PUNE, India, Nov. 3, 2023 /PRNewswire/ -- Infinium Global Research, a leading provider of market insights and analytics, has published an in-depth report on the Global Blood Glucose Monitoring Device Market. This comprehensive report delves into the market's segments, sub-segments, and assesses the impact of various drivers, restraints, and macro indicators on both the short-term and long-term prospects of the global and regional blood glucose monitoring device market. The research reveals significant growth potential, with the global blood glucose monitoring device market valued at USD 12.52 billion in 2022 and projected to reach USD 26.44 billion by 2030, demonstrating a substantial Compound Annual Growth Rate (CAGR) of 8.38% during the forecast period from 2023 to 2030.
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Empowering Individuals with Diabetes
The blood glucose monitoring device market is dedicated to producing and supplying devices and products designed to monitor and manage blood glucose levels, primarily catering to individuals with diabetes. These tools play a crucial role in enabling individuals with diabetes to monitor their blood sugar levels, thereby empowering them to make informed decisions regarding their diet, medication, and lifestyle. Within this market, you'll find handheld blood glucose meters that measure blood glucose levels using a small blood sample, typically obtained by pricking the skin with a lancet. People with diabetes often use these meters to track their blood sugar multiple times throughout the day.
Additionally, the market encompasses Continuous Glucose Monitoring (CGM) systems. These systems offer real-time and continuous blood glucose monitoring, typically consisting of a sensor placed beneath the skin, which transmits data to a receiver or a smartphone app, providing a comprehensive view of glucose fluctuations. The blood glucose monitoring system market has witnessed notable technological advancements with a focus on enhancing device convenience, accuracy, and user-friendliness. These innovations aim to elevate the quality of life for individuals with diabetes by improving blood glucose control, reducing the risk of diabetes-related complications, and enhancing overall well-being.
Driving Factors and Challenges
The blood glucose monitoring system market is being propelled by the escalating prevalence of diabetes. This market is experiencing a rising demand for glucose-monitoring devices, in sync with the growing number of individuals being diagnosed with diabetes, encompassing both type 1 and type 2 diabetes. Furthermore, the market is benefiting from the increasing global aging population since older individuals are more susceptible to developing diabetes. The prevalence of diabetes serves as a significant market catalyst, creating a robust market landscape where the demand for effective glucose monitoring solutions is consistently increasing.
Nonetheless, there are challenges associated with lower rates of diabetes diagnosis and treatment that could hinder market expansion. However, ongoing advancements in sensor technology and the development of wearable devices present substantial opportunities. These innovations are laser-focused on improving the accuracy, convenience, and non-invasiveness of glucose monitoring. By delivering more user-friendly and easily accessible monitoring solutions, businesses operating in this market can overcome barriers linked to diagnosis and treatment rates, ultimately broadening their market presence and reaching a more extensive customer base.
Global and Regional Market Dynamics
In the forecast period, North America is anticipated to dominate the market, particularly the United States, owing to its notably high prevalence of diabetes. For instance, in April 2023, the Centers for Disease Control and Prevention (CDC) reported that over 37 million people in the U.S. have diabetes, with millions more at risk. This substantial disease burden creates a thriving market for blood glucose monitoring devices. Moreover, the region boasts a well-established and advanced healthcare infrastructure that facilitates diabetes diagnosis, treatment, and management, including the utilization of blood glucose monitoring devices. North America also serves as a centre for technological innovation and healthcare research and development. Numerous prominent companies in the blood glucose monitoring market are headquartered in or have a significant presence in North America, fostering a culture of continuous innovation and the creation of cutting-edge monitoring devices.
