Blood Glucose Monitoring Market Overview
The
Blood Glucose Monitoring market is experiencing substantial growth, driven by
the increasing prevalence of diabetes and a growing emphasis on proactive
health management. With diabetes affecting millions worldwide, the demand for
accurate and convenient blood glucose monitoring solutions has surged. The
market encompasses a diverse range of devices, including glucometers, Glycemic control
continuous glucose monitoring systems, and related accessories. Technological
advancements, such as the integration of mobile apps and cloud-based platforms
for real-time data tracking, have enhanced user experience and adherence to
monitoring regimens.
The
market is characterized by a shift towards minimally invasive and painless
monitoring techniques, fostering patient compliance. Continuous innovation in
biosensor technology and the development of non-invasive monitoring devices are
shaping the Blood Glucose Monitoring market. Additionally, the rising geriatric
population, coupled with lifestyle changes contributing to diabetes incidence,
further propels market growth.
The
healthcare industry's focus on personalized medicine and patient-centric care
has driven collaborations between pharmaceutical companies and device
manufacturers, creating a conducive environment for market expansion. As the
prevalence of diabetes continues to rise globally, the Blood Glucose Monitoring
market is poised for sustained growth, with ongoing research and development
aimed at refining monitoring techniques and improving overall diabetes
management.
Blood
glucose monitoring can be referred to as the procedure of testing diabetes
level in the blood. It assists in identifying the glucose level of blood within
a specific target range. These monitoring devices offer useful insights in
order to manage diabetes. The global blood glucose
monitoring market report, as per a report by Market Research Future
(MRFR) is touted to register a CAGR of 8.35% during the forecast period (2024-2032).
The
blood glucose monitoring market is considered one of the rapidly expanding
markets, mainly due to the surging growth in urbanization, leading to soaring
incidences of obesity. Physical inactiveness and unhealthy diet among the
population has further resulted in increased diabetic population across the
globe, thereby augmenting the market growth. Developments in technology,
increased investment in R&D activities, and surging awareness regarding
these devices are some of the primary growth stimulants of the market.
On
the contrary, the high cost of blood glucose monitoring devices will restrict
its growth in the foreseeable future. Moreover, the lack of reimbursement
policies for such devices will remain a major barrier to the adoption of such
devices.
Blood Glucose Monitoring Market Competitive
Dashboard
The
top players operating in the blood glucose monitoring market players include
Arkay, Inc. (U.S.), Abbott Laboratories (U.S.), F. Hoffmann-La Roche Ltd
(Switzerland), Bayer Healthcare AG (Germany), GlySure Ltd (U.K), Goldsite
Diagnostics Inc., Dexcom, Inc. (U.S.), Sphere Medical Holding plc. (U.K), and
LifeScan, Inc. (U.S.).
Blood Glucose Monitoring Market: Segmental Analysis
The
global blood glucose monitoring market has been segmented on the basis of
application, product type, and end user.
By
product type, the blood glucose monitoring market is segmented into continuous
glucose monitoring devices (CGM), invasive glucose monitoring devices, flash
glucose monitoring devices, and others. Of these, the CGM segment will register
significant growth, owing to the surging adoption of minimally invasive
procedures.
By
application, the market is segmented into type 1 diabetes, type 2 diabetes, and
others. Of these, type 2 diabetes will gain prominence due to rising incidences
of type 2 diabetes and innovative product launches with less invasive
technologies.
The
end users segment comprises hospitals, diagnostic centers, research centers,
clinics, and home care diagnostics. Of these, the home care diagnostics is
predicted to gain prominence due to the surge in diabetic population, along
with surging awareness regarding regular monitoring of glucose levels. Also,
rising product launches enhance patient comfort when used at home.
Blood Glucose Monitoring Market Regional
Frontiers
Geographically,
the blood glucose monitoring market spans across Europe, Asia Pacific, America,
and the Middle East & Africa.
Considering
the global scenario, America commands the largest share in the global market,
mainly due to the surging incidences of obesity among the global population.
Physical inactivity and unhealthy diet of the consumers are estimated to
encourage the market growth in the region. As per the CDC, the prevalence of
diagnosed as well as undiagnosed diabetes population in 2015 was around 30.3
million people of all ages. The market is predicted to experience a surge due
to the presence of well-developed technology, rising R&D activities,
increased spending on healthcare, and high concentration of major players in
the region.
Europe
acquires the second spot in the blood glucose monitoring market due to
environmental pollutants, socioeconomic deprivation, and psychological factors.
Government support for R&D, along with the high availability of funds for
research will further enhance the regional market’s growth in the coming years.
Meanwhile,
the Asia Pacific will expand at the fastest rate due to ever-increasing
geriatric population, changing lifestyle, and rapid urbanization in the region.
The rising incidences of rapidly developing healthcare technology, R&D
activities, increased expenditure on healthcare, and concentration of industry
bigshots have propelled the market growth in the APAC. Soaring demand for new
treatment methods, especially in economies like South Kore and India will
augment the market growth.
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