February 29, 2024
Blood Glucose Monitoring Market

Surging Diabetic Population to Escalate the Growth of Blood Glucose Monitoring Market

The global Blood Glucose Monitoring Market is estimated to be valued at US$ 22101.13 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Blood glucose monitoring devices are used to measure and monitor glucose levels in the blood. These devices are essential for people suffering from diabetes as they help them control their blood sugar levels and manage diabetes. Continuous blood glucose monitors provide real-time glucose readings throughout the day and night by measuring interstitial fluid, instead of requiring a blood sample via a fingerprick. Self-monitoring blood glucose devices require a small blood sample obtained through a fingerprick into a test strip which is inserted into a blood glucose meter to obtain a reading. They help individuals with diabetes track their blood sugar levels and make appropriate medication or lifestyle adjustments. Growing diabetic population worldwide has augmented the demand for blood glucose monitoring devices for effective management and treatment of the disease.

Market key trends:

One of the major trends in the blood glucose monitoring market is the growing popularity and adoption of continuous glucose monitoring (CGM) systems. CGM systems provide real-time glucose readings throughout the day and night by measuring interstitial fluid through a subcutaneous sensor, eliminating the need for frequent finger pricks. The growing preference for non-invasive glucose monitoring is driving the demand for CGM devices. Furthermore, technological advancements are helping manufacturers integrate these advanced functionalities into smaller and easier to use designs. For instance, Abbott launched Freestyle Libre 2, the world’s smallest, thinnest CGM system in 2021. Growing diabetes incidences coupled with increasing awareness about diabetes self-management is expected to fuel the adoption of CGM systems over the forecast period.

Porter’s Analysis

Threat of new entrants: The blood glucose monitoring market requires high capital investment for R&D and manufacturing expertise. Stringent regulations further increase entry barriers.
Bargaining power of buyers: Large healthcare providers and insurance providers have significant bargaining power due to the consolidated nature of the market.
Bargaining power of suppliers: The market has a large number of global component suppliers who have balanced bargaining power.
Threat of new substitutes: There exists a low threat of substitutes as blood glucose monitoring devices have significant brand value and preference among patients and healthcare professionals.
Competitive rivalry: The market is highly competitive with key players differentiating based on technological innovations, quality, and pricing.

Key Takeaways

The Global Blood Glucose Monitoring Market Size is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing prevalence of diabetes and growing adoption of personal blood glucose monitors.

Regional analysis: North America dominates the blood glucose monitoring market currently due to supportive reimbursement policies for diabetes management and rising prevalence of diabetes in the US and Canada. Asia Pacific is expected to witness the fastest growth over the forecast period supported by increasing healthcare expenditure and large diabetic population in China and India.

Key players operating in the blood glucose monitoring market include Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd., among others. Key players are focusing on new product launches and approvals to consolidate their position in the market.

*Note:
1.            Source: Coherent Market Insights, Public sources, Desk research
2.            We have leveraged AI tools to mine information and compile it