Conversely, the Asia-Pacific (APAC) region is emerging as the fastest-growing market for blood glucose monitoring systems. The escalating prevalence of diabetes in countries such as India and China have turned diabetes into a significant health concern in the APAC region. As the number of individuals with diabetes continues to grow, there is an increasing demand for blood glucose monitoring devices to manage this condition. Additionally, there has been a surge in diabetes awareness and management in the APAC region, driven by active engagement from governments, healthcare organizations, and non-governmental organizations (NGOs) in promoting awareness about diabetes and the significance of regular blood glucose monitoring.
Detailed Market Segmentation
The report covers various segments of the global blood glucose monitoring device market, including product, patient care setting, and application.
Product categories encompass self-monitoring and continuous glucose monitoring devices. The continuous glucose monitoring device segment is expected to hold the most significant share within the global blood glucose monitoring device market. CGM devices are gaining prominence due to their ability to provide real-time glucose readings, offering more comprehensive and continuous data compared to traditional glucometers. These devices were increasingly adopted by individuals with diabetes to better manage their condition.
Patient care settings include hospital and homecare. The homecare patient care setting is poised to secure the largest share in the blood glucose monitoring device market. This anticipated growth is fueled by increasing trends in remote patient monitoring, rising patient preference for at-home care, and technological advancements allowing for user-friendly, portable devices. The convenience and comfort of monitoring blood glucose levels in familiar home environments, coupled with the expanding availability of user-friendly devices, are key factors propelling the dominance of homecare settings in the blood glucose monitoring device market.
Applications encompass type 1, type 2, and gestational diabetes. Type 2 diabetes is anticipated to maintain the largest share in the blood glucose monitoring device market due to its higher prevalence globally. This segment's dominance is driven by the increasing incidence of type 2 diabetes, rising obesity rates, and lifestyle changes, resulting in a larger affected population. The demand for continuous glucose monitoring devices and self-monitoring tools among individuals with type 2 diabetes contributes significantly to the anticipated market dominance of this segment.
Leading Industry Players
The report profiles key companies in the market, such as F. Hoffmann-La Roche Ltd, Abbott Laboratories, Ascensia Diabetes Care Holdings AG, Medtronic, Ypsomed AG, B. Braun SE, Nipro Medical Corporation, ARKRAY, Inc., Prodigy Diabetes Care, LLC., and ACON Laboratories, Inc.
