Pune, India, April 03, 2023 (GLOBE NEWSWIRE) -- The global US Blood Glucose Monitoring System Market was estimated at USD 6.26 billion in 2022. The market valuation is slated to rise from USD 6.82 billion in 2023 to USD 12.94 billion by 2030 at a 9.6% CAGR during the forecast period. Medical equipment called a blood glucose monitoring system is used to keep track of people's blood glucose levels, particularly those with type 1 and type 2 diabetes. These tools can quickly and accurately measure blood glucose levels, allowing medical decisions to be based on the blood sugar level.
Industry Development:
February 2022 Senseonics bagged the U.S. FDA approval for its Eversense E3 CGM system for application with E3 sensor, which can be used for up to six months.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.6% |
| 2030 Value Projection | USD 12.94 billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 6.26 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 96 |
Key Takeaways from the US Blood Glucose Monitoring System Market:
- In 2020, Dexcom, Inc. earned USD 1,509.5 million in revenue, indicating a 30.0% increase from the previous year.
- An increasing number of patients can be attributed to the growing prevalence of diabetes (type 1 and type 2) in the U.S. population.
- Market growth will be hindered by delays in product launches in the U.S.
- The market is categorized into continuous glucose monitoring systems and self-monitoring blood glucose systems based on device type.
Driving factor:
Rising Diabetes Occurrence to Propel Market Growth
One of the main causes of an increase in patients is the increased incidence of diabetes (both type 1 and type 2) in the U.S. The demand for blood glucose monitoring devices among the patient population is being driven by this as well as increased awareness campaigns by market participants and government authorities. These factors drive the US Blood Glucose Monitoring System Market growth.
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Segmentation:
Continuous Glucose Monitoring Segment to Gain Traction Through 2030
The market is divided into two categories, continuous glucose monitoring system and self-monitoring blood glucose system, based on device type. In 2022, the market was dominated by the continuous glucose monitoring system segment. One of the key drivers of the segment's growth is the increased device penetration among the diabetic population.
Invasive Segment to Experience Robust Demand due to Rising Number of Product Approvals & Launches
The market is divided into invasive and non-invasive based on type. Invasive products dominated the US Blood Glucose Monitoring System Market share in 2022. Increased market penetration and adoption of this intrusive BGM system are anticipated as a result of regulatory authorities' increased efforts to broaden reimbursement policies.
Wearable Segment to Garner Monumental Attention During the Forecast Period
The market is divided into wearable and non-wearable based on modality. Throughout the projection period, the wearable segment is anticipated to grow at a higher CAGR. CGM systems that are now in the market are wearables. As a result, a driver in the segment's growth is the growing prevalence of these devices among people with diabetes.
Type 2 Diabetes Segment Dominated the Market due to Rising Penetration of Devices Among Patients
On the basis of patient type, the market is segmented into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment dominated the market in 2022. The rising prevalence of the condition in the country is leading to an increasing patient pool requiring blood glucose level monitoring regularly.
Retail Sales Segment Held the Largest Market Share due to Rising Penetration in Homecare Settings
On the basis of distribution channel, the market is segmented into retail sales and institutional sales. The retail sales segment dominated the market in 2022 and is expected to grow at a higher CAGR during the forecast period. The rising penetration of private-label brands in retail outlets at discounted prices is likely to propel the growth of the retail sales segment.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Competitive Landscape
Broad Product Portfolio Gives Top Players a Competitive Edge
There are three significant players active in the consolidated U.S. market. The three largest and now the only companies in the market offering CGMs are Dexcom Inc., Abbott, and Medtronic. In 2022, Dexcom, Inc. held the largest market share for blood glucose monitoring systems in the U.S. The companies’ increasing focus on introducing newer versions of the items to expand their blood glucose monitoring system range and their presence in the nation are the factors attributing to their dominance.
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The Report Lists the Key Companies in the US Blood Glucose Monitoring System Market:
- Dexcom, Inc. (U.S.)
- Abbott (U.S.)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Medtronic (Ireland)
- Senseonics (U.S.)
- Ascensia Diabetes Care Holdings AG (Switzerland)
- LifeScan IP Holdings, LLC (U.S.)
- Prodigy Diabetes Care, LLC (U.S.)
- GlucoTrack, Inc. (U.S.)
Some major points from Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Prevalence of Type 1 and Type 2 Diabetes Patients in the U.S., 2022
- Penetration of Blood Glucose Monitoring Among Diabetes Patients in the U.S.
- Key Industry Developments, Mergers, Acquisitions, etc.
- Pricing analysis – For Major Brands by Key Players
- New Product Launches, By Key Players
- Technology Advancements in Blood Glucose Monitoring Systems
- Impact of COVID-19 on the Market
- US Blood Glucose Monitoring System Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Device Type
- Continuous Glucose Monitoring (CGM) System
- Self-Monitoring Blood Glucose (SMBG) System
- Market Analysis, Insights and Forecast – By Type
- Non-invasive
- Invasive
- Market Analysis, Insights and Forecast – By Modality
- Wearable
- Non-wearable
- Market Analysis, Insights and Forecast – By Patient Type
- Type-1 Diabetes
- Type-2 Diabetes
- Market Analysis, Insights and Forecast – By Distribution Channel
- Institutional Sales
- Retail Sales
- Market Analysis, Insights and Forecast – By Device Type
- Competitive Analysis
- U.S. Market Share Analysis (2022)
- Company Profiles (Overview, Products, SWOT, Recent Developments, Strategies, Financials (based on availability))
- Abbott
- Dexcom, Inc.
- Ascensia Diabetes Care Holdings AG
- Medtronic
- LifeScan IP Holdings, LLC
- F. Hoffmann-La Roche Ltd.
- Senseonics
- Prodigy Diabetes Care, LLC
- GlucoTrack, Inc.
TOC Continued…
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Related Links:
Blood Glucose Monitoring Market Size, Share, Growth Industry Report, 2020-2027
Blood Glucose Meters Market Share, Size, Demand and Forecast
Diabetes Devices Market Size, Share, Growth Industry Report
Point-Of-Care Diagnostics Market Share, Size, Demand and Forecast 2022-2029
Remote Patient Monitoring Devices Market Size, Share, Growth Industry Report
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