Blood Glucose Monitoring Systems Market
A prominent research firm, Cognizance Market Research added a cutting-edge industry report on " Blood Glucose Monitoring Systems Market". The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.
Blood Glucose Monitoring Systems Market Analysis:
According to cognizance market research the Blood Glucose Monitoring Systems Market is valued at US$ 14.6 Billion and is anticipated to reach US$ 31.9 Billion by the end of 2030 with a CAGR of 10.6% from 2023 to 2030.
What is Blood Glucose Monitoring Systems Market?
Systems used to assess the blood's concentration of glucose (sugar) are known as blood glucose monitoring systems. People with diabetes frequently use these gadgets to control their blood sugar levels and avoid issues brought on by either high or low blood sugar.
A variety of devices are available in the blood glucose monitoring systems market, from conventional glucose metres that need a fingerstick blood sample to continuous glucose monitoring (CGM) systems that offer real-time glucose readings throughout the day.
Due to the rising incidence of diabetes globally, the market for blood glucose monitoring devices has expanded dramatically in recent years. Additionally, technical developments have produced glucose monitoring equipment that is more precise and practical, which has further fuelled market expansion.
The market now has a number of participants, including both established medical device firms and more recent entrants, and is anticipated to expand over the next several years as the need for glucose monitoring devices rises.
Blood Glucose Monitoring Systems Market Outlook:
In the upcoming years, the market for blood glucose monitoring systems is anticipated to expand due to a number of factors. First off, there is a rising need for glucose monitoring devices due to the prevalence of diabetes in the world. The International Diabetes Federation estimates that 463 million people globally have diabetes in 2019, and that 700 million will have it by 2045.
The accuracy and practicality of blood glucose monitoring are also being improved through technical developments in glucose monitoring equipment. For instance, continuous glucose monitoring (CGM) devices are gaining popularity because they offer daily, real-time glucose measurements without requiring blood samples from fingerstick.
Thirdly, the market is expanding as a result of greater knowledge and understanding of the value of blood glucose monitoring in the treatment of diabetes. Patients are more empowered to manage their own diabetes and are looking for glucose monitoring equipment that best suits their unique requirements.
The market for blood glucose monitoring equipment, however, still faces difficulties. Some patients may not have access to these devices due to the high cost of some devices and the absence of insurance coverage in some nations. The development and marketing of novel goods might also be slowed down by regulatory regulations and the demand for clinical validation.
Due to the rising incidence of diabetes and technical improvements in glucose monitoring devices, the blood glucose monitoring systems market is anticipated to expand over the next years. But in order to guarantee that these technologies are available and cheap for all patients who require them, the market also faces issues that must be resolved.
The Blood Glucose Monitoring Systems Market can be segmented based on product type, patient type, end-user, and geography.
Traditional glucose metres, continuous glucose monitoring (CGM) devices, and flash glucose monitoring systems are classified as market segments. CGM and flash glucose monitoring devices deliver real-time or almost real-time glucose measurements throughout the day, while conventional glucose metres only provide a single glucose reading and need a fingerstick blood sample. Due to their low price and broad availability, standard glucose metres continue to dominate the market. However, the CGM and flash glucose monitoring systems sectors are expanding quickly as a result of technology developments and increased patient desire for these devices.
Based on the patients' conditions, such as type 1 diabetes, type 2 diabetes, and gestational diabetes, the market can be divided into subgroups. Due to the increasing incidence of type 2 diabetes worldwide, the type 2 diabetes patient category holds the greatest proportion of the market. However, because type 1 diabetes is becoming more common, the patient population within it is also expanding quickly.
Hospitals, clinics, homecare settings, and other market segments can be distinguished. The main end-users of glucose monitoring equipment are hospitals and clinics, although as self-monitoring becomes more popular, homecare settings are now playing an increasingly significant role. The majority of glucose monitoring devices are still used in hospitals and clinics, although homecare settings are anticipated to expand quickly as self-monitoring and patient empowerment become more popular.
Based on geography the Blood Glucose Monitoring Systems Market has been segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa.
North America is a significant market for blood glucose monitoring devices. This is brought about by the region's high prevalence of diabetes, its robust healthcare system, and the existence of reputable medical device businesses in the region. With a sizeable portion of the worldwide industry, the United States has the largest market in North America.
