Systems for measuring blood glucose levels in people with diabetes are called blood glucose monitoring devices. These devices offer data about blood glucose levels, which is essential for controlling diabetes. Because diabetes is becoming more commonplace throughout the world, the market for blood glucose monitoring devices is expanding quickly.
The Blood Glucose Monitoring Systems Market is anticipated to reach US$ 4,416.5 million by the end of 2030, expanding at a CAGR of 10.3% from 2023 to 2030 (forecast period).
A lancet or needle, a blood glucose metre, and test strips are the main elements of a blood glucose monitoring system. A little quantity of blood is drawn from the skin using a lancet, which is then applied to the test strip. The blood glucose metre receives the test strip and displays the blood glucose level.
Self-monitoring blood glucose (SMBG) and continuous glucose monitoring are the two primary categories of blood glucose monitoring technologies (CGM). SMBG requires the user to manually check their blood sugar levels often throughout the day, usually before meals and before going to bed. Wearing a sensor for continuous glucose monitoring (CGM) allows for real-time monitoring of glucose levels and trends throughout the day and night.
Abbott Laboratories, Roche Diagnostics, and Medtronic are just a few of the established companies that compete fiercely in the market for blood glucose monitoring devices. The market is anticipated to expand as long as diabetes incidence is on the increase and blood glucose monitoring systems’ accuracy and usability are enhanced by technological advancements.
Blood Glucose Monitoring Systems Market to Recover Amid COVID-19 Pandemic:
The COVID-19 pandemic has had a variety of effects on the healthcare sector, including the market for blood glucose monitoring equipment. The pandemic originally caused the market to stall significantly as healthcare resources were shifted to treating COVID-19 sufferers. Further impacting the market for blood glucose monitoring systems was the drop in normal medical examinations brought on by lockdowns and movement restrictions.
However, as the pandemic spread, telemedicine and remote patient monitoring became more popular, which contributed to the growth of the blood glucose monitoring systems market. There is an increasing need for remote monitoring systems that can assist patients control their disease from the convenience of their homes due to the rise in the number of persons with diabetes. The need for at-home blood glucose monitoring devices that deliver precise readings has increased as a result of this.
Additionally, the demand for blood glucose monitoring devices is anticipated to rise with the relaxation of limitations and the return of regular medical check-ups. The treatment of chronic illnesses like diabetes is a concern for healthcare practitioners, and this is anticipated to boost the need for blood glucose monitoring systems in the next years.
Factors Boosting the Market for Blood Glucose Monitoring Systems:
There are a number of reasons why the market for blood glucose monitoring devices is expanding quickly, including:
- Increased Incidence of Diabetes: The need for blood glucose monitoring devices is being driven by the rising prevalence of diabetes globally. Around 463 million people worldwide had diabetes in 2019, and by 2045, the International Diabetes Federation projects the figure to reach 700 million.
- Technological Developments: The market expansion is being driven by the creation of novel and sophisticated blood glucose monitoring devices. These systems are gaining popularity among patients because they are more convenient, accurate, and simple to use than previous systems.
- Demand For Self-Monitoring Is Rising: Diabetes patients are increasingly using self-monitoring blood glucose (SMBG). With the help of SMBG, patients may check their blood sugar levels at home and modify their diet and medicine, as necessary. This is increasing the need for reliable blood glucose monitoring solutions that are simple to use.
- Increasing Diabetes Awareness: Increased screening and diagnosis of the condition are being driven by an increase in public awareness of diabetes and its effects. As a result, patients are increasingly conscious of the necessity to monitor their blood glucose levels, which is boosting the need for blood glucose monitoring devices.
- Governmental Programmes: The market for blood glucose monitoring devices is being driven by government initiatives: Governments and healthcare organisations are taking steps to enhance diabetes management. For instance, the Centres for Medicare and Medicaid Services (CMS) in the United States covers blood glucose monitoring devices for diabetic patients.
In conclusion, some of the important factors influencing the growth of the blood glucose monitoring systems market are the rising incidence of diabetes, technical improvements, rising demand for self-monitoring, increasing awareness of diabetes, and government efforts.
