Blood Glucose Monitoring Devices Market to reach $28.76 Billion in 2030 with a CAGR of around 7.92%

New York, United States, June 02, 2022 (GLOBE NEWSWIRE) -- Blood glucose monitoring is the utilization of a glucose meter for monitoring and identifying the overall concentration content of glucose in the blood. It is extremely important for patients with diabetes. A blood glucose test is typically conducted by piercing the skin on the finger to extract blood &then applying that blood to a chemically active disposable test strip. Based on Product Type, Self-Monitoring Blood Glucose Devices (SMBG) segment possessed the largest proportion (68.3%) of the Blood Glucose Monitoring Devices Market. By region, North America possessed the highest proportion (38.7%) of the Blood Glucose Monitoring Devices market and is poised to grow at a healthy CAGR of more than 8% throughout the projected time period. However, on the other hand, the APAC region is prevised to grow with the highest CAGR of the market all over the forecasted timeframe of 2020-2030.

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The segmentation outline of the recent report published by Strategic Market Research on the Blood Glucose Monitoring Devices Market is as follows:

Product

• Self-monitoring Devices
  • Blood Glucose Meter
  • Testing Strips
  • Lancets
• Continuous Blood Glucose Monitoring Devices
  • Sensors
  • Transmitter & Receiver
  • Insulin Pumps

Applications

• Type 1 Diabetes
• Type 2 Diabetes

End-User

• Hospitals
• Home Care
• Diagnostics Centers
  
  

Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

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The Blood Glucose Monitoring Devices Market is anticipated to reach a market value of USD 28.76 billion by 2030 from USD 13.42 billion in 2020, at a CAGR of 7.92 percent during the forecasted period. The rapid enhancement of technology and early diagnosis of hypoglycemia & hyperglycemia are the primary drivers that are expediting the overall growth of the Blood Glucose Monitoring devices market. Moreover, the number of diabetic patients has been increasing at a rapid pace across the globe due to certain factors like the changes in lifestyle, alcohol consumption, and smoking, which in turn is fostering the market growth.

By Product Type, the Self-Monitoring Blood Glucose Devices (SMBG) segment held the largest share of the Blood Glucose Monitoring Devices Market

In terms ofProduct, the market is ramified into Self-Monitoring Devices and Continuous Blood Glucose Monitoring Devices. Self-Monitoring Blood Glucose Devices (SMBG) segment possessed the largest proportion of the total Blood Glucose Monitoring Devices Market at about 68.3%. Also, it is expected to grow at a healthy CAGR of 5.2% throughout the forecasted timeframe.It is primarily due to the factors like cost-effectiveness and better ease of use in terms of handling. As the perCenters for Disease Control and Prevention, more than around 37 million Americans have diabetes (about 1 in every ten individuals), and around 90-95% are suffering from type 2 diabetes.

By Application, the Type 2 diabetes market segment possessed the highest share of the Blood Glucose Monitoring Devices Market.

Based on the Application, the Type 2 diabetes market segment possessed the largest blood Glucose Monitoring Devices Market of around 89.2%, and it is expected to dominate the market in the next upcoming years. Most diabetes cases are usually caused by type 2 diabetes.  As per national Library of Medicine, the worldwide occurrence of type 2 diabetes is anticipated to rise to 7079 per 100,000individuals by the end of 2030, registering a continued rise across all regions of the globe.

By End-User, the Hospital market segment dominated the entire Blood Glucose Monitoring Devices Market.

In terms of End-User, the total market is segregated into Hospitals, Home Care and Diagnostics Centers. The Hospital segment held a dominant portion of the total market share, around 43.62% in 2020. This segment is expected to continue its sheer dominance throughout the prevised timeframe. It is primarily due to the rise in the improvement of hospital infrastructures and the rise in funding by worldwide governments in the healthcare sector. On the other hand, home care is expected to grow at the fastest rate during the forecasted period.

North America held the highest portion of the Blood Glucose Monitoring Devices Market.

By region, North America possessed the highest proportion of the Blood Glucose Monitoring Devices market at around 38.7% and is anticipated to grow at a decent CAGR of more than 8% all over the projected time period. It is primarily due to the factors like the rise in the diabetes population and the rise in the incidence of obesity, physical inactivity, and unhealthy diet in the entire North America. However, on the other side, the APAC region is prevised to possess the highest CAGR of the market all over the forecasted timeframe of 2020-2030. As per the National Diabetes Statistics Report, around 37.3 million Americans (about 1 in 10) have diabetes, and around 1 in 5 individuals with diabetes don’t know they have it.

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The key market players that are covered in the Global Blood Glucose Monitoring Devices Market report are:

• Medtronic
• B. Braun Melsungen
• Nipro
• Sanofi
• Arkray
• Abbott Laboratories
• F. Hoffmann-La Roche
• Ypsomed
• Prodigy Diabetes Care
• Acon Laboratories
• Nova BiomedicalLifescan
• Ascensia Diabetes Care
• Dexcom
  
  

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Global Blood Glucose Monitoring Devices Market: Recent Developments

• In the month of February 2022, Senseonics Holdings, Inc., a medical technology corporation focused on the development and manufacturing of long-term, implantable continuous glucose monitoring systems for individuals with diabetes, announced the approval of the next-generation Eversense E3 CGM System by the Food and Drug Administration. The Eversense E3, along with proprietary sacrificial boronic acid (SBA) technology, is intended to be widely available to the people in the United States through Ascensia Diabetes Care.
• In the month of March 2022, Medtronic plc, a global leader in healthcare technology, asserted that reimbursement for continuous glucose monitoring, a key diabetes technology, has been currently extended in a vast range of countries throughout North & South America. Continuous glucose monitoring systems offer various crucial information on glucose levels to assist and simplify the process of diabetes management.
• In 26^thFebruary 26, 2021, Roche started the launching of the new Accu-Chek Instant system, a new "connected" blood glucose monitoring system, which guides and allows Roche’s approach of integrated Personalised Diabetes Management. The Accu-Chek Instant features Bluetooth enabled connectivity to the mySugr app, enabling the smooth transfer of blood glucose results wirelessly to the mySugr app.
  
  

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