Blood Glucose Monitoring System Market Size, Share & Growth Analysis, [2030] | With CAGR of 9.9%
As per the report by Fortune Business Insights, the Blood Glucose Monitoring System Market size is projected to reach USD 32.99 billion by 2030, at a CAGR of 9.9% during the forecast period.
Blood Glucose Monitoring Market
Pune, India, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The global Blood Glucose Monitoring System Market Size is expected to rise from USD 17.03 in 2023 to USD 32.99 billion by 2030 at a CAGR of 9.9% during the projected period. In addition, the market was valued at USD 15.80 billion in 2022. This growth is anticipated due to the increasing prevalence of diabetes and technological development in medical equipment.
Fortune Business Insights™ publishes this information in a report titled, "Blood Glucose Monitoring System Market, 2023-2030".
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:
It was driven by increasing diabetes prevalence, aging population, and technological advancements.
Abbott Laboratories, Medtronic, Dexcom, Roche Diagnostics, and Johnson & Johnson are investing in R&D, new product development, and strategic partnerships.
Rising diabetes prevalence: Affecting millions worldwide, with increasing rates in developing countries.
Continued market growth is expected due to increasing demand for blood glucose monitoring.
Breakthroughs in painless glucose monitoring, AI-powered diabetes management, and wearable tech integration will drive market growth.
Discover the Leading Players Featured in the Report:
Major players in the Blood Glucose Monitoring System Market are 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:
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 |
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.
Drivers:
Rising Prevalence of Diabetes: Increasing global diabetes rates fuel the demand for blood glucose monitoring systems.
Technological Advancements: Continuous Glucose Monitoring (CGM) systems and smartphone integration offer convenience and real-time data, driving the market growth.
Government Initiatives: Government support and reimbursement policies for diabetes management solutions positively impact the market.
Growing Awareness: Increased awareness about diabetes and self-care practices among individuals and healthcare professionals propels market expansion.
Recent Trends:
Focus on Minimally Invasive Monitoring: Non-invasive and minimally invasive technologies like interstitial fluid (ISF) sensors are gaining traction.
Integration with Wearables and Smartphones: Seamless integration with wearables and smartphones for data tracking and analysis is a key trend.
Artificial Intelligence (AI) and Data Analytics: AI-powered algorithms for personalized insights and predictive analysis are emerging.
Telehealth and Remote Monitoring: Telehealth solutions for remote patient monitoring and consultations are gaining traction.
Focus on Affordability and Accessibility: Manufacturers are developing cost-effective solutions to increase access to monitoring systems.
Report Scope & Segmentation:
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
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Continuous Glucose Monitoring Systems Segment to Grow at a Higher CAGR
By device type, the market is bifurcated into Continuous Glucose Monitoring (CGM) systems and Self-Monitoring Blood Glucose (SMBG) systems. The Continuous Glucose Monitoring (CGM) systems segment is anticipated to register a higher CAGR during the forecast period. Due to the increasing adoption of CGMs in developed countries due to their ability to monitor a patient’s blood glucose levels regularly.
Wearable Segment to Witness Higher CAGR Due to Robust Product Pipeline of Companies
Based on modality, the market is divided into wearable and non-wearable. The wearable segment is expected to grow at a comparatively higher CAGR during the forecast period due to the rising number of product launches of wearable CGM devices by domestic and global manufacturers.
New Product Launches Led to Higher CAGR of the Non-invasive Segment
Based on type, the market is segmented into non-invasive and invasive. The non-invasive segment is poised to grow at a significant rate during the forecast period due to the higher use of non-invasive alternatives to improve patient adherence among diabetic patients.
Rising Prevalence of Type 2 Diabetes Responsible for the Segmental Dominance
According to patient type, the market is segregated into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment dominated the market due to the growing patient pool with insulin-dependent type 2 diabetes across nations.
Preference of Retail Channels by Companies Boosted the Retail Sales Segment
As per the distribution channel, the market is categorized into institutional and retail sales. The retail sales segment seized considerable growth during the forecast period due to increasing initiatives by market players to expand their presence.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the Rest of the World.
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 the 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.
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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 allow key players to enhance their product portfolio.
FAQ’s
How Big Is The Blood Glucose Monitoring System Market?
Blood Glucose Monitoring System Market size Is 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
Related Reports:
Blood Glucose Meter Market Share, Trends and Forecast To 2030
U.S. Blood Glucose Monitoring System Market Size, Share, Trends, Growth | Global Forecast Report 2030
Diabetes Devices Market Size, Share| Global Forecast Report 2030
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