Factors Driving the Growth of Blood Glucose Monitoring Systems Market in Asia-Pacific Region:
Asia-Pacific is one developing market for blood glucose monitoring devices. The following are some factors influencing the market’s expansion in this region:
Diabetes incidence is rising: With an expected 114 million cases worldwide in 2020, the Asia-Pacific region has the greatest prevalence of the disease. By 2045, this number is projected to rise to 184 million due to a variety of causes, including urbanisation, ageing populations, bad diets, and sedentary lifestyles. The rising incidence of diabetes in the region is fuelling a need for blood glucose monitoring devices.
Urbanization and expanding populations: The Asia-Pacific region has a sizable and expanding population, with a sizable part residing in cities. Urbanization is related with changes in lifestyle, including decreased physical activity and increasing intake of poor foods, which raises the chance of acquiring diabetes. As a result, there is a stronger requirement for diabetes management in metropolitan regions, where there is a higher need for blood glucose monitoring equipment.
Expanding access to basic care, enhancing health insurance coverage, and boosting investment in medical technologies are just a few of the ways that many Asia-Pacific nations are making investments to improve their healthcare infrastructure. The need for blood glucose monitoring devices is being driven by the increasing screening and diagnosis of diabetes as a result of these advancements.
An increase in diabetes awareness has been seen throughout the Asia-Pacific region, thanks in part to media attention, education programmes, and advocacy organisations. Due to earlier diabetes diagnosis and increased screening rates, there is a greater demand for blood glucose monitoring devices.
Government initiatives: The Asia-Pacific region’s governments are making efforts to better manage diabetes, including putting in place regulations to limit the consumption of unhealthy foods, encourage physical exercise, and increase access to healthcare services. For instance, the National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke (NPCDCS) was introduced by the Indian government and includes steps to improve diabetes management, such as educating healthcare professionals and giving patients free blood glucose monitoring devices.
Overall, factors such as an increase in the incidence of diabetes, urbanisation, a better healthcare system, rising diabetes awareness, and government efforts are fuelling the growth of the Asia-Pacific blood glucose monitoring systems market.
A number of big companies dominate the market for blood glucose treatment, which is quite competitive. These players are using a range of strategies, such the following, to get a competitive edge in the market:
- Product Differentiation: Businesses in the blood glucose monitoring systems sector might consider using this tactic. To set themselves apart from rivals, businesses are creating goods with distinctive features and advantages. The Abbott Laboratories’ Freestyle Libre flash glucose monitoring device serves as an illustration of product diversification. This device replaces the requirement for fingerstick testing by using a tiny sensor that is worn on the back of the upper arm to continually monitor glucose levels.
- Global Expansion: Companies are also employing this tactic to increase their market share in the blood glucose monitoring systems industry. For a competitive edge and to tap into new client categories, businesses are expanding into new geographies. The introduction of Roche’s Accu-Chek brand into the Chinese market is an illustration of global growth. Roche has created production facilities in China and collaborated with regional businesses to distribute its goods there in order to better serve the domestic market.
- Mergers and Acquisitions: As businesses seek to improve their positions and acquire access to cutting-edge technology and capabilities, mergers and acquisitions are frequently seen in the blood glucose monitoring systems industry. The merger of TypeZero Technologies and Dexcom is one recent example of a merger. To expand its product line and offer a more complete diabetes care solution, Dexcom, a pioneer in continuous glucose monitoring systems, purchased TypeZero, a software firm that creates algorithms to better diabetes management.
- Innovation: As firms work to create solutions that offer improved accuracy, convenience, and ease of use, innovation is essential in the market for blood glucose monitoring systems. To create new technologies and enhance current goods, businesses are investing in R&D. The creation of the non-invasive GlucoTrack glucose monitoring device by Integrity Applications is one instance of innovation. Without drawing blood samples, this technology measures glucose levels using electromagnetic, thermal, and ultrasonic methods.
- Collaborations and Partnerships: As businesses want to take advantage of one another’s strengths and talents to create new goods and enter new markets, collaborations and partnerships are crucial in the blood glucose monitoring systems industry. The cooperation between Medtronic and Novo Nordisk is an illustration of a collaboration. In order to create an integrated system that integrates Novo Nordisk’s insulin products with the insulin pump technology of Medtronic, a market leader in insulin pumps, the two companies teamed. This collaboration helps both businesses and delivers a more complete diabetes care solution.
In conclusion, the market for treating rare kidney disorders is very competitive, with a number of significant rivals employing a range of strategies to gain an advantage. Some of these strategies include product diversification, global expansion, mergers and acquisitions, innovation, and partnerships and collaborations.