Increase in global diabetes population and rise in awareness about diabetes preventive care are key factors driving market revenue growth
The Glucose Meter Market size is expected to reach USD 21.27 Billion in 2030 and register a revenue CAGR of 9.5% over the forecast period, according to latest report by Reports and Data. Increase in diabetes population across the globe and rise in awareness about diabetes preventive care are key factors driving market revenue growth. According to the World Health Organization (WHO), diabetes is a major cause of blindness, kidney failure, heart attack, stroke, and lower limb amputation. WHO further states that the prevalence of diabetes is rising more rapidly in low and middle-income countries.
Rising incidence of diabetes and obesity is posing a serious threat to the global healthcare system, and the need for proper screening of diabetes is becoming more important with increase in global geriatric population who are more prone to diabetes. Moreover, according to the International Diabetes Federation (IDF), one in two (50.1%) people leaving with diabetics do not know that they have diabetes. Furthermore, it estimates that the global prevalence of impaired glucose tolerance will increase from 7.5% in 2019 to 8.0% by 2030 and will reach 8.6% by 2045. Therefore, proper screening of diabetes is of utmost importance, along with increase in awareness about diabetes and diabetes prevention. In May 2021, for instance, the World Health Assembly agreed a resolution on strengthening prevention and control of diabetes. Such initiatives are expected to increase awareness about diabetes and regular monitoring of blood glucose levels, which is expected to drive revenue growth of the global glucose meter market during the forecast period.
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Growing awareness and need for prevention and care of diabetes are leading to increase in screening and monitoring of blood glucose levels, which in turn, is increasing demand for glucose meters. Technological advancements in the healthcare sector, and innovative and more accurate and affordable products launched by key players are generating lucrative growth opportunities. This is resulting in increase in demand for self-monitoring blood glucose systems, as well as continuous glucose monitoring systems, which are effective and reliable devices for monitoring blood glucose levels in both hypoglycemic and hyperglycemic patients. Self-monitoring systems are suitable for diabetic patients of middle and low-income countries, owing to their availability and comparatively low costs. Continuous glucose monitoring systems help diabetic patients by providing real-time data on glucose levels via sensors and transmitters, which can be connected and shared with the help of digital devices or applications. This minimally invasive procedure is of immense help to monitor blood glucose levels, and hence, advent of these glucose meters and their adoption is facilitating screening, monitoring, and preventive care of diabetes worldwide. This is expected to drive market revenue growth during the forecast period.
Glucose meters were very helpful for diabetes patients during the lockdowns related to COVID-19 pandemic, as patients can monitor and check their blood glucose levels at home with glucose meters and then share them with medical experts in virtual clinics or online platforms. This led to rapid clinical decision-making and management of diabetes. Thus, glucose meters can help significantly in screening and monitoring blood glucose levels in diabetic population, which is expected to support revenue growth of the market.
Although technologically advanced, highly sophisticated, and minimally invasive and non-invasive glucose meters are reliable and accurate, one of the major restraints associated with them is their costs. In addition, frequent pain-related issues, mainly related to fingertip pricking cases in self-monitoring glucose devices, can limit their adoption and thus, restrict market revenue growth during the forecast period.
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Some Key Highlights in the Report
- Wearable segment is expected to account for largest revenue share over the forecast period, due to increase in adoption of technologically advanced glucose monitoring devices and need for constant monitoring of blood glucose levels. In addition, smartwatches can collect real-time data and share it remotely, due to the development of digital glucose monitoring applications, which is expected to further increase their adoption and thus, drive revenue growth of this segment.
- Online segment is expected to account for largest revenue share over the forecast period. Growing awareness about diabetes and rise in adoption of novel, advanced devices, coupled with the availability of a wide range of glucose meters at affordable prices and discounts in different online e-commerce platforms, are driving revenue growth of this segment.
- North America is expected to account for largest revenue share in the global glucose meter market, owing to increase in prevalence of chronic diseases such as diabetes and obesity, and steady increase in diabetic-prone geriatric population in this region. In addition, presence of sophisticated advanced healthcare facilities and positive initiatives from regulatory bodies, coupled with the launch of innovative glucose monitoring devices, are supporting market revenue growth in North America.
- Some key players operating in the global market include F. Hoffmann-La Roche AG, Abbott Laboratories, Ascensia Diabetes Care, Medtronic PLC, LifeScan Inc., Nova Biomedical Corporation, OMRON Corporation, Nipro Medical Corporation, ACON Laboratories Inc., Prodigy Diabetes Care LLC, B. Braun Melsungen AG, Dexcom Inc., Ypsomed AG, Sanofi SA, Hainice Medical Inc., and Sannuo Biological Sensing Co Ltd.
- In March 2022, Dexcom Inc. declared that the US Food and Drug Administration (FDA) had granted Breakthrough Device Designation for Dexcom continuous glucose monitor (CGM) use in hospital settings. This technologically advanced compact device consists of a small wearable sensor and transmitter that provide real-time glucose data with provisions of alerts and alarms to detect potentially low or high glucose levels.
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For this report, Reports and Data has segmented the global glucose meter market based on product, type, testing site, technique, distribution channel, end-use, and region.
Product Outlook (Revenue, USD Billion; 2019-2030)
- Self-Monitoring Blood Glucose System
- Continuous Glucose Monitoring System
Type Outlook (Revenue, USD Billion; 2019-2030)
Testing Site Outlook (Revenue, USD Billion; 2019-2030)
- Fingertip Testing
- Alternate Site Testing
Technique Outlook (Revenue, USD Billion; 2019-2030)
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Retail Pharmacy
- Hospital Pharmacy
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Clinics / Diagnostic Centers
- Home Care
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Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Africa
- South Africa
- Rest of MEA
Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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