The global blood glucose monitoring market is estimated to be valued at US$ 18,466.3 Mn in 2023 and is expected to reach US$ 37,837.8 Mn by 2023 exhibiting a CAGR of 9.4% over the forecast period (2023-2030). Blood glucose monitoring refers to the process of measuring the glucose level in the blood, which is crucial for individuals with diabetes. This market offers various products such as blood glucose meters, test strips, lancets, continuous glucose monitoring systems, and insulin pumps. The advantages of blood glucose monitoring include early detection of abnormal glucose levels, timely adjustments of medication and lifestyle changes, and improved management of diabetes-related complications. With the increasing prevalence of diabetes globally, the demand for efficient and accurate blood glucose monitoring devices is rising, thereby driving market growth.
Market Key Trends:
One key trend in the blood glucose monitoring market is the increasing adoption of continuous glucose monitoring (CGM) systems. CGM systems provide real-time glucose readings throughout the day, eliminating the need for frequent fingerstick tests. These systems offer enhanced convenience and accuracy, allowing individuals with diabetes to closely monitor their glucose levels and make immediate adjustments. CGM systems also provide valuable insights into glucose patterns, trends, and fluctuations, enabling more effective diabetes management. As a result, the demand for CGM systems is expected to surge in the coming years, driving market growth. Key players operating in the blood glucose monitoring market include Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics
The Global Blood Glucose Monitoring Market can be segmented based on type, end user, and region. In terms of type, the market can be divided into continuous glucose monitoring systems (CGMS) and self-monitoring blood glucose systems (SMBG). The dominating sub-segment in the market is the SMBG systems segment. This is primarily due to the widespread adoption of SMBG devices by patients for convenient and accurate monitoring of blood glucose levels at home. SMBG systems are easy to use, provide real-time results, and allow patients to take immediate actions to manage their diabetes effectively. Furthermore, the increasing prevalence of diabetes across the globe is driving the demand for SMBG systems.
The global blood glucose monitoring market is expected to witness high growth, exhibiting a CAGR of 9.4% over the forecast period of 2023-2030. This growth can be attributed to several factors. Firstly, the increasing prevalence of diabetes worldwide is a major driving factor for the market. According to the International Diabetes Federation, the number of people living with diabetes is expected to reach 700 million by 2045. This rising prevalence has led to a higher demand for blood glucose monitoring devices.
Regionally, North America is the fastest-growing and dominating region in the blood glucose monitoring market. This can be attributed to the high prevalence of diabetes in the region, well-established healthcare infrastructure, and favorable reimbursement policies. Additionally, the presence of key market players in North America further contributes to the dominance of this region.
Key players operating in the blood glucose monitoring market include Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd., among others. These key players are focusing on product innovations, strategic collaborations, and mergers and acquisitions to expand their product portfolio and strengthen their market presence. They are also investing in research and development activities to develop technologically advanced blood glucose monitoring devices.