatory processes and quality standards set by regulatory bodies for approval and manufacturing of glucose monitoring devices results in delays in product launch. This threat can impact returns on investment. Competition from local players offering low-cost alternatives also poses threat to established brands.
Key Takeaways
The Global Blood Glucose Monitoring Market Size is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing awareness about diabetes self-management.
Regional analysis: North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to growing diabetic population, favorable reimbursement policies, and technological advancements in blood glucose monitoring devices. Asia Pacific is expected to witness fastest growth over the forecast period owing to rising diabetes prevalence, increasing healthcare expenditure, and growing awareness in developing Asian countries.
Key players operating in the blood glucose monitoring market are Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd., among others. Companies operating in the market are focused on launching innovative products integrated with advanced technologies to gain competitive edge. Industry players are also engaged in strategic partnerships to expand their regional presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
