Blood Glucose Monitoring Market Size to Hit USD 32.5 Billion by 2030 at 10.70% CAGR – Report by Market Research Future (MRFR)

New York, USA, March 20, 2023 (GLOBE NEWSWIRE) — Blood Glucose Monitoring Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Blood Glucose Monitoring Market Information By Product, Application and End User – Forecast till 2030”, the market size was valued at USD 9.33 billion in 2021 and is projected to grow from USD 10.77 billion in 2022 to USD 32.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.70% during the forecast period (2022 – 2030).

Market Scope

Growing ageing population and increasing demand for continuous glucose monitoring devices are driving the market growth. The number of older people worldwide is set to double in the next three decades, reaching over 1.5 billion in 2050. The size of the elderly population is estimated to increase in all regions between 2019 and 2050. However, the maximum increase will occur in Eastern and South-East Asia. One of the most recent technological developments in the field of managing diabetes is continuous glucose monitoring. A biosensor is inserted into a CGM system—a specific sort of glucose monitoring device—via a transcutaneous or subcutaneous operation. The implanted sensor detects the glucose levels in the blood or interstitial fluid. It transmits the data via a transmitter to a receiver or monitor to display the results. Due to their many benefits over traditional glucose monitoring devices, these systems are crucial for managing diabetes. Compared to conventional glucose monitors, these devices offer routine glucose monitoring, which is essential for preventing diabetic complications.

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Report Scope:

Blood Glucose Monitoring Market Competitive Dynamics

In the foreseeable future, the blood glucose meter market will face intense competition. The production of medical equipment will increase as awareness grows. Market expansion and acquisitions are crucial projects in a competitive climate. The market will experience massive innovation. The key players of the blood glucose monitoring market are

• B Braun Melsungen AG
• Abbott Laboratories
• Elly Lilly and Company
• Hoffmann-La Roche Ltd.
• Sanofi 
• Dexcom, Inc.
• Lifescan, Inc.
• Medtronic plc
• Bayer AG

Market Dynamics

Market Drivers

As the number of persons with diabetes develops, there is a significant market development and expansion potential for continuous glucose monitoring devices. This is predicted to draw and encourage a number of market participants to create new products or broaden their current product ranges. The aforementioned elements are anticipated to quicken the market’s overall rise. On the other hand, manufacturers will soon benefit from the significant development potential in underdeveloped areas.

The incidence of diabetes is a key driver for the blood glucose monitoring system. In affluent nations, the number of diabetes-related causes is rapidly increasing. Diabetes is more prevalent in older people. Some patients find it impossible to often visit the hospital. Using blood monitoring technology makes it straightforward to determine the precise blood glucose levels. Increased awareness of preventative care is another factor driving demand. Early diabetes identification is expected to save lives of individuals. The knowledge of the need for preventative diabetes control is another factor raising demand for the monitoring system.

The method for figuring out blood glucose systems is similarly sophisticated. This scientific advancement will lead to an astonishing increase in demand for blood glucose monitoring devices. There are awareness campaigns to reduce diabetes cases in several areas. Diabetes is not a serious condition. Yet, diabetes can result from leading an unhealthy lifestyle. A growing number of people are becoming aware of monitoring systems in an effort to promote healthier living. Due to these crucial market factors, the industry will witness extraordinary demand and revenue growth rates.

Market Restraints

Yet, the biggest obstacle to the adoption of the gadgets is the lack of suitable compensation for the equipment. Delaying the disease’s treatment can have terrible consequences for your health. The market for blood glucose monitors will experience a reduction in demand as adoption and awareness levels fall. The expansion rate for the years to come will also be clearly understood. System awareness is being increased by the key players. Poor client preferences will likely lead to less broad adoption.

COVID-19 Analysis

Covid 19 is causing unexpected changes in the worldwide industries. There is a great need right now in the health sector. Systems for monitoring blood glucose have suddenly become more popular. Due to high lockdowns and restrictions, fewer patients are visiting hospitals for extra treatments. COVID cases and treatment are managed by hospitals. Because of this, patients with diabetes find it difficult to go to hospitals.

This situation is increasing the demand for monitoring technology in the home. Many different pieces of blood glucose monitoring equipment are accessible online. These devices make blood sugar level self-monitoring possible. The majority of diabetic patients benefit greatly from the device’s excellent at-home treatment. Throughout the epidemic, the blood glucose monitoring market has grown in size. Systems with glucose sensors and alarms are becoming more and more popular. The global epidemic has positive effects on the blood glucose monitoring business.

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Blood Glucose Monitoring Market Segmentation

Product type

Over the review period, it is anticipated that the flash category would experience significant expansion.

Application

Over the course of the evaluation period, the type 1 diabetic sector is anticipated to grow significantly.

End-user

The healthcare industry will probably drive the market’s expansion the most.

Blood Glucose Monitoring Market Regional Analysis

North America is the dominating regional player in terms of market revenue of blood glucose monitoring in the United States. The region’s technological advancements are making technology adoption easier. In addition, a lot of money is being spent on medical technology. The prevalence of obesity and diabetes is what essentially drives the blood glucose monitoring market. Blood glucose monitoring equipment is being used more frequently as a result of the exorbitant cost of treatment. Patients do not need to go to huge hospitals since blood sugar levels are checked at such high costs. The most economical way to monitor blood glucose levels is with a monitoring equipment at home. On the market, numerous new products are anticipated. Due to the existence of key players during the expected era, innovation and product diversity will take place. The market for monitoring systems will alter significantly as a result of all of these factors.

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Europe is the largest market with the highest demand. The market is growing as the number of seniors increases. As the healthcare sector develops, advanced medical equipment is being used more frequently. Asia Pacific offers many lucrative expansion options. Due to the large number of diabetic patients, there is a growing need for monitoring devices. These devices are being used increasingly frequently as more individuals become aware of preventive healthcare.

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