Glucose Monitoring Devices Market
Number of pages: 100 | Report Format: PDF | Published date: May 09, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 12.72 billion |
|
Revenue Forecast in 2031 |
US$ 23.19 billion |
|
CAGR |
7.8% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Product, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global glucose monitoring devices market was valued at US$ 12.72 billion in 2022 and is expected to register a revenue CAGR of 7.8% to reach US$ 23.19 billion by 2031.
Glucose Monitoring Devices Market Fundamentals
Glucose monitoring devices are medical devices used to measure the concentration of glucose (sugar) in blood. These devices are commonly used by individuals with diabetes to monitor their blood sugar levels and adjust their insulin doses or other medications accordingly. There are several types of glucose monitoring devices available, including traditional blood glucose meters that require a fingerstick, continuous glucose monitoring systems (CGMs) that use a sensor inserted under the skin, and newer non-invasive or minimally invasive glucose monitoring technologies that do not require blood draws or skin punctures. The data from these devices can provide valuable information to patients and their healthcare providers to help manage their diabetes and prevent complications. Digitization of glucose monitoring devices, the advent of continuous glucose monitoring devices and growing uptake of glucose monitoring tools among the fitness enthusiasts and athletes are the key glucose monitoring devices industry trends.
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Glucose Monitoring Devices Market Dynamics
The prevalence of diabetes is rising significantly worldwide, which is increasing the demand for glucose monitoring devices. According to the WHO, approximately 422 million people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.5 million deaths are directly attributed to diabetes each year. The development of new and advanced glucose monitoring devices, such as non-invasive glucose monitoring devices, is driving the growth of the market. These devices provide real-time data on blood glucose levels and can help patients and healthcare providers manage diabetes more effectively. Increasing awareness of the importance of blood glucose monitoring and the potential complication of diabetes is driving the demand for glucose monitoring devices. Patient education programs and initiatives are helping to raise awareness of the importance of blood glucose monitoring and management. Governments around the world are investing in diabetes prevention and management programs, which include funding for glucose monitoring devices. This is helping to drive the growth of the glucose monitoring devices market. However, the high cost of glucose monitoring devices is restricting the growth of the glucose monitoring devices market. In some countries, there may be a lack of reimbursement for glucose monitoring devices, which is also expected to cramp the glucose monitoring devices market growth.
Glucose Monitoring Devices Market Ecosystem
Glucose Monitoring Devices Market, by Product
Glucose Monitoring Devices Market, by End User
Glucose Monitoring Devices Market by Product
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Self-monitoring glucose monitoring devices are easy to use and require minimal training. Patients can monitor their blood glucose levels at home or on-the-go, which provides greater convenience and flexibility. Self-monitoring glucose monitoring devices are generally less expensive than continuous glucose monitoring (CGM) systems and other more advanced technologies, which makes them more accessible to a wider range of patients. Self-monitoring glucose monitoring devices are widely available in pharmacies and online, which makes them easy to obtain for patients. Self-monitoring glucose monitoring devices have been available for many years, and the technology is well-established and trusted by patients and healthcare providers which is also fueling segmental growth.
Segmentation of the market refers to the division of the industry into subgroups based on factors such as product, end user, etc. Market segmentation data helps businesses to understand the preferences and unique needs of different customer groups and develop targeted sales strategies. This information also helps in identifying potential glucose monitoring devices market growth opportunities.
Glucose Monitoring Devices Market by Region
North America has a high prevalence of diabetes, which has been increasing steadily in recent years. This has resulted in a large patient population. which is driving the demand for glucose monitoring devices in the region. According to the 2022 National Diabetes Statistics Report released by Centers for Disease Control and Prevention it is estimates that more than 130 million adults are living with diabetes or prediabetes in the U.S. The aging population in North America is driving the demand for glucose monitoring devices, as older adults are at a higher risk of developing diabetes and require frequent monitoring of their blood glucose levels. The government in North America is investing in diabetes prevention and management programs, which includes funding for glucose monitoring devices. North America is home to some of the world's leading medical device manufacturers, who are driving the development of new and advanced glucose monitoring devices. This is helping to improve the accuracy and convenience of glucose monitoring for patients.
Based on the regions, the global glucose monitoring devices market is segmented into:
Regional demarcation of the industry will provide information on geographic pockets regarding glucose monitoring devices market outlook, size, share, and growth rate. This data helps businesses evaluate the expansion potential into new regional markets, understand the competitive threats across different regions, and develop localized sales and expansion strategies.
Key Components of the Report
Glucose Monitoring Devices Market Competitive Landscape
The market competitive landscape is performed by collecting and analyzing information about the key competitors, the present industry trends, and market dynamics. It includes information collection and analysis on factors such as products, pricing, geographic outreach, customer demographics, marketing strategies, and recent developments. Competitive landscape assessment will help businesses identify the current prevalent or potential opportunities and threats keeping in mind the glucose monitoring devices industry trends.
Glucose Monitoring Devices Market Strategic Developments
Key Strengths of Our Report
The research study on the glucose monitoring devices market overview thoroughly analyzes the market, along with the aspects that either help or hinder the market's growth, such as its drivers, challenges, and opportunities. The research also discusses the list of businesses that operate in this market and their efforts to establish themselves as major players through expansion plans and innovative ideas. It also emphasizes current events that support the market's revenue expansion. The research also analyses how the COVID-19 pandemic has affected society.
This report is an important tool for the industry stakeholders to gather all the information about the market, customers, and competition. The report also provides the readers with valuable insights on the segmentation, regions, market size & forecast, revenue CAGRs, and other valuable data to help make informed strategic decisions. The study compiles information gathered from industry participants and specialists across the industry value chain. The report also taps into the qualitative and quantitative assessments by industry analysts. Our reports use different methods for estimating the market size and forecast, including secondary research, surveys and interviews, and statistical modeling. With these steps, our reports provide the most accurate market data. These datasets will cumulatively provide in-depth glucose monitoring devices market forecast to the industry stakeholders.
Target Audience to Benefit from this Report
Reasons to Buy this Report
Glucose monitoring devices are medical devices used to measure the concentration of glucose (sugar) in a person's blood. These devices are commonly used by individuals with diabetes to monitor their blood sugar levels and adjust their insulin doses or other medications accordingly.
Asia Pacific can be considered as the key growth region due to the surge in glucose monitoring devices industry trends in China, Japan, and the Indian subcontinent.
The glucose monitoring devices market is expected to register a revenue CAGR of 7.8% during the forecast period from 2023 to 2031.
The development of non-invasive glucose monitoring technologies, such as optical sensors and sweat-based sensors, presents a significant growth opportunity in the glucose monitoring devices market.
Key market players are entering into partnerships and collaborations to expand their market reach, enhance their product portfolio, and gain a competitive edge.
The glucose monitoring devices market was valued at US$ 12.72 billion in 2022
The estimated size of the global glucose monitoring devices market in 2031 is US$ 23.19 billion.
The prominent players operating in the global pemphigus vulgaris market are Medtronic plc, F. Hoffmann-La Roche Ltd, DexCom, Inc., Abbott Laboratories, and LifeScan, Inc.
The self-monitoring devices segment dominated the glucose monitoring devices market.
*Insights on financial performance are subject to the availability of information in the public domain