Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The global Blood Glucose Monitoring System Market is set to gain impetus from the emergence of innovative technologies, such as continuous BGM systems that provide numerous advantages, such as real-time monitoring. Abbott, for instance, mentioned that its new device FreeStyle Libre was used by 3.00 million people in 2020 and 2.50 million in 2019.
This information is given by Fortune Business Insights™ in a report, titled, “Blood Glucose Monitoring System Market, 2021-2028.” As per the report, the market size was USD 13.45 billion in 2020. It is projected to grow from USD 14.39 billion in 2021 to USD 28.89 billion in 2028 at a CAGR of 10.5% in the forecast period.
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Segments-
CGM Segment to Grow Steadily Stoked by Ability to Monitor Patients Regularly
By device, the market is bifurcated into self monitoring blood glucose (SMBG) system segment and continuous blood glucose monitoring (CGM) system segment. Out of these, the latter is set to grow steadily because of their surging adoption in emerging and developed countries worldwide. They can easily monitor patients’ blood glucose level regularly.
COVID-19 Pandemic: Surging Usage of These Devices to Accelerate Growth
The outbreak of the COVID-19 pandemic has affected the blood glucose monitoring system market positively because of the rising risk of transmission among diabetic patients. Abbott exhibited a surge of 59.3% during the Q1 2020 in terms of FreeStyle Libre sales. Also, the pandemic has compelled healthcare organizations to keep CGM in hospitals to monitor patients constantly.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/blood-glucose-monitoring-market-100648
Report Coverage-
Our in-depth research reports offer a comprehensive coverage of this industry, ensuring a deep and holistic understanding of the market. It also offers granular and actionable data. We strive to ensure that you receive the best strategies for increasing sales of your products. Our key mission is service orientation. We also conduct primary and secondary research to track the latest innovations, regulatory developments, and competitive landscape.
Drivers & Restraints-
Rising Urbanization and Sedentary Lifestyles to Boost Growth
People are nowadays shifting towards sedentary lifestyles because of the rapid urbanization across the globe, especially in developing nations. Hence, the prevalence of diabetes is also rising at a fast pace. The International Diabetes Federation (IDF), for instance, mentioned that in 2019, there were approximately 463 million adults living with diabetes. This number is estimated to reach 700 million by 2045. Therefore, the demand for these monitoring systems is expected to grow in the near future. However, in emerging economies, the lower adoption of these devices and the presence of a huge undiagnosed diabetes population may hamper the blood glucose monitoring system market growth.
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Regional Insights-
North America Stood at USD 5.66 Billion in 2020: Fortune Business Insights™
Geographically, North America generated USD 5.66 billion in terms of revenue in 2020. This growth is attributable to the increasing per capita healthcare expenditure and rising usage of innovative blood glucose monitoring systems in the region. Europe, on the other hand, is likely to showcase a significant CAGR on account of the urgent need to monitor diabetic patients regularly.
Competitive Landscape-
Key Players Focus on Product Launches and Fast-track Approvals to Compete with Rivals
The global market contains a large number of reputed companies. Most of them are majorly focusing on introducing new products featuring cutting-edge technologies. A few others are trying to win approvals from regulatory bodies to distribute their products in the market. Below are the two industry developments:
- March 2021: Roche Diabetes Care launched its latest Accu-Chek® Instant system for supporting iPDM. It would enable patients to wirelessly connect with the mySugr® app via Bluetooth to gain access to their blood glucose results.
- September 2020: Abbott bagged the Conformité Européenne (CE) Mark for the FreeStyle Libre 3 system. It can now be used by patients suffering from diabetes to get real-time and continuous glucose readings directly on their smartphones in Europe.
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A list of prominent blood glucose monitoring system manufacturers in the global market:
- Abbott (Lake Bluff, U.S.)
- B. Braun Melsungen AG (Melsungen, Germany)
- Dexcom, Inc. (San Diego, U.S.)
- Ascensia Diabetes Care Holdings AG (Basel, Switzerland)
- Medtronic (Dublin, Ireland)
- F. Hoffmann-La Roche Ltd (Basel, Switzerland)
- Terumo Corporation (Tokyo, Japan)
- LifeScan, Inc. (Malvern, U.S.)
- Senseonics, Inc. (Germantown, U.S.)
- Other Players
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Type 1 and Type 2 Diabetes Patients (2017-2028), For Key Countries
- Penetration of Blood Glucose Monitoring Among Diabetes Patients (2020), For Key Countries
- Regulatory/Reimbursement Overview, For Key Countries
- Technology Advancements in Blood Glucose Monitoring Systems
- New Product Launches, By Key Players
- Key Industry Trends
- Impact of COVID-19 on the Blood Glucose Monitoring System Market
- Key Industry Developments - Mergers, Acquisition, Etc.
- Global Blood Glucose Monitoring System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device
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- Continuous Glucose Monitoring (CGM) System
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- Market Analysis, Insights and Forecast – By Modality
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- Self-Monitoring Blood Glucose (SMBG) System
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- Wearable
- Non-wearable
- Market Analysis, Insights and Forecast – By Type
- Non-invasive
- Invasive
- Market Analysis, Insights and Forecast – By Patient Type
- Type-1 Diabetes
- Type-2 Diabetes
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- Market Analysis, Insights and Forecast – By Distribution Channel
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- Institutional Sales
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- North America Blood Glucose Monitoring System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device
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- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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- Retail Sales
- Market Analysis, Insights and Forecast – By Region
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- Continuous Glucose Monitoring (CGM) System
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- Market Analysis, Insights and Forecast – By Modality
-
- Self-Monitoring Blood Glucose (SMBG) System
-
-
- Wearable
- Non-wearable
- Market Analysis, Insights and Forecast – By Type
- Non-invasive
- Invasive
- Market Analysis, Insights and Forecast – By Patient Type
- Type-1 Diabetes
- Type-2 Diabetes
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-
- Market Analysis, Insights and Forecast – By Distribution Channel
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- Institutional Sales
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- U.S. Blood Glucose Monitoring System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device
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- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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- Retail Sales
- Market Analysis, Insights and Forecast – By Country
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- Continuous Glucose Monitoring (CGM) System
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-
- Market Analysis, Insights and Forecast – By Modality
-
- Self-Monitoring Blood Glucose (SMBG) System
-
-
- Wearable
- Non-wearable
- Market Analysis, Insights and Forecast – By Type
- Non-invasive
- Invasive
- Market Analysis, Insights and Forecast – By Patient Type
- Type-1 Diabetes
- Type-2 Diabetes
-
-
- Market Analysis, Insights and Forecast – By Distribution Channel
-
-
- Institutional Sales
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- Canada Blood Glucose Monitoring System Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Device
-
-
- Retail Sales
-
-
-
- Continuous Glucose Monitoring (CGM) System
-
-
- Market Analysis, Insights and Forecast – By Modality
-
- Self-Monitoring Blood Glucose (SMBG) System
-
-
- Wearable
- Non-wearable
- Market Analysis, Insights and Forecast – By Type
- Non-invasive
- Invasive
- Market Analysis, Insights and Forecast – By Patient Type
- Type-1 Diabetes
- Type-2 Diabetes
-
-
- Market Analysis, Insights and Forecast – By Distribution Channel
-
-
- Institutional Sales
-
-
-
- Retail Sales
-
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