Newark, New Castle, USA, June 01, 2023 (GLOBE NEWSWIRE) -- The market analysis of the global glucose monitoring devices market was conducted by Growth Plus Reports in 2022 and is valued at US$ 12.72 billion. The market is expected to hit a revenue CAGR of 7.8% to reach US$ 23.19 billion by 2031.
Analysis of the global market for glucose monitoring devices indicates that during the forecast period, revenue share is likely to increase significantly.
The incidence of diabetes, technological improvements, and the rising need for simple and reliable glucose monitoring solutions are all contributing to the considerable rise of the global market for glucose monitoring devices. Glucose monitoring devices play a crucial role in the management of diabetes by providing real-time blood glucose level measurements. The market is poised for substantial expansion in the coming years, presenting lucrative opportunities for industry players.
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Glucose Monitoring Devices Market Scope
| Report Attribute | Details |
| Market Size Value in 2022 | US$ 12.72 billion |
| Revenue Forecast in 2031 | US$ 23.19 billion |
| CAGR | 7.8% |
| Base Year for Estimation | 2022 |
| Forecast Period | 2023 to 2031 |
| Historical Year | 2021 |
| Segments Covered | Product, End User, and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Globally, the incidence of diabetes is increasing due to factors including sedentary lifestyles, poor eating habits, and an aging population.
As a result, the demand for glucose monitoring devices has witnessed a significant upsurge. These devices are essential for individuals with diabetes to monitor their blood glucose levels regularly, make informed decisions regarding medication, diet, and exercise, and maintain optimal glycemic control.
One of the key factors driving the revenue is the continuous advancements in technology. Manufacturers are introducing innovative glucose monitoring devices with improved accuracy, convenience, and connectivity features. Continuous glucose monitoring (CGM) systems have gained traction in recent years. CGM systems provide real-time glucose readings, alerts for high or low glucose levels, and valuable trend data, enabling individuals with diabetes to make timely adjustments to their management plans.
Moreover, the increasing adoption of wearable and non-invasive glucose monitoring devices is another significant trend in the market. These devices eliminate the need for fingerstick testing, offering a less invasive and more convenient monitoring experience. Continuous research and development studies and efforts are focused on developing wearable sensors and smart contact lenses that can measure glucose levels through tears or sweat, providing individuals with diabetes with a more seamless and hassle-free monitoring solution.
In addition to technological advancements, the market growth is also driven by the growing awareness of the importance of regular glucose monitoring and the need for better diabetes management. Governments, healthcare organizations, and patient advocacy groups are actively involved in initiatives to raise awareness about diabetes and promote early diagnosis and effective monitoring. This heightened awareness, coupled with the increasing prevalence of diabetes, contributes to the demand for glucose-monitoring devices.
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Recent Development in the Glucose Monitoring Devices Market:
- In February 2023, the newest Dexcom G7 CGM System will be covered for Medicare enrollees, according to a statement from Dexcom, Inc. Dexcom G7 will be available to all Medicare patients with diabetes who fulfill the eligibility requirements as it satisfies the category requirements for therapeutic CGM systems established by the U.S. Centers for Medicare & Medicaid Services. The CGM attaches to the back of the upper arm or, if pediatric patients desire, the upper buttocks. It transmits glucose readings to a Dexcom receiver or a smart device that is compatible with it.
Competitive Landscape
A list of the prominent players operating in the global market for glucose monitoring devices includes:
- F. Hoffmann-La Roche Ltd
- DexCom, Inc.
- Abbott Laboratories
- LifeScan, Inc.
- Insulet Corporation
Market Segmentation:
Based on products, the global glucose monitoring devices market is segmented into self-monitoring devices, glucose meters, testing strips, lancets, sensors, transmitters & receivers, insulin pumps, and continuous glucose monitoring devices.
Self-monitoring glucose monitoring equipment is simple to use and doesn't need any instruction. Patients now have more convenience and flexibility since they can check their blood glucose levels at home or while they're on the road.
Based on end-user, the global hospitals, home care, and diagnostic centers.
Diabetes is quite common in North America and has been slowly becoming worse in recent years. There is now a sizable patient population as a result.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- Reimbursement Sicario
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL GLUCOSE MONITORING DEVICES MARKET- ANALYSIS & FORECAST, BY PRODUCT
- Self-monitoring Devices
- Glucose Meters
- Testing Strips
- Lancets
- Continuous Glucose Monitoring Devices
- Sensors
- Transmitters & Receivers
- Insulin Pumps
- Self-monitoring Devices
- GLOBAL GLUCOSE MONITORING DEVICES MARKET- ANALYSIS & FORECAST, BY END USER
- Hospitals
- Home Care
- Diagnostic Centers
GLUCOSE MONITORING DEVICES MARKET TOC
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