The blood glucose monitoring system market has projected a growth Of USD 15.94 billion by 2022 and is expected to reach USD 31.34 billion by the end of 2030 at a compound annual growth rate of 10.1%.
The increasing cases of patients who have diabetes have boosted the market for glucose monitoring systems. The rapidly increasing prevalence of type 2 diabetes has helped the market for insulin grow greatly. This has to be supported by the blood glucose monitoring system, which becomes an essential factor in checking glucose levels before administering insulin. Constant monitoring is required in patients with critical conditions who are on anti-diabetic medicines. The huge client base in the market suffering from diabetes and other blood glucose-related disorders has considerably boosted the market’s size.
Browse the full “Blood Glucose Monitoring System Market Size, Trends and Insights By Device (Self monitoring blood glucose system, Continuous glucose monitoring system), By Modality (Non wearable, Wearable), By Type (Invasive, Non invasive), By Patient Type (Type 1 diabetes, Type 2 diabetes), By Distribution Channel (Retail sales, Institutional sales), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/blood-glucose-monitoring/
Market Dynamics
Drivers
The huge number of patients available in the market due to the increasing prevalence of cholesterol and obesity has helped the market record considerable revenue, and he’s foreseen to continue similarly during the forecast period as well. The increasing demand for advanced technologies and efficient monitoring systems to manage patients’ blood glucose levels has helped the blood glucose monitoring system market record considerable revenue.
Key market players are investing in extensive research and development programs to introduce cheaper options for monitoring blood glucose. Faulty lifestyle practices followed by the people and increasing stress resulting from busy lifestyle practices and improper work-life balance have greatly boosted the market size. These reasons emerge as the driving forces for the blood glucose monitoring system market during the forecast period.
Restraints
The high cost associated with using advanced equipment and medical facilities has proved to be a restraining factor for the market’s growth. Lack of awareness and slow penetration of modern devices and technologies into the market has proven to be major obstacles to the market’s growth. The lack of disposable income available to the people after the outbreak of the pandemic has greatly hindered the market’s growth. As the constant blood glucose monitoring systems are costlier, they cannot be used by the common people and find their place mainly in the hospital sector. Negligence on the patient’s part also hampers the market’s growth to a great extent.
Opportunities
Key market players are introducing advanced medical equipment for managing blood glucose levels to boost the demanding supply chain. Initiatives taken by the government to support the healthcare sector by providing advanced facilities to the people have also helped the market put a quarter of considerable revenue during the forecast period. .
The market finds a great opportunity in reimbursement facilities provided by health insurance companies to manage blood glucose levels by utilizing advanced equipment. Increasing awareness among the people regarding the availability of advanced equipment and monitoring systems that help evaluate the patient’s condition has emerged as a major opportunity for the growth of the blood glucose monitoring system market.
Challenges
The high cost associated with the use of advanced equipment, which helped monitor blood glucose, has greatly hindered the glowing growth of the market to a great extent. The availability of cheaper options in the market produced by local players has hindered the growth of quality products. Lack of awareness and penetration of newly introduced systems in the market has hindered the growth to a great extent. Fluctuating policies followed by insurance companies regarding reimbursement facilities also hinder market growth.
Report Highlights
Based on device type, continuous glucose monitoring systems have emerged as a leading segment due to the huge demand from the healthcare industry. Based on modality, the segment of wearable devices has dominated the market. Based on patient type, Type 2 diabetes has emerged to be in a dominant position. The invasive device has emerged as the leading position due to its extensive demand in the healthcare sector. On the bus of distribution channels, the retail sales market has emerged as the leading market player due to the availability of a huge client base. On pistol geography, the region of North America has dominated the segment.
Regional Snapshots
The region of North America has emerged as the largest market for blood glucose monitoring systems owing to the huge number of people suffering from blood glucose disorders and diabetes due to the rapid changes in lifestyle due to the increasing stress and workload on the people.
A huge number of people belonging to the geriatric population reside in this region who suffer from diabetes as a common disorder and need constant monitoring to administer the required dosage of medicines and insulin. It becomes impossible for these people to visit the healthcare sector, so a portable blood glucose monitoring system becomes an essential factor for them.
The people belonging to the European nations also have a huge tendency to suffer from diabetes owing to faulty lifestyle practices and increasing amounts of fast food among youngsters, which behave as a major factor for the causation of diabetes and hence the requirement for blood glucose monitoring systems has increased. The advanced healthcare facilities the government provides have also boosted the need for constant blood glucose monitoring systems in the market.
The Asia Pacific region has emerged as the next largest market, with a huge client base suffering from diabetes. Rapidly emerging healthcare sectors and developing economy has boosted the disposable income available to the people. Rapidly increasing awareness among the people regarding advanced technologies available in the market to manage their blood glucose levels has boosted the demand for blood glucose monitoring systems.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 15.94 Billion) |
| Projected Market Size in 2030 | USD 31.34 Billion |
| CAGR Growth Rate | 10.1% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Abbott Laboratories, Medtronic plc, F. Hoffmann-La Roche Ltd., Ascensia Diabetes Care, Dexcom, Inc., Sanofi, Novo Nordisk, Insulet Corporation, Ypsomed Holdings, Glysens Incorporated, and Others |
| Key Segment | By Device, Modality, Type, Patient Type, Distribution Channel, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Players
- Abbott Laboratories
- Medtronic plc
- Hoffmann-La Roche Ltd.
- Ascensia Diabetes Care
- Dexcom, Inc.
- Sanofi
- Novo Nordisk
- Insulet Corporation
- Ypsomed Holdings
- Glysens Incorporated
Recent Developments
- In March 2021 – Accu check was introduced by F Hoffmann la Roche with a view to monitor blood glucose levels instantly which will be directly connected to an app known as mySugr.
Segments covered in the report
By Device
- Self monitoring blood glucose system
- Continuous glucose monitoring system
By Modality
- Non wearable
- Wearable
By Type
- Invasive
- Non invasive
By Patient Type
- Type 1 diabetes
- Type 2 diabetes
By Distribution Channel
- Retail sales
- Institutional sales
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America