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| blood glucose monitoring market |
Market Overview:
The global blood glucose monitoring market is estimated to be valued at US$ 18,466.3 Mn in 2023 and is expected
to reach US$ 37,837.8 Mn by 2023 exhibiting a CAGR of 9.4% over the forecast period (2023-2030). Blood glucose
monitoring refers to the process of measuring the glucose level in the blood,
which is crucial for individuals with diabetes. This market offers various
products such as blood glucose meters, test strips, lancets, continuous glucose
monitoring systems, and insulin pumps. The advantages of blood glucose
monitoring include early detection of abnormal glucose levels, timely
adjustments of medication and lifestyle changes, and improved management of
diabetes-related complications. With the increasing prevalence of diabetes
globally, the demand for efficient and accurate blood glucose monitoring
devices is rising, thereby driving market growth.
Market Key Trends:
One key trend in the blood glucose monitoring market is the increasing adoption
of continuous glucose monitoring (CGM) systems. CGM systems provide real-time
glucose readings throughout the day, eliminating the need for frequent
fingerstick tests. These systems offer enhanced convenience and accuracy,
allowing individuals with diabetes to closely monitor their glucose levels and
make immediate adjustments. CGM systems also provide valuable insights into
glucose patterns, trends, and fluctuations, enabling more effective diabetes
management. As a result, the demand for CGM systems is expected to surge in the
coming years, driving market growth. Key players operating in the blood glucose
monitoring market include Senseonics, Medisana AG, Acon Laboratories Inc.,
Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc.,
Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics
Segment Analysis:
The Global
Blood Glucose Monitoring Market can be segmented based on type, end
user, and region. In terms of type, the market can be divided into continuous
glucose monitoring systems (CGMS) and self-monitoring blood glucose systems
(SMBG). The dominating sub-segment in the market is the SMBG systems segment.
This is primarily due to the widespread adoption of SMBG devices by patients
for convenient and accurate monitoring of blood glucose levels at home. SMBG
systems are easy to use, provide real-time results, and allow patients to take
immediate actions to manage their diabetes effectively. Furthermore, the
increasing prevalence of diabetes across the globe is driving the demand for
SMBG systems.
Key Takeaways:
The global blood glucose monitoring market is expected to witness high growth,
exhibiting a CAGR of 9.4% over the
forecast period of 2023-2030. This growth can be attributed to several factors.
Firstly, the increasing prevalence of diabetes worldwide is a major driving
factor for the market. According to the International Diabetes Federation, the
number of people living with diabetes is expected to reach 700 million by 2045.
This rising prevalence has led to a higher demand for blood glucose monitoring
devices.
Regionally, North America is the fastest-growing and dominating region in the
blood glucose monitoring market. This can be attributed to the high prevalence
of diabetes in the region, well-established healthcare infrastructure, and
favorable reimbursement policies. Additionally, the presence of key market
players in North America further contributes to the dominance of this region.
Key players operating in the blood glucose monitoring market include
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. These key players are focusing on
product innovations, strategic collaborations, and mergers and acquisitions to
expand their product portfolio and strengthen their market presence. They are
also investing in research and development activities to develop
technologically advanced blood glucose monitoring devices.
Read More: https://www.newsstatix.com/blood-glucose-monitoring-market-is-estimated-to-witness-high-growth/