Pune, India, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Monitoring blood sugar is a vital part of diabetes management. A glucometer or blood sugar meter is commonly used for blood glucose monitoring. It involves taking a small drop of blood, usually by pricking the fingertip and placing it on the test strip in a glucometer. Blood sugar levels are measured in milligrams per deciliter (mg/dl), with standard guidelines for safe blood sugar ranging from 70 to 180 mg/dl.
According to our new research study on “Glucose Monitoring Devices Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Continuous Glucose Monitoring Devices and Self-Glucose Monitoring Devices), Application (Type 1 Diabetes and Type 2 Diabetes), Testing Type (Fingertip Testing and Alternate Site Testing), End User (Healthcare Settings and Self/Homecare), and Geography (North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa),” the global glucose monitoring devices market size is expected to grow from $16.80 billion in 2022 to $39.53 billion by 2030; it is estimated to register a CAGR of 11.3% from 2020 to 2030.
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Global Glucose Monitoring Devices Market – Report Scope:
| Report Coverage | Details |
| Market Size Value in | USD 16.80 Billion in 2022 |
| Market Size Value by | USD 39.53 Billion by 2030 |
| Growth rate | CAGR of 11.3% from 2020 to 2030 |
| Forecast Period | 2020-2030 |
| Base Year | 2022 |
| No. of Pages | 205 |
| No. of Tables | 166 |
| Historical data available | Yes |
| Segments covered | Type, Application, Testing Type, End User, and Geography |
Global Glucose Monitoring Devices Market: Competitive Landscape and Key Developments
B. Braun SE, F. Hoffmann-La Roche Ltd; LifeScan Inc; Medtronic Plc; Abbott Laboratories, Ypsomed Holding AG, Senseonics Holdings Inc; Nipro Corp, GE HealthCare Technologies Inc; and Terumo Corp; are among the leading companies operating in the glucose monitoring devices market. These players are focusing on expanding and diversifying their market presence and acquiring a novel customer base, thereby tapping prevailing business opportunities in the glucose monitoring devices market. Many market players are launching their innovative products in the glucose monitoring devices market with advanced features.
In April 2023, Medtronic plc received US Food and Drug Administration (FDA) approval for its MiniMed 780G system incorporated with the Guardian 4 sensor. The system enabled by SmartGuard technology requires no fingersticks to operate. This milestone marks the approval of the only Meal Detection technology system that automatically adjusts sugar levels every 5 minutes.
In April 2023, Abbott received FDA clearance for a reader for its integrated continuous glucose monitoring (iCGM) system—FreeStyle Libre 3. The system features the world's smallest, thinnest, and most discreet glucose sensor. The FreeStyle Libre 3 reader is a small handheld device that displays glucose readings in real time, directly from a small sensor worn on the back of a person's upper arm, allowing them to quickly and easily manage their condition by viewing their glucose readings on an easy-to-see screen.
Increasing Prevalence of Obesity to Boost Global Glucose Monitoring Devices Market Growth During 2020-2030:
Obesity, sedentary lifestyle, and improper diet are major factors adding to the incidence of diabetes worldwide. Physical activity is important to maintain blood glucose levels within a normal range. Lack of exercise and an unhealthy diet, such as a diet high in fat and calories, increase the risk of developing obesity and diabetes. Obesity is one of the major problems and the biggest concern across global communities. Obesity is a major issue affecting people of all ages and incomes globally. According to the World Health Organization (WHO), in 2020, more than 1.9 billion adults aged 18 years and older were overweight. Of these, over 650 million adults were obese. According to a report published by Forbes in June 2023, more than 1 billion people worldwide have obesity—650 million adults, 340 million adolescents, and 39 million children. Obesity is linked to 30–53% of new diabetes cases in the US every year, as per the research presented in the Journal of the American Heart Association. The effects of obesity increase healthcare costs related to inpatient treatment, outpatient treatment, and prescription drugs. Medical costs related to obesity in the US reach ~US$ 260.6 billion annually. Lack of exercise, unhealthy diet, and rapid growth in the obese population are expected to make people more susceptible to diabetes, thereby increasing the demand for glucose monitoring devices.
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Global Glucose Monitoring Devices Market: Segmental Overview
The “Global Glucose Monitoring Devices Market” is segmented on the basis of type, application, testing type, end user, and geography. Based on type, the market is bifurcated into continuous glucose monitoring devices and self-glucose monitoring devices. The continuous glucose monitoring devices are further categorized into sensors, transmitters, and receivers. The self-glucose monitoring devices segment is further categorized into testing strips, glucose meters, lancets, and others. The self-glucose monitoring devices segment held a larger market share in 2022. The continuous glucose monitoring devices segment is anticipated to register a higher CAGR during 2022-2030. According to the Clinton Health Access Initiative (CHAI) 2021 report, over 100 vendors supply self-glucose monitoring devices (SGMDs) worldwide. Owing to the need for a continuous supply of consumables such as SGMDs test strips and lancets, suppliers strive to have adequate production capacities and robust process planning. Additionally, test strips drive the revenue of SGMD suppliers, people living with diabetes require several testing steps per day, resulting in high-volume consumption. However, many suppliers offer glucometers for free to encourage consumers to switch to the testing platform, thereby driving the sales of their test strips and reducing revenue generation from glucose meters. Further, a robust supply chain, involving private pharmacies, is critical for suppliers to meet the demand for GGMDs from low- and middle-income countries (LMICs). They are also improving the supply of SGMDs in LMICs by building parallel service delivery channels. For example, suppliers often work with NGOs and collaborate with CSR initiatives of the three largest insulin providers to donate test strips and meters free of cost to patients or physicians in countries with limited procurement capabilities.
Go through further research published by The Insight Partners:
Blood Glucose Monitoring Devices Market - Global Analysis and Forecast to 2030
Blood Glucose Device Market - Global Analysis and Forecast to 2030
Continuous Blood Glucose Monitoring Market - Global Analysis and Forecast to 2030
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