Blood glucose monitoring involves the use of disposable test strips and meters to check glucose levels in the blood on a regular basis. This allows people with diabetes to keep track of their glucose levels and make adjustments to their diet, medication or exercise as needed. The growing prevalence of diabetes is accelerating the demand for blood glucose monitoring devices. In 2023 alone, around 537 million people worldwide are expected to have diabetes and this is projected to rise to over 643 million by 2030.
The global Blood Glucose Monitoring Market is estimated to be valued at US$ 2 billion in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Continuous Glucose Monitoring Gaining Traction
One of the key trends driving growth in the blood glucose monitoring market is the rising adoption of continuous glucose monitoring (CGM) systems. Unlike traditional finger-prick blood glucose meters that require multiple daily tests, CGM systems painlessly and continuously track glucose levels in real-time throughout the day and night. The constant monitoring supplied by CGM devices helps people with diabetes better control blood sugar swings and avoid hypoglycemia. Advancements in CGM technology that have made the devices smaller, more accurate and convenient to use is boosting their popularity as a preferred method for diabetes management. As CGM adoption increases, it will complement traditional blood glucose meters and bolster overall market expansion in the forecast period.
Segment Analysis
The global blood glucose monitoring market analysis can be segmented based on product, equipment, indication, end-user and region. By product, the market is dominated by test strips which account for over 50% share due to their high frequency of use. The self-monitoring equipment segment is expected to witness highest growth owing to increasing awareness regarding diabetes self-management.
Key Takeaways
The global blood glucose monitoring market is expected to witness high growth over the forecast period of 2023 to 2030. A growing diabetic population worldwide along with increasing awareness regarding diabetes management is driving market growth. The global Blood Glucose Monitoring Market is estimated to be valued at US$ 2 billion in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030.
Regional analysis
North America dominates the global market and is expected to continue its dominance over the forecast period. High awareness levels regarding diabetes self-management along with supportive reimbursement scenarios in countries like the US and Canada are fueling high adoption of blood glucose monitoring devices in the region. Asia Pacific is projected to witness the fastest growth attributed to rising prevalence of diabetes, improving healthcare infrastructure and growing medical tourism in the region.
Key players
Key players operating in the blood glucose monitoring market are Roche Diagnostics, Abbott Laboratories, LifeScan, Ascensia Diabetes Care, Medtronic and Dexcom. Abbott holds the leading position with its extensive product portfolio that includes glucometers and test strips. LifeScan holds a significant share with its OneTouch brand and partners with several private label retailers.
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