Global Blood Glucose Monitoring Devices Market

Blood Glucose Monitoring Devices Market Size, Share, Growth Analysis, By Product(Blood Glucose Monitors, Glucose Monitoring Strips, Lancets), By Application(Hospitals and Clinics, Diagnostic Centers, Home Settings), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2338 | Region: Global | Published Date: October, 2024
Pages: 242 | Tables: 166 | Figures: 79

Blood Glucose Monitoring Devices Market Insights

Global Blood Glucose Monitoring Devices Market size was valued at USD 12.50 billion in 2022 and is poised to grow from USD 13.54 billion in 2023 to USD 23.77 billion by 2031, growing at a CAGR of 8.30% during the forecast period (2024-2031).

Blood glucose monitoring involves using a glucose metre to track and measure the total amount of glucose present in the blood. For diabetic people, it is vitally necessary. Typically, a blood glucose test is performed by pricking the finger skin to obtain blood, then transferring the blood to a disposable test strip with chemical activity. Diabetic individuals who monitor their blood sugar can make daily management choices about their diet, insulin dosage, and activity. Self-monitoring blood glucose (SMBG) is a contemporary diabetes treatment technique that involves people using blood glucose metres to promptly check their glucose levels and offer an accurate measurement of capillary glucose concentration.

Diabetes patients can benefit from blood glucose monitoring (BGM) devices in four different ways. By allowing patients and physicians to quickly diagnose acute hypoglycemia or hyperglycemia and by empowering patients with more self-care, these devices enable therapeutic changes and patient protection. The use of technology makes it easier for patients to learn about diabetes and how to manage it, and it also motivates people to develop better behaviours.

Blood glucose metres come in a wide range of shapes, costs, testing intervals, and usability. To accomplish long-term glycemic management, SMBG technology employs test strips, lancets, and blood glucose metres. It is anticipated that greater consumer awareness of diabetes monitoring devices would create important prospects for the market's expansion. Furthermore, significant prospects for the expansion of the worldwide market for self-monitoring blood glucose devices are anticipated to arise in the near future due to high growth potential in underserved markets for diabetes monitoring devices.

US Blood Glucose Monitoring Devices Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global Blood Glucose Monitoring Devices Market size was valued at USD 12.50 billion in 2022 and is poised to grow from USD 13.54 billion in 2023 to USD 23.77 billion by 2031, growing at a CAGR of 8.30% during the forecast period (2024-2031).

Global Blood Glucose Monitoring Devices Market is highly competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include Abbott Diabetes Care, Roche Holding AG, Medtronic PLC, Dexcom Inc. and LifeScan among others. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Abbott (US) ', 'Medtronic plc (Ireland) ', 'F. Hoffmann-La Roche Ltd. (Switzerland) ', 'Dexcom, Inc. (US) ', 'Sanofi (France) ', 'Novo Nordisk (Denmark) ', 'Insulet Corporation (US) ', 'Ypsomed Holdings (Switzerland) ', 'Glysens Incorporated ', 'ARKRAY, Inc. (Japan) ', 'Bayer AG (Germany) ', 'AgaMatrix, Inc. (US) ', 'Trividia Health, Inc. (US) ', 'MediWise Ltd. (UK) ', 'DiaMonTech AG (Germany) ', 'B. Braun Melsungen AG (Germany) ', 'Sinocare, Inc. (China) ', 'Nipro Corporation (Japan) ', 'Menarini Diagnostics (Italy) ', 'Beurer GmbH (Germany) ', 'Prodigy Diabetes Care, LLC (US) ', 'Omron Healthcare, Inc. (Japan)'

Rising prevalence of diabetes and the growing number of elderly people at risk for the disease are the main market drivers. The market expansion is also aided by new product introductions and rising awareness of diabetes preventive care.

The role of medical device businesses in the current, technologically advanced healthcare system has changed from that of gadget manufacturers to that of problem solvers. In practice, medical device manufacturers are now making use of the cloud and the Internet of Things (IoT) to enhance clinical workflow, support doctors in remotely monitoring patients with real-time data and analytics tools, and implement cutting-edge procedures to reduce costs and enhance outcomes. For instance, cutting-edge wearable monitoring gadgets using IoT technology may connect to smartphones and convey important data to the appropriate applications. Blood sugar Monitoring device are developing with time. Manufacturers are not trying to create non-invasive type of blood sugar monitoring devices. While some use radio frequency and multi-sensor technology to measure blood glucose levels and in others a camera then records the view from the other side when light is passed across the human skin to determine the glucose concentration by analyzing the fluctuating amount of light absorbed by blood flowing through the arteries. These innovations are expected to drive the blood glucose monitoring device market in the coming years.

North America dominated the Global Blood Glucose Monitoring Devices Market and accounted for a global revenue share of approximately 35% in 2021. This is caused due to its extensive healthcare industry. The regional market is also anticipated to be driven by the rising incidence of obesity, high treatment costs, technological developments, and new product releases. There are several important variables that are primarily responsible for the region's leading market position, including the rising prevalence of diabetic patients, the expanding use of technologically sophisticated medical equipment, and rising per capita medical costs.

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Global Blood Glucose Monitoring Devices Market

Report ID: SQMIG35A2338

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