Blood Glucose Monitoring Market Set to Witness Explosive Growth by 2030

by Deepak gour on Mar 29, 2022 Finance 70 Views

The global blood glucose monitoring market size was estimated to be USD 13.95 billion in 2021 and reach USD 23.01 billion in 2027, which is expected to register a CAGR of 8.7% during the forecast period, 2021-2027. Blood glucose monitoring devices are economically beneficial and extensively used for effective diabetes management in hospital and clinical settings as well as home healthcare settings. This will remain an important factor driving the growth of the blood glucose monitoring market. The market will continue to benefit from rapid technological innovations, advancements in continuous glucose monitoring devices, and a benefit of early detection of hypo and hyperglycemic diabetes.

More than 450 million adults were recorded to be living with diabetes in 2020, of which almost 90% have type 2 diabetes, as indicated by the International Diabetes Federation (IDF). With such a high prevalence rate, it becomes imperative to regularly monitor blood glucose levels to prevent an episode of hypo or hyperglycemia. An extremely high prevalence of type 2 diabetes is expected to push blood glucose monitoring worldwide during the forecast period.

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Key Growth Influencers Likely to be Associated with Global Blood Glucose Monitoring Market over Forecast Period

Key elements driving this market are the rising rate of diabetes prevalence and the expanding geriatric populace susceptible to diabetes. The market is additionally pushed by developing mindfulness about diabetes preventive care, new product launches, and favorable government initiatives. With an expanding patient pool living with diabetes and surging awareness among patients about routine blood sugar self-monitoring at home, the demand for blood sugar monitoring devices will remain on an uptrend. This is further expected to receive support from the favorable reimbursement policies for continuous glucose monitoring systems and self-monitoring devices. These devices are popular among consumers as they assist with following the advancement of treatment objectives and understand how the ailment influences the glucose levels in the blood.

Growing public awareness about the health hazards of diabetes and the significance of regular home health monitoring as a preventive measure will heavily contribute to rising sales of blood glucose monitoring devices in the market. Growing inclination toward using smart monitoring apps is also anticipated to propel the growth of the blood glucose monitoring market during the forecast period. However, insufficient reimbursement and high expenses related to the use of blood glucose monitoring devices and product recalls are some of the key factors that negatively impact sales of blood glucose monitoring devices.

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Impact of COVID-19 on Blood Glucose Monitoring Market

With the outbreak of the COVID-19, there has been a significant surge in demand for blood glucose monitoring devices as diabetes remains among the key comorbidities, and the diabetic population remains the one at high risk of acquiring the viral infection and spread it further. The growing importance of home health monitoring amid the pandemic has also positively impacted the blood glucose monitoring market value in 2020 and beyond. Companies operating in the healthcare devices segment have experienced a surge in revenues from their diabetes care divisions. Moreover, the pandemic also gave rise to an emergency assessment at hospitals for continuous glucose monitoring to enable reliable monitoring of diabetic COVID-19 patients and restrict their exposure to maintain the health of healthcare professions serving around. In the US, the FDA even issued a new guidance for expanding remote health monitoring devices suitable for use at home.

Scope of the Report

The report outlines the global Blood Glucose Monitoring market study based on type, devices, and end-users.

Based on the type, the blood glucose monitoring market has been segmented into –

  • Invasive
  • Non-invasive

Based on the device, the blood glucose monitoring market has been segmented into –

  • Continuous blood glucose monitoring system
  • Self-monitoring blood glucose monitoring system

Based on the end user, the blood glucose monitoring market has been segmented into–

  • Hospitals
  • Diagnostic Center
  • Clinics
  • Others

Blood Glucose Monitoring Market Regional Outlook

Based on the region, the blood glucose monitoring market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East, and Africa. In 2020, North America held the largest share in the blood glucose monitoring market, followed by Europe and the Asia Pacific. In North America, United States held the largest share due to the large patient pool, high healthcare companies, and advanced technologies. Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast period.

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Key Global Blood Glucose Monitoring Market Competitors Includes

The blood glucose monitoring market is highly fragmented, with a large number of small players across the globe. The vital blood glucose device manufacturers operating in the global market are –

  • Abbott Laboratories
  • ARKRAY, Inc.
  • Bayer AG
  • Dexcom, Inc.
  • Lifescan Inc.
  • Ascensia Diabetes Care Holdings AG
  • B. Braun Melsungen AG
  • Terumo Medical Corporation
  • Medtronic plc
  • Nipro Diagnostics, Inc.
  • F. Hoffmann-La Roche Ltd
  • NU Skin Enterprises
  • NBTY Inc.
  • Herbalife International
  • Bionava Lifesciences.

The blood glucose monitoring market report provides a thorough analysis of macro-economic factors and every segment's market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players' presence in the respective segment and region/country. The information concluded in the report includes the inputs.

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