by Blood glucose monitoring, also known as self-monitoring of blood glucose (SMBG), is extensively used by diabetes patients to track their blood glucose levels. SMBG devices help manage diabetes more efficiently by informing treatment decisions. The key product types available in the market include self-monitoring blood glucose meters, testing strips, lancets, and control solutions. Glucose meters are compact handheld devices used with disposable test strips to obtain blood glucose readings from tiny blood samples obtained via a finger or alternate site stick. Testing strips are the most critical consumables that must be replenished regularly.
The global Blood Glucose Monitoring Market is estimated to be valued at US$ 2 billion in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing adoption of self-monitoring blood glucose (SMBG) devices: The rising prevalence of diabetes has led to a surge in demand for SMBG devices as they enable patients to closely monitor glucose levels at home and make required adjustments in diet, lifestyle, or medication. SMBG devices enable diabetes patients to stay aware of hyperglycemia or hypoglycemia and take timely action. Continuous glucose monitoring (CGM) systems have further assisted in diabetes management.
Increased demand for home healthcare: With healthcare moving toward decentralized care models, there is growing emphasis on shifting treatment routines from clinical settings to home. This has increased the uptake of SMBG devices that empower patients to test and manage diabetes at home conveniently. Home healthcare helps reduce hospital visits and healthcare costs in the long run.”
Segment Analysis
The global blood glucose monitoring market share is dominated by the self-monitoring blood glucose devices sub-segment. It accounts for over 80% of the total market share owing to the growing number of diabetic patients who opt for home blood glucose monitoring over laboratory tests for convenience and efficiency. The point-of-care blood glucose monitoring devices sub-segment is expected to witness high growth during the forecast period due to the increasing preference for simple and portable devices by patients.
PEST Analysis
Political: Regulations around the usage and prescription of blood glucose monitoring devices are expected to be favorable during the forecast period. Various governments are working toward increasing awareness about diabetes management.
Economic: The rising healthcare spending across countries and increasing disposable income levels are fueling the demand for blood glucose monitoring devices globally.
Social: The growing diabetic patient population and changing lifestyles leading to sedentary habits are influencing the adoption of home blood glucose monitoring practices.
Technological: Advancements in blood glucose monitoring technologies such as minimally invasive and continuous glucose monitoring systems are supporting the market growth. The introduction of smart monitoring devices connected to mobile applications is also gaining traction.
Key Takeaways
The global blood glucose monitoring market is expected to witness high growth during the forecast period of 2023 to 2030. The global Blood Glucose Monitoring Market is estimated to be valued at US$ 2 billion in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030.
Regional analysis indicates that North America dominated the market and is expected to retain its leading position through 2030 due to the high penetration of diabetic patients opting for home glucose monitoring practices.
Key players operating in the blood glucose monitoring market are Abbott Laboratories, Roche Diagnostics, LifeScan IP holdings LLC, Dexcom Inc., Medtronic plc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
