What is the global market size of Blood Glucose Monitoring Devices Market?

Global Blood Glucose Monitoring Devices Market size was valued at USD 11.71 billion in 2021 and is poised to grow from USD 12.53 billion in 2022 to USD 23.15 billion by 2030, growing at a CAGR of 8% in the forecast period (2023-2030).

Who are the key vendors in the Global Blood Glucose Monitoring Devices Market?

Global Blood Glucose Monitoring Devices Market is highly competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include Abbott Diabetes Care, Roche Holding AG, Medtronic PLC, Dexcom Inc. and LifeScan among others. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'F. Hoffmann-La Roche Ltd.', 'Sanofi', 'Senseonics', 'Abbott Laboratories', 'Dexcom', 'Medtronic plc', 'LifeScan, Inc. (a subsidiary of Johnson & Johnson)', 'Ascensia Diabetes Care Holdings AG', 'Ypsomed Holding AG', 'Nova Biomedical Corporation', 'ARKRAY Inc.', 'AgaMatrix Holdings LLC', 'Trividia Health Inc.', 'Terumo Corporation', 'Becton, Dickinson and Company', 'Insulet Corporation', 'GlySens Incorporated', 'Echo Therapeutics Inc.', 'Biolinq Inc.', 'Nemaura Medical Inc.'.

What is the key driver of Global Blood Glucose Monitoring Devices Market?

Rising prevalence of diabetes and the growing number of elderly people at risk for the disease are the main market drivers. The market expansion is also aided by new product introductions and rising awareness of diabetes preventive care.

What is the key market trend for Global Blood Glucose Monitoring Devices Market?

The role of medical device businesses in the current, technologically advanced healthcare system has changed from that of gadget manufacturers to that of problem solvers. In practice, medical device manufacturers are now making use of the cloud and the Internet of Things (IoT) to enhance clinical workflow, support doctors in remotely monitoring patients with real-time data and analytics tools, and implement cutting-edge procedures to reduce costs and enhance outcomes. For instance, cutting-edge wearable monitoring gadgets using IoT technology may connect to smartphones and convey important data to the appropriate applications. Blood sugar Monitoring device are developing with time. Manufacturers are not trying to create non-invasive type of blood sugar monitoring devices. While some use radio frequency and multi-sensor technology to measure blood glucose levels and in others a camera then records the view from the other side when light is passed across the human skin to determine the glucose concentration by analyzing the fluctuating amount of light absorbed by blood flowing through the arteries. These innovations are expected to drive the blood glucose monitoring device market in the coming years.

Which region accounted for the largest share in Global Blood Glucose Monitoring Devices Market?

North America dominated the Global Blood Glucose Monitoring Devices Market and accounted for a global revenue share of approximately 35% in 2021. This is caused due to its extensive healthcare industry. The regional market is also anticipated to be driven by the rising incidence of obesity, high treatment costs, technological developments, and new product releases. There are several important variables that are primarily responsible for the region's leading market position, including the rising prevalence of diabetic patients, the expanding use of technologically sophisticated medical equipment, and rising per capita medical costs.

Blood Glucose Monitoring Devices Companies

Blood Glucose Monitoring Devices Market Competitive Landscape

Blood Glucose Monitoring Devices Market Top Player's Company Profiles

Abbott (US)
Medtronic plc (Ireland)
F. Hoffmann-La Roche Ltd. (Switzerland)
Dexcom, Inc. (US)
Sanofi (France)
Novo Nordisk (Denmark)
Insulet Corporation (US)
Ypsomed Holdings (Switzerland)
Glysens Incorporated
ARKRAY, Inc. (Japan)
Bayer AG (Germany)
AgaMatrix, Inc. (US)
Trividia Health, Inc. (US)
MediWise Ltd. (UK)
DiaMonTech AG (Germany)
B. Braun Melsungen AG (Germany)
Sinocare, Inc. (China)
Nipro Corporation (Japan)
Menarini Diagnostics (Italy)
Beurer GmbH (Germany)
Prodigy Diabetes Care, LLC (US)
Omron Healthcare, Inc. (Japan)

Blood Glucose Monitoring Devices Market

FAQs

Global Blood Glucose Monitoring Devices Market size was valued at USD 12.50 billion in 2022 and is poised to grow from USD 13.54 billion in 2023 to USD 23.77 billion by 2031, growing at a CAGR of 8.30% during the forecast period (2024-2031).

