Blood Glucose Monitoring Market Size, Trends and Growth Analysis By Product Type (Invasive, Continuous, Flash), Application (Type 1 Diabetes, Type 2 Diabetes) and End User (Diagnostic Centers, Hospitals, Clinics)
Blood Glucose Monitoring Market Overview
BGM (blood glucose monitoring) devices are both cost-effective and necessary for correct diagnosis and therapy. Blood sugar levels are measured with these devices, which is an important step in diabetes management. It also aids in the prevention of other health problems like neuropathy, retinopathy, and cardiovascular disease. During the forecast period of 2017-2023, the blood glucose monitoring market is estimated to develop at a CAGR of 7.1% during the forecast period.
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Blood Glucose Monitoring Market Trends
The blood glucose monitoring market is one of the fastest-growing markets in the world, owing to rapid urbanization, which has resulted in an increase in obesity, bad eating habits, and physical inactivity, all of which have resulted in an increase in the diabetes population around the world. To minimize further difficulties, it is critical to monitor your glucose levels on a regular basis. Furthermore, the worldwide blood glucose monitoring market has been boosted by the development of new technology, increased awareness, and investment in research and development. Other variables, such as technological improvements and inventions, also contribute to the ease with which blood glucose levels can be measured. Continuous glucose monitoring devices are one such innovation in the monitoring of blood glucose levels. These gadgets aid in the early diagnosis of hypoglycemia and hyperglycemia. The market for glucose monitoring is projected to be driven by this trend.
Because of the difference in use-case frequency, test strips are predicted to rise in market volume and share faster than glucose meters. The glucose meter’s typical efficiency ranges from six to three years, whereas test strips are only used once. The introduction of new types of lancet devices that cause less pain to consumers is projected to aid market expansion over the forecast period, as the adoption rate is expected to climb.
However, the high costs involved with illness monitoring and diagnosis may limit market expansion. Several countries employed lockdowns during the coronavirus outbreak to slow the disease’s spread. Diabetic patients’ daily routines have changed as a result, including their dietary habits, physical activities, and sedentary behavior. The demand for self-monitoring devices is increasing as a result of all of these factors that cause aberrant variations in glucose levels. Through internet sales channels, demand for all self-monitoring gadgets skyrocketed. The reason for this was primarily due to the shutdown and stockpiling of blood glucose monitors. Because diabetic individuals are more susceptible to COVID-19 and other serious diseases, demand for continuous glucose monitoring and related alarm systems is projected to increase in the coming years.
Blood Glucose Monitoring Market Competitive Outlook
Some of key the players in the blood glucose monitoring market are
- Abbott Laboratories (U.S.)
- Arkay, Inc. (U.S.)
- Bayer Healthcare AG (Germany)
- Hoffmann-La Roche Ltd (Switzerland)
- Goldsite Diagnostics Inc.
- GlySure Ltd (U.K)
- Sphere Medical Holding plc. (U.K)
- Dexcom, Inc. (U.S.)
- LifeScan, Inc. (U.S.)
Blood Glucose Monitoring Market Segmental Analysis
The global market for blood glucose monitoring devices is divided into three categories: product type, application, and end user.
Invasive glucose monitoring devices, continuous glucose monitoring devices (CGM), flash glucose monitoring devices, and others are the different product types. During the projection period, the continuous blood glucose monitoring devices segment is predicted to develop at the fastest rate.
Type 1 diabetes, type 2 diabetes, and other diabetes are classified based on the application.
Diagnostic centers, hospitals, clinics, research centers, and home care diagnostics are the different types of end users. Due to improved infrastructure and rising healthcare expenditure in hospitals, the hospital category held the biggest share and is expected to maintain its lead during the forecast period.
Blood Glucose Monitoring Market Regional Overview
Because of the rising frequency of obesity, poor diets, and physical inactivity, the Americas have the largest blood glucose monitoring market. The expansion of the market in this region has been fueled by the presence of well-developed technology, high healthcare spending, increased R&D efforts, and the concentration of significant firms. Due to the huge patient pool and widespread acceptance of new technologies, North America, particularly the United States, owned the highest share of the blood glucose monitoring market in this area, followed by Europe, which grew at a moderate rate.
Due to smoking, environmental pollutants, psychosocial issues, and socioeconomic disadvantage, Europe ranks second in the global blood glucose monitoring market, followed by Asia Pacific. Furthermore, for the projection year, government support for research and development, as well as the availability of research funds, fueled the blood glucose monitoring market.
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Due to an aging population, urbanization, and associated lifestyle changes, Asia Pacific has the fastest expanding blood glucose monitoring market. In addition, the existence of quickly growing healthcare technology, high healthcare expenditure, R&D activities, and the concentration of significant enterprises are all driving the market in this region forward. Furthermore, rising demand for novel treatment approaches in nations such as India and South Korea is expected to emerge as the world’s fastest expanding market.
The Middle East and Africa, on the other hand, has the smallest market for blood glucose monitoring due to a lack of technical understanding and inadequate medical facilities.
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