Westford, USA, July 14, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the increased incidence of diabetes can be attributed to several factors, including rapid urbanization and the growing prevalence of sedentary lifestyles in blood glucose monitoring devices market. As societies become more urbanized, there is a shift towards less physically active lifestyles and increased reliance on technology, leading to reduced physical activity levels and a higher risk of developing diabetes.
Browse in-depth TOC on the "Blood Glucose Monitoring Devices Market"
- Pages - 242
- Tables - 166
- Figures – 79
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The global blood glucose monitoring devices market is poised to experience substantial growth over the next five years. One of the primary drivers of this growth is the worldwide increase in the prevalence and incidence of diabetes. The growing number of individuals affected by diabetes has created a significant demand for blood glucose monitoring devices to manage the condition effectively.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 12.53 Billion |
| 2030 Value Projection | USD 23.15 Billion |
| CAGR | 8% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Blood Glucose Monitoring Devices Market
- F. Hoffmann-La Roche Ltd.
- Sanofi
- Senseonics
- Abbott Laboratories
- Dexcom
- Medtronic plc
- LifeScan, Inc. (a subsidiary of Johnson & Johnson)
- Ascensia Diabetes Care Holdings AG
- Ypsomed Holding AG
- Nova Biomedical Corporation
- ARKRAY Inc.
- AgaMatrix Holdings LLC
- Trividia Health Inc.
- Terumo Corporation
- Becton, Dickinson and Company
- Insulet Corporation
- GlySens Incorporated
- Echo Therapeutics Inc.
- Biolinq Inc.
- Nemaura Medical Inc.
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Self-Monitoring Blood Glucose (SMBG) Devices Segment is Expected to Grow in the Market Due to the Ease of Use and Affordability
The self-monitoring blood glucose (SMBG) devices segment emerged as the largest blood glucose monitoring devices market share holder, accounting for approximately 65% of global revenue share in 2022. This significant market dominance can be attributed to the devices' ease of use and affordability. SMBG plays a vital role in the everyday management of diabetes, making it an essential component of diabetes care.
The markets in North America emerged as the dominant region in the global blood glucose monitoring devices market, accounting for approximately 35% of the worldwide revenue share in 2022. This market dominance can be attributed to the region's extensive healthcare industry, which emphasizes the importance of diabetes management and offers advanced medical facilities.
Continuous Glucose Monitoring (CGM) System Segment is Expected to Dominate the Market Due to the Higher Risk of Potentially Life-Threatening Hypoglycemia
The continuous glucose monitoring (CGM) system sector is projected to experience the highest CAGR in the blood glucose monitoring devices market. CGM has emerged as a crucial diabetes treatment tool, particularly for individuals with type 1 diabetes who are at a higher risk of experiencing severe and potentially life-threatening hypoglycemia.
Regional markets in the Asia Pacific are projected to witness the fastest growth in the blood glucose monitoring devices market during the forecast period. This growth can be attributed to several key factors. There has been significant development in healthcare infrastructure across emerging countries in the region.
A comprehensive analysis of the major players in the blood glucose monitoring devices market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Blood Glucose Monitoring Devices Market
- Abbott announced in 2022 the development of a groundbreaking bio-wearable that combines a sensor capable of continuously monitoring glucose and ketone levels. This innovative system has been granted the U.S. Food and Drug Administration's breakthrough device designation. This designation is given to novel technologies that can improve patients' lives with life-threatening or permanently disabling diseases or disorders.
- DexCom revealed that its G7 Continuous Glucose Monitoring (CGM) system received the CE Mark in 2022. The G7 CGM system is designed for patients with diabetes aged two years and older, including pregnant women. This certification is a significant milestone for DexCom, as it expands the availability and use of their widely adopted real-time CGM system in Europe.
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Key Questions Answered in Blood Glucose Monitoring Devices Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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