Asia-Pacific is one rapidly developing market for blood glucose monitoring equipment. Due to factors including urbanisation, sedentary lifestyles, and dietary changes, diabetes is becoming more prevalent in the region. Additionally, market expansion in the region is anticipated to be fuelled by the expanding healthcare infrastructure in nations like China and India. As more patients want access to glucose monitoring devices and as technology developments in these devices continue to progress, the Asia-Pacific region is anticipated to experience rapid expansion in the upcoming years.
The report offers the revenue of the Blood Glucose Monitoring Systems Market for the period 2020-2030, considering 2020 & 2021 as a historical year, 2022 as the base year and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the Blood Glucose Monitoring Systems Market for the forecast period. The Blood Glucose Monitoring Systems Market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the Blood Glucose Monitoring Systems Market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the Blood Glucose Monitoring Systems Market .
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the Blood Glucose Monitoring Systems Market. Secondary research involved a detailed analysis of significant players’ product portfolio. Literature review, press releases, annual reports, white paper, and relevant documents have been also studied to understand the Blood Glucose Monitoring Systems Market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segmented included in the scope of the study. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the Blood Glucose Monitoring Systems Market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the Blood Glucose Monitoring Systems Market. The subsequent section of the Blood Glucose Monitoring Systems Market report highlights the USPs, which include key industry events (Type launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Blood Glucose Monitoring Systems Market Competitive Landscape:
Numerous businesses are striving for market share in the fiercely competitive market for blood glucose monitoring devices. The following companies dominate the market:
- Abbott Laboratories
- Roche Diagnostics
- Medtronic plc
- Dexcom, Inc.
- Lifescan, Inc. (a subsidiary of Johnson & Johnson)
- Ascensia Diabetes Care Holdings AG
- Senseonics Holdings, Inc.
- AgaMatrix, Inc.
- Ypsomed AG
- Arkray, Inc.
- Becton, Dickinson and Company
- Terumo Corporation
- Trividia Health, Inc.
- ForaCare Inc.
- Sanofi SA
These businesses compete on elements including accuracy, convenience, simplicity of use, affordability, and brand recognition while offering a wide range of glucose monitoring equipment, from conventional glucose metres to continuous glucose monitoring systems. Additionally, they make significant investments in R&D to enhance their offerings and keep one step ahead of the competition.
Due to the high entry barriers, which include the requirement for governmental clearances and the necessity for considerable investments in research and development, new entrants to the market face significant difficulties. However, new competitors with cutting-edge goods and strategies have the ability to upend the industry and capture market share.
The report explores the competitive scenario of the Blood Glucose Monitoring Systems Market. Major players working in the Blood Glucose Monitoring Systems Market have been named and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the Blood Glucose Monitoring Systems Market report.
Blood Glucose Monitoring Systems Market, By Product Type:
- Traditional Glucose Meters
- Continuous Glucose Monitoring (CGM) Systems
- Flash Glucose Monitoring Systems
Blood Glucose Monitoring Systems Market, By Patient Type:
- Type 1 Diabetes
- Type 2 Diabetes
- Gestational Diabetes
Blood Glucose Monitoring Systems Market, By End-user:
- Homecare Settings
Blood Glucose Monitoring Systems Market , by region:
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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The market for blood glucose monitoring systems comprises of devices that measure the blood's glucose (sugar) content and are used by diabetics to regulate their blood sugar levels and prevent problems brought on by either high or low blood sugar.
Cognizance Market Research projects a CAGR of 10.6 percent for the Blood Glucose Monitoring Systems Market between 2022 and 2030.
The growing incidence of diabetes worldwide, technological developments in glucose monitoring equipment, and a better awareness of the significance of blood glucose monitoring in the management of diabetes are driving the growth of the blood glucose monitoring systems market.
The Blood Glucose Monitoring Systems Market is faced with hurdles such as the high cost of some devices, the absence of insurance coverage in some countries, regulatory requirements, and the need for clinical validation.
The product type, patient type, end-user, region, and market segmentation for blood glucose monitoring systems are all possible.
Due to their low cost and widespread availability, traditional glucose metres continue to dominate the blood glucose monitoring systems market.
Due to the rising prevalence of type 2 diabetes throughout the world, the type 2 diabetes patient group accounts for the largest share of the global blood glucose monitoring systems market.
Due to the high incidence of diabetes in the region, its developed healthcare system, and the presence of reputed medical device companies there, North America holds the highest market share in the global market for blood glucose monitoring systems.