Dublin, July 10, 2024 (GLOBE NEWSWIRE) -- The "Blood Glucose Monitoring Systems - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The global blood glucose monitoring systems market was valued at USD 13.06 billion in 2023, growing at a CAGR of 7.72% during the forecast period from 2024 to 2030, in order to reach USD 20.40 billion by 2030.
The escalating demand for blood glucose monitoring systems is predominantly attributed to the increasing prevalence of diabetes among the population across the globe, the growing burden of the geriatric population who are susceptible to developing hyperglycemia. In addition, the spike in technologically advanced blood glucose monitoring devices product launch and government initiatives to raise awareness regarding proper diabetes management, among others are the factors likely to spur the blood glucose monitoring systems market.
Market Dynamics
- The market for blood glucose monitoring systems is gaining momentum at present owing to the increasing prevalence of diabetes among the worldwide population.
- Also, the growing geriatric population who are susceptible to developing diabetes is expected to raise the demand for blood glucose monitoring systems.
- In addition, approval of technologically advanced blood glucose monitoring systems is also anticipated to surge the market for blood glucose monitoring systems.
- However, the high cost associated with the blood glucose monitoring systems is likely to impede the market.
Segment Analysis
Blood Glucose Monitoring Systems Market by Product Type (Self-Monitoring Blood Glucose Systems and Continuous Glucose Monitoring Systems), Modality (Wearable and Non-Wearable), End-user (Hospitals, Home Care Settings, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the blood glucose monitoring systems product segment, continuous glucose monitoring systems (CGM) are anticipated to hold a significant market share during the forecasted period. This is because the advantage of providing real-time and dynamic information about the trends of the glucose levels unlike a single reading exhibited by the CGM systems for improved glycemic control is likely to raise the demand for these systems.
Additionally, the rise in key market players' initiative toward the development of advanced CGM systems for diabetic patients for proper diabetes care and management is further expected to grow the market for CGM systems.
Thus, all the above-mentioned factors are likely to upsurge the market for blood glucose monitoring systems.
North America Expected to Dominate the Industry
Among all regions, North America is expected to hold a major share in the overall blood glucose monitoring systems market during the forecasted period. This domination is owing to the rising burden of the diabetic population in the region. Moreover, the increasing prevalence of obesity in the region which accounts for between 80 and 85% of the risk of developing type 2 diabetes is also anticipated to raise the demand for blood glucose monitoring systems in the coming years. In addition, the rising adoption of technologically advanced glucose monitoring systems, and rigorous glucose monitoring product approvals and launches in the region for better diabetes management also contribute to the regional blood glucose monitoring systems market.
Also, the APAC region has future potential for the blood glucose monitoring systems market. This is owing to the rising burden of the targeted population in the region, the growing geriatric population. Moreover, the continuous efforts by the leading companies to introduce continuous glucose monitoring systems in the region will also fuel the blood glucose monitoring systems market.
In addition, improved healthcare infrastructure, and increasing disposable income in the region will also boost the blood glucose monitoring systems market in the region.
Some of the key market players operating in the market include:
- Medtronic
- Abbott
- F. Hoffmann-La Roche Ltd.
- LifeScan IP Holdings (Johnson & Johnson)
- Dexcom Inc.
- ARKRAY Inc.
- Senseonics
- WaveForm Technologies Inc.
- B. Braun Melsungen AG
- Ascensia Diabetes Care Holdings AG
- Ypsomed
- i-SENS Inc.
- Intuity Medical Inc.
- ACON Laboratories Inc.
- Prodigy Diabetes Care LLC
- Sinocare
- Rossmax International Ltd.
- A. Menarini Diagnostics s.r.l
- Bionime Corporation
- MEDISANA GmbH
- Nemaura
- and more!
Key Takeaways from the Study
- Market size analysis for current market size (2023), and market forecast for 6 years (2024 to 2030)
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the Blood Glucose Monitoring Systems Market.
- Various opportunities available for the other competitor in the Blood Glucose Monitoring Systems Market space.
- What are the top-performing segments in 2023? How these segments will perform in 2030.
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Blood Glucose Monitoring Systems market growth in the coming future?
For more information about this report visit https://www.researchandmarkets.com/r/k9y3a8
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