Redding, California, March 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Blood Glucose Monitoring Devices Market By Product (Self-monitoring {Glucometer, Test Strips, Lancets}, Continuous Glucose Monitoring {Sensors, Receiver, Transmitter}), Diabetes Type, End User (Self/Home Care, Hospital, Clinic) - Global Forecast to 2030,' published by Meticulous Research®, the blood glucose monitoring devices market is expected to reach $21.71 billion by 2030 at a CAGR of 7.5% from 2023 to 2030.
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Blood glucose monitoring devices are used to quantitatively measure the amount of blood glucose levels in an individual. These devices help to monitor and manage diabetes patients’ blood glucose levels. The rising prevalence of diabetes globally drives the demand for blood glucose monitoring devices.
The factors driving the blood glucose monitoring devices market are the rising prevalence of diabetes, the increasing number of people living unhealthy & sedentary lifestyles, and product innovations in diabetes care. Furthermore, the growing demand for non-invasive glucose monitoring devices and increasing awareness regarding diabetic health in developing countries are expected to provide significant growth opportunities for this market.
However, the insurance coverage and reimbursement scenarios and product recalls are expected to hinder the growth of this market. In addition, factors such as the large number of people living with undiagnosed diabetes and the high costs of continuous glucose monitoring devices are major challenges to the market’s growth.
The Impact of COVID-19 on the Blood Glucose Monitoring Devices Market
The COVID-19 virus, which emerged at the end of 2019, became a global pandemic by the start of 2020. The infection spread quickly, resulting in a large number of hospitalizations. According to various studies, the disease impacted diabetic patients more severely. Individuals with diabetes who were infected with COVID-19 required emergency admissions and proper medical management.
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This crisis led to increased demand for blood glucose monitoring devices. In the U.S., the FDA authorized the use of personal blood glucose meters and continuous glucose monitoring devices in hospitals during the pandemic. Virtual consultations and remote patient monitoring for diabetic patients also increased during the pandemic. Thus, the COVID-19 pandemic boosted the demand for blood glucose monitoring devices and positively impacted the market's growth.
The blood glucose monitoring devices market is segmented based on product, diabetes type, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on product, in 2023, the self-monitoring devices segment is expected to account for the largest share of the blood glucose monitoring devices market. The large market share of this segment is attributed to the advantages offered by self-monitoring devices, including convenience and cost-efficiency and the recurring demand for test strips used in blood glucose monitoring devices.
Based on diabetes type, in 2023, the type-2 diabetes segment is expected to account for the largest share of the blood glucose monitoring devices market. The large market share of this segment is attributed to the rising prevalence of diabetes due to the increasing number of people living unhealthy lifestyles without any physical activity.
Based on end user, in 2023, the self/home care segment is expected to account for the largest share of the blood glucose monitoring devices market. The large market share of this segment is attributed to the increased awareness about self-management of diabetes, easy access to blood glucose monitoring devices, and greater convenience offered by self-monitoring of blood glucose compared to testing in healthcare facilities.
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Based on geography, in 2023, North America is expected to account for the largest share of the blood glucose monitoring devices market, followed by Europe and Asia-Pacific. North America’s major share is primarily attributed to the large number of people living unhealthy lifestyles, resulting in the high prevalence of obesity and diabetes, the presence of key players in the region, the high purchasing power of the population, and government initiatives promoting diabetes care. However, Asia-Pacific is slated to register the fastest growth rate in the blood glucose monitoring devices market during the forecast period. The growth of this regional market is driven by the increasing diabetic population, especially in countries such as India and China, government initiatives to increase awareness about self-diabetes management, and the increasing awareness of diabetes management among the population.
The report includes an extensive assessment of the market based on product, diabetes type, end user, and geography. The study also provides valuable insights into the key growth strategies adopted by major market players between 2020 and 2023. In recent years, the blood glucose monitoring devices market has witnessed numerous product launches, agreements, collaborations, partnerships, and acquisitions.
Some of the key players operating in this market include Abbott Laboratories (U.S.), Ascensia Diabetes Care Holdings AG (Switzerland) (A Part of PHC Holdings Corporation), Becton, Dickinson and Company (U.S.), DexCom, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), LifeScan IP Holdings, LLC (Switzerland) (Subsidiary of Platinum Equity, LLC [U.S.]), Medtronic plc (Ireland), Ypsomed Holding AG (Switzerland), B. Braun Melsungen AG (Germany), and Nipro Corporation (Japan), ARKRAY, Inc. (U.S.), Prodigy Diabetes Care, LLC (U.S.), ACON Laboratories, Inc. (U.S.), and Nova Biomedical Corporation (U.S.).
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Scope of the Report:
Blood Glucose Monitoring Devices Market, by Product
- Self-monitoring Devices
- Blood Glucose Meters
- Test Strips
- Lancets
- Continuous Blood Glucose Monitoring Devices
- Sensors
- Transmitters & Receivers
- Other Devices & Accessories
Note: Other Devices & Accessories include Hemoglobin A1c Testing Kits and Non-Invasive Blood Glucose Monitoring Devices.
Blood Glucose Monitoring Devices Market, by Diabetes Type
- Type-2 Diabetes
- Type-1 Diabetes
- Gestational Diabetes
Blood Glucose Monitoring Devices Market, by End User
- Self/Home Care
- Hospital & Clinics
- Other End Users
Note: Other End Users include Physician offices, Ambulatory Care Settings, and Diagnostics Labs.
Blood Glucose Monitoring Devices Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- China
- Japan
- India
- Indonesia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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