Blood Glucose Monitoring Devices Market Size, Share and Growth Forecast by Regions 2023-2030

Posted on 2023-04-25 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 25, 2023 — /EPR Network/ —

Blood Glucose Monitoring Devices Industry Overview

The global Blood Glucose Monitoring Devices Market size is expected to reach USD 23.15 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.0% from 2022 to 2030. Patients with diabetes and their healthcare professionals benefit significantly from Blood Glucose Monitoring Devices (BGMD). BGMD is becoming more widely accepted as an important component of intensive diabetic treatment. It allows diabetic patients to measure their blood sugar levels within minutes with ease and convenience wherever they are. The continuous glucose monitoring (CGM) devices help analyze the blood glucose level continuously and in real-time. It also helps patients determine the level of dietary intake and dosage of insulin. In addition, factors such as sedentary lifestyles including consumption of junk food, alcohol, and smoking, and a surge in the need for safer and faster diagnoses are expected to boost the market growth during the forecast period.

According to the International Diabetes Federation (IDF), the total number of diabetic patients is expected to expand to 643 million (11.3 %) by 2030 and 783 million (12.2 %) by 2045. Obesity is one of the major factors propelling the prevalence of diabetes. Obese individuals are up to 80 times more likely than non-obese persons to develop diabetes. Studies suggest that 650 million people over the age of 18 are obese. Further, due to the ongoing efforts by the government and healthcare organizations such as the International Diabetes Federation (IDF) to control diabetes, the market is likely to rise at a rapid pace throughout the forecast period. Through a network of stakeholders and collaborators, these organizations provide needed expertise and support diabetes awareness campaigns. Rising health-care funding is also expected to boost market growth.

Blood Glucose Monitoring Devices Market Segmentation

Grand View Research has segmented the global blood glucose monitoring devices market based on product, end-use, and region:

Based on the Product Insights, the market is segmented into Self-monitoring Devices and Continuous Blood Glucose Monitoring Devices.

Self-monitoring blood glucose devices accounted for the largest revenue share of over 65.0% in 2021 owing to the ease of use and low cost. SMBG is considered an important element of diabetes management daily. Self-monitoring of blood sugar is an approach wherein people measure their blood sugar levels with the help of a glucose meter. It is sub-segmented into blood glucose meter, testing strips, and lancets.
The continuous blood glucose monitoring (CBGM) devices segment is expected to register the highest growth rate during the forecast period. CBGM is an important diabetes care tool for patients with type 1 diabetes, who are particularly vulnerable to severe and potentially life-threatening hypoglycemia.

Based on the End-User Insights, the market is segmented into Hospitals, Home Care and Diagnostic Centers.

The hospital segment held the largest revenue share of over 40.0% in 2021 and is anticipated to lead the market over the forecast period due to the improving infrastructure and increasing healthcare expenditure in hospitals.
The home care segment is expected to register the fastest growth rate during the forecast period. The home-based glucose monitoring is revolutionized by the self-monitoring of blood glucose and is the most widely used method of short-term glucose monitoring throughout the world.

Blood Glucose Monitoring Devices Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Major players are focusing on new product launches, government approvals, acquisitions, advancements in existing products & technologies, and other strategies to expand their business portfolio & strengthen their presence.

Some prominent players in the global Blood Glucose Monitoring Devices market include

Abbott Laboratories
Medtronic plc
Hoffmann-La Roche Ltd.
Ascensia Diabetes Care
Dexcom, Inc.
Sanofi
Novo Nordisk
Insulet Corporation
Ypsomed Holdings
GlySens Incorporated

Order a free sample PDF of the Blood Glucose Monitoring Devices Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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