The global blood glucose monitoring devices market is highly competitive with major players emphasizing on innovation, product development and expanding the market. Major companies include Abbott Laboratories, Medtronic, Roche, Dexcom, and Johnson & Johnson, which provide sophisticated solutions like continuous glucose monitoring (CGM) systems and smart glucose meters. These companies are involved in competition by optimizing device accuracy, lowering the cost of devices and as well melding mobile health with diabetes management to better care for patients around the world. 'Abbott (US) ', 'Medtronic plc (Ireland) ', 'F. Hoffmann-La Roche Ltd. (Switzerland) ', 'Dexcom, Inc. (US) ', 'Sanofi (France) ', 'Novo Nordisk (Denmark) ', 'Insulet Corporation (US) ', 'Ypsomed Holdings (Switzerland) ', 'Glysens Incorporated ', 'ARKRAY, Inc. (Japan) ', 'Bayer AG (Germany) ', 'AgaMatrix, Inc. (US) ', 'Trividia Health, Inc. (US) ', 'MediWise Ltd. (UK) ', 'DiaMonTech AG (Germany) ', 'B. Braun Melsungen AG (Germany) ', 'Sinocare, Inc. (China) ', 'Nipro Corporation (Japan) ', 'Menarini Diagnostics (Italy) ', 'Beurer GmbH (Germany) ', 'Prodigy Diabetes Care, LLC (US) ', 'Omron Healthcare, Inc. (Japan)'

The rise in the number of diabetics worldwide is one of the major factors responsible for the growth of the global blood glucose monitoring devices market. The growing prevalence of both type 1 and type 2 diabetes due to the elderly population, changing lifestyles and dietary habits is accelerating the need for focus on regular glucose monitoring systems in order to control or avoid the complications.

Shift Towards Continuous Glucose Monitoring (CGM) Systems: A prominent trend in the market is the rise in the use of continuous glucose monitoring devices. Such systems provide real time glucose readings and enhance the management of diabetic patients by offering more accuracy, usability and a more design-oriented approach to care, hence, driving the rapid penetration of this device in homes and even institutions.

North America leads the global blood glucose monitoring devices market, driven by a high prevalence of diabetes, strong healthcare infrastructure, and widespread awareness of diabetes management. The high-tech region facilitates the quick incorporation of innovations such as continuous glucose monitoring (CGM) systems and mobile devices geared toward these systems. Moreover, the government’s policies and reimbursement levels enhance the availability of such devices to patients. The presence of major players, vast amounts of investment in research and development, as well as the need for a self-monitoring solution, outperforming the rest of the world, is an added advantage to the market supremacy of North America. The Region’s focus on preventive medicine and routine check-ups is in itself a pointer to the continued rise in the demand for blood glucose monitoring devices.

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Blood Glucose Monitoring Devices Market Size, Share, Growth Analysis, By Product(Blood Glucose Monitors, Glucose Monitoring Strips, Lancets), By Application(Hospitals and Clinics, Diagnostic Centers, Home Settings), By Region - Industry Forecast 2024-2031

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Blood Glucose Monitoring Devices Market Size, Share, Growth Analysis, By Product(Blood Glucose Monitors, Glucose Monitoring Strips, Lancets), By Application(Hospitals and Clinics, Diagnostic Centers, Home Settings), By Region - Industry Forecast 2024-2031

Blood Glucose Monitoring Devices Market Competitive Landscape

Blood Glucose Monitoring Devices Market Report Snapshots

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What is the global market size of Blood Glucose Monitoring Devices Market?

Who are the key vendors in the Blood Glucose Monitