Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "United States Self-Monitoring Blood Glucose Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The United States Self-Monitoring Blood Glucose Market analysis is demonstrating significant growth trends, with a forecast of expanding from USD 7.16 billion in 2023 to USD 9.76 billion by 2028. A compound annual growth rate (CAGR) of 6.40% is expected during the period from 2023-2028. This growth trajectory is attributed to several factors, including technological innovations, increased prevalence of diabetes, and rising awareness of the importance of glycaemic control.
Amidst rising obesity rates and associated diabetes challenges, the U.S. market shows a magnified focus on self-monitoring of blood glucose levels. The disruptive impact of the COVID-19 pandemic has further emphasized the necessity for efficient diabetes management, fostering advancements in remote monitoring and telemedicine services. This alignment of health technology with blood glucose management signifies a paradigm shift in diabetic care.
The Test Strips Segment—The Dominant Force in the Market
In a detailed segment evaluation, test strips have emerged as the dominant force, claiming about 80% of the market share. The dependence on these disposable and integral components of blood glucose testing perpetuates continuous growth within this segment. The frequency at which test strips are utilized compared to the relatively less frequent replacement of glucometers drives a consistent market pace, with the prevalence of reimbursement policies like those of Medicare abetting this trend.
Market Dynamics - A Glimpse into Rising Diabetes Prevalence
With over 130 million adults in the United States either diabetic or prediabetic, according to CDC data, the urgency for reliable self-monitoring of blood glucose is clear. The diabetes epidemic is disproportionally affecting communities characterized by lower income and educational levels, further emphasizing the need for accessible self-monitoring solutions.
The spurt in innovative technologies that synergize glucose monitoring with management platforms holds the potential to revolutionize diabetic care. Such holistic solutions are designed to empower patients in the management of diabetes, offering precise monitoring and collaborative care possibilities.
- Technological Advancements: Digital health applications consolidating blood glucose readings and facilitating self-care are among the key drivers of the market.
- Inclusive Policies: Resolutions aimed at enhancing diabetes prevention and management are propelling the growth of self-monitoring solutions.
Industry Overlook and Competitive Landscape
The United States self-monitoring blood glucose market is moderately fragmented, with significant players occupying a leading market share. These established entities are integral to the industry's progress, contributing to developing and innovating blood glucose monitoring products and technologies that cater to diverse patient needs.
Strategic Alliances and Market Expansion
In response to the growing market demand, key players are actively engaging in strategic partnerships, mergers, and expansions to strengthen their market presence and address the evolving needs of diabetic care.
This expansive analysis delineates the current market scenario and the transformative strategies that are expected to shape the future of diabetes management in the United States, a critical public health concern.
A selection of companies mentioned in this report includes
- Abbott Diabetes Care
- Roche Holding AG
- LifeScan
- Trividia Health
- Ascensia Diabetes Care
- Acon Laboratories Inc.
- Agamatrix Inc.
- Bionime Corporation
- Rossmax International Ltd.
- Arkray Inc.
For more information about this report visit https://www.researchandmarkets.com/r/86bmr4
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
