Global Blood Glucose Monitoring Devices Market Report 2023: Sector is Expected to Reach $23.15 Billion by 2030 at a CAGR of 8% - ResearchAndMarkets.com

2023-06-14

DUBLIN--(BUSINESS WIRE)--The "Global Blood Glucose Monitoring Devices - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

'Global Blood Glucose Monitoring Devices - Industry Forecast 2023-2030'

The global blood glucose monitoring devices market size was valued at USD 11.71 billion in 2021 and is poised to grow from USD 12.53 billion in 2022 to USD 23.15 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).

The blood glucose monitoring devices market refers to the industry involved in the manufacturing and distribution of devices used to measure and monitor blood glucose levels in individuals with diabetes. These devices play a critical role in diabetes management by providing accurate and timely information about blood glucose levels, allowing individuals to make informed decisions regarding medication, diet, and lifestyle.

Segments covered in this report

Global Blood Glucose Monitoring Devices Market is segmented based on the product, Testing Site, Patient Care Setting, Modality, Application, Distribution Channel and region. Based on product, the market is bifurcated into Self-Monitoring Devices and Continuous Blood Glucose Monitoring Devices.

Based on testing site, the market is segmented into Fingertip testing and Alternate Site Testing. According to patient care setting it is segmented into self/home care and hospital & clinics. Based on modality, the market is bifurcated into wearables and non-wearables. According to distribution channel, it is categorized into retail sales and institutional sales.

On the basis of application, it is segmented into Type 2 Diabetes, Type 1 Diabetes and Gestational Diabetes. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Driver

The global prevalence of diabetes is on the rise, driven by factors such as sedentary lifestyles, unhealthy diets, and obesity. The growing diabetic population creates a strong demand for blood glucose monitoring devices as individuals require regular monitoring of their blood glucose levels to manage their condition effectively. Blood glucose monitoring devices have witnessed significant technological advancements over the years.

The introduction of continuous glucose monitoring (CGM) systems, minimally invasive devices, wireless connectivity, and smartphone integration has improved the accuracy, convenience, and overall user experience. These technological advancements drive market growth.

Restraint

Blood glucose monitoring devices and testing supplies can be expensive, especially for individuals who require frequent testing. The high cost can limit the affordability and accessibility of these devices, particularly in low-income regions or for individuals without adequate healthcare coverage.

While reimbursement policies exist in many countries, the extent of coverage for blood glucose monitoring devices may vary. Inadequate reimbursement coverage or restrictions on reimbursement can impede market growth and hinder patient access to these devices.

Market Trends

Blood glucose monitoring devices are increasingly integrating with digital health technologies, such as smartphone apps, wearable devices, and cloud-based platforms. These integrations enable real-time data tracking, remote monitoring, data analytics, and personalized feedback, empowering individuals with diabetes and improving their self-management capabilities.

Manufacturers are placing emphasis on user-friendly designs to enhance the usability and convenience of blood glucose monitoring devices. This includes features such as touchscreen interfaces, voice-guided instructions, intuitive data displays, and compact, portable designs.

Companies Mentioned

F. Hoffmann-La Roche Ltd.

LifeScan, Inc. (a subsidiary of Johnson & Johnson)

Ascensia Diabetes Care Holdings AG Diabetes Care Holdings AG

Ypsomed Holding AG

Nova Biomedical Corporation

ARKRAY Inc.

AgaMatrix Holdings LLC

Trividia Health Inc.

Terumo Corporation

Becton, Dickinson and Company

Insulet Corporation

GlySens Incorporated

Echo Therapeutics Inc.

Biolinq Inc.

Nemaura Medical Inc.

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