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Table of Content
Chapter 1. Preface
1.1. Report Description
1.2. Research Methods
1.3. Research Approaches
Chapter 2. Executive Summary
2.1. Blood Glucose Monitoring Device Market Highlights
2.2. Blood Glucose Monitoring Device Market Projection
2.3. Blood Glucose Monitoring Device Market Regional Highlights
Chapter 3. Global Blood Glucose Monitoring Device Market Overview
3.1. Introduction
3.2. Market Dynamics
3.2.1. Drivers
3.2.2. Restraints
3.2.3. Opportunities
3.3. Porter`s Five Forces Analysis
3.4. IGR-Growth Matrix Analysis
3.4.1. IGR-Growth Matrix Analysis by Product
3.4.2. IGR-Growth Matrix Analysis by Patient Care Setting
3.4.3. IGR-Growth Matrix Analysis by Application
3.4.4. IGR-Growth Matrix Analysis by Region
3.5. Value Chain Analysis of Blood Glucose Monitoring Device Market
Chapter 4. Blood Glucose Monitoring Device Market Macro Indicator Analysis
Chapter 5. Company Profiles and Competitive Landscape
5.1. Competitive Landscape in the Global Blood Glucose Monitoring Device Market
5.2. Companies Profiles
5.2.1. F. Hoffmann-La Roche Ltd
5.2.2. Abbott Laboratories
5.2.3. Ascensia Diabetes Care Holdings AG
5.2.4. Medtronic
5.2.5. Ypsomed AG
5.2.6. B. Braun SE
5.2.7. Nipro Medical Corporation
5.2.8. ARKRAY, Inc.
5.2.9. Prodigy Diabetes Care, LLC.
5.2.10. ACON Laboratories, Inc.
Chapter 6. Global Blood Glucose Monitoring Device Market by Product
6.1. Self-monitoring
6.2. Continuous Glucose Monitoring Devices
Chapter 7. Global Blood Glucose Monitoring Device Market by Patient Care Setting
7.1. Hospital
7.2. Homecare
Chapter 8. Global Blood Glucose Monitoring Device Market by Application
8.1. Type 1
8.2. Type 2
8.3. Gestational Diabetes
Chapter 9. Global Blood Glucose Monitoring Device Market by Region 2023-2030
9.1. North America
9.1.1. North America Blood Glucose Monitoring Device Market by Product
9.1.2. North America Blood Glucose Monitoring Device Market by Patient Care Setting
9.1.3. North America Blood Glucose Monitoring Device Market by Application
9.1.4. North America Blood Glucose Monitoring Device Market by Country
9.1.4.1. The U.S. Blood Glucose Monitoring Device Market
9.1.4.1.1. The U.S. Blood Glucose Monitoring Device Market by Product
9.1.4.1.2. The U.S. Blood Glucose Monitoring Device Market by Patient Care Setting
9.1.4.1.3. The U.S. Blood Glucose Monitoring Device Market by Application
9.1.4.2. Canada Blood Glucose Monitoring Device Market
9.1.4.2.1. Canada Blood Glucose Monitoring Device Market by Product
9.1.4.2.2. Canada Blood Glucose Monitoring Device Market by Patient Care Setting
9.1.4.2.3. Canada Blood Glucose Monitoring Device Market by Application
9.1.4.3. Mexico Blood Glucose Monitoring Device Market
9.1.4.3.1. Mexico Blood Glucose Monitoring Device Market by Product
9.1.4.3.2. Mexico Blood Glucose Monitoring Device Market by Patient Care Setting
9.1.4.3.3. Mexico Blood Glucose Monitoring Device Market by Application
9.2. Europe
9.2.1. Europe Blood Glucose Monitoring Device Market by Product
9.2.2. Europe Blood Glucose Monitoring Device Market by Patient Care Setting
9.2.3. Europe Blood Glucose Monitoring Device Market by Application
9.2.4. Europe Blood Glucose Monitoring Device Market by Country
9.2.4.1. Germany Blood Glucose Monitoring Device Market
9.2.4.1.1. Germany Blood Glucose Monitoring Device Market by Product
9.2.4.1.2. Germany Blood Glucose Monitoring Device Market by Patient Care Setting
9.2.4.1.3. Germany Blood Glucose Monitoring Device Market by Application
9.2.4.2. United Kingdom Blood Glucose Monitoring Device Market
9.2.4.2.1. United Kingdom Blood Glucose Monitoring Device Market by Product
9.2.4.2.2. United Kingdom Blood Glucose Monitoring Device Market by Patient Care Setting
9.2.4.2.3. United Kingdom Blood Glucose Monitoring Device Market by Application
9.2.4.3. France Blood Glucose Monitoring Device Market
9.2.4.3.1. France Blood Glucose Monitoring Device Market by Product
9.2.4.3.2. France Blood Glucose Monitoring Device Market by Patient Care Setting
