Pune, India, May 29, 2023 (GLOBE NEWSWIRE) -- The Global Blood Glucose Monitoring System Market size is anticipated to rise during the forecast period due to the increasing prevalence of diabetes and technological development in medical equipment. According to Fortune Business Insights, the global blood glucose monitoring system market size was valued at USD 15.80 billion in 2022 and is projected to grow from USD 17.03 billion in 2023 to USD 32.99 billion by 2030, exhibiting a CAGR of 5.1% during the forecast period.
Key Industry Development:
- March 2023: With automated insulin delivery systems, Abbott received the U.S. FDA approval for its FreeStyle Libre 3 and FreeStyle Libre 2 integrated CGM sensors.
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Key Takeaways
- The rising prevalence of diabetes wounds and the introduction of advanced products for monitoring blood glucose levels are the key drivers of the market.
- F. Hoffmann-La Roche Ltd., Abbott, and Dexcom, Inc. are the top players in the market.
- The market will exhibit steady growth at a CAGR of 9.9% during the forecast period (2023-2030).
- The global market stood at US$ 15.80 Bn in 2022 and is projected to reach USD 32.99 billion by 2030.
Discover the Leading Players Featured in the Report:
Abbott (U.S.), B. Braun Melsungen AG (Germany), Dexcom, Inc. (U.S.), Ascensia Diabetes Care Holdings AG (Switzerland), Medtronic (Ireland), F. Hoffmann-La Roche Ltd (Switzerland), Terumo Corporation (Japan), LifeScan IP Holdings, LLC (U.S.), Senseonics (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 9.9% |
| 2030 Value Projection | USD 32.99 billion |
| Base Year | 2022 |
| Blood Glucose Monitoring System Market Size in 2023 | USD 17.03 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 222 |
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Drivers & Restraints:
Increasing Prevalence of Diabetes to Bolster Market Growth
The Blood Glucose Monitoring System market is expected to witness significant growth during the forecast period due to the increasing prevalence of diabetes. Also, the rising diagnosis rate before conducting various surgeries is anticipated to fuel the market growth. Furthermore, developing urbanization and an increasing shift toward a sedentary lifestyle will stimulate the demand for monitoring systems in the coming years.
According to the International Diabetes Federation 2021, it was projected that around 537 million adults were suffering from diabetes in countries such as India, China, the U.S., Mexico, and Brazil, which accounted for an estimated 51.6% of the global diabetes population in 2021.
However, lower diagnosis and treatment rates in emerging countries may hinder market growth.
Segments:
By Device Type
- Continuous Glucose Monitoring Systems
- Self-Monitoring Blood Glucose Systems
By Type
- Non-invasive
- Invasive
By Modality
- Wearable
- Non-wearable
By Patient Type
- Type-1 Diabetes
- Type-2 Diabetes
By Distribution Channel
- Institutional Sales
- Retail Sales
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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Report Coverage:
The report focuses on providing factual information regarding market development and recent trends. Major strategies adopted by key market players such as mergers, partnerships, acquisitions, and alliances are elaborated further. Also, drivers and restraints affecting market growth are highlighted further in this report. Also, regional information and a list of key market players in the segmented region are given in this report.
Regional Insights:
North America Holds Highest Market Share Due to Emerging Technologies
North America dominates the global Blood Glucose Monitoring System market share due to the increasing number of diabetes patients and rising adoption of technologically advanced medical devices. The regional market stood at USD 6.92 billion in 2022 and is projected to grow at a fast pace during the forecast period.
Europe is expected to hold the second-highest global market share during the projected period. The regional market growth is attributed to increasing awareness regarding diabetes management and self-monitoring systems.
Competitive Landscape:
Key Players Focus on Partnerships to Expand their Business Globally
The key Blood Glucose Monitoring System players focus on partnering with supporting organizations to expand their business globally. Also, developing and designing a new product range allows key players to enhance their product portfolio.
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FAQ’s
How big is the Blood Glucose Monitoring System Market?
The blood Glucose Monitoring System Market size was USD 17.03 billion in 2023.
How fast is the Blood Glucose Monitoring System Market growing?
The Blood Glucose Monitoring System Market will exhibit a CAGR of 9.9% during the forecast period, 2023-2030
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