9.2.4.3.3. France Blood Glucose Monitoring Device Market by Application
9.2.4.4. Italy Blood Glucose Monitoring Device Market
9.2.4.4.1. Italy Blood Glucose Monitoring Device Market by Product
9.2.4.4.2. Italy Blood Glucose Monitoring Device Market by Patient Care Setting
9.2.4.4.3. Italy Blood Glucose Monitoring Device Market by Application
9.2.4.5. Rest of Europe Blood Glucose Monitoring Device Market
9.2.4.5.1. Rest of Europe Blood Glucose Monitoring Device Market by Product
9.2.4.5.2. Rest of Europe Blood Glucose Monitoring Device Market by Patient Care Setting
9.2.4.5.3. Rest of Europe Blood Glucose Monitoring Device Market by Application
9.3. Asia Pacific
9.3.1. Asia Pacific Blood Glucose Monitoring Device Market by Product
9.3.2. Asia Pacific Blood Glucose Monitoring Device Market by Patient Care Setting
9.3.3. Asia Pacific Blood Glucose Monitoring Device Market by Application
9.3.4. Asia Pacific Blood Glucose Monitoring Device Market by Country
9.3.4.1. China Blood Glucose Monitoring Device Market
9.3.4.1.1. China Blood Glucose Monitoring Device Market by Product
9.3.4.1.2. China Blood Glucose Monitoring Device Market by Patient Care Setting
9.3.4.1.3. China Blood Glucose Monitoring Device Market by Application
9.3.4.2. Japan Blood Glucose Monitoring Device Market
9.3.4.2.1. Japan Blood Glucose Monitoring Device Market by Product
9.3.4.2.2. Japan Blood Glucose Monitoring Device Market by Patient Care Setting
9.3.4.2.3. Japan Blood Glucose Monitoring Device Market by Application
9.3.4.3. India Blood Glucose Monitoring Device Market
9.3.4.3.1. India Blood Glucose Monitoring Device Market by Product
9.3.4.3.2. India Blood Glucose Monitoring Device Market by Patient Care Setting
9.3.4.3.3. India Blood Glucose Monitoring Device Market by Application
9.3.4.4. South Korea Blood Glucose Monitoring Device Market
9.3.4.4.1. South Korea Blood Glucose Monitoring Device Market by Product
9.3.4.4.2. South Korea Blood Glucose Monitoring Device Market by Patient Care Setting
9.3.4.4.3. South Korea Blood Glucose Monitoring Device Market by Application
9.3.4.5. Australia Blood Glucose Monitoring Device Market
9.3.4.5.1. Australia Blood Glucose Monitoring Device Market by Product
9.3.4.5.2. Australia Blood Glucose Monitoring Device Market by Patient Care Setting
9.3.4.5.3. Australia Blood Glucose Monitoring Device Market by Application
9.3.4.6. Rest of Asia-Pacific Blood Glucose Monitoring Device Market
9.3.4.6.1. Rest of Asia-Pacific Blood Glucose Monitoring Device Market by Product
9.3.4.6.2. Rest of Asia-Pacific Blood Glucose Monitoring Device Market by Patient Care Setting
9.3.4.6.3. Rest of Asia-Pacific Blood Glucose Monitoring Device Market by Application
9.4. RoW
9.4.1. RoW Blood Glucose Monitoring Device Market by Product
9.4.2. RoW Blood Glucose Monitoring Device Market by Patient Care Setting
9.4.3. RoW Blood Glucose Monitoring Device Market by Application
9.4.4. RoW Blood Glucose Monitoring Device Market by Sub-region
9.4.4.1. Latin America Blood Glucose Monitoring Device Market
9.4.4.1.1. Latin America Blood Glucose Monitoring Device Market by Product
9.4.4.1.2. Latin America Blood Glucose Monitoring Device Market by Patient Care Setting
9.4.4.1.3. Latin America Blood Glucose Monitoring Device Market by Application
9.4.4.2. Middle East Blood Glucose Monitoring Device Market
9.4.4.2.1. Middle East Blood Glucose Monitoring Device Market by Product
9.4.4.2.2. Middle East Blood Glucose Monitoring Device Market by Patient Care Setting
9.4.4.2.3. Middle East Blood Glucose Monitoring Device Market by Application
9.4.4.3. Africa Blood Glucose Monitoring Device Market
9.4.4.3.1. Africa Blood Glucose Monitoring Device Market by Product
9.4.4.3.2. Africa Blood Glucose Monitoring Device Market by Patient Care Setting
9.4.4.3.3. Africa Blood Glucose Monitoring Device Market by Application
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of Blood Glucose Monitoring Device.
=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.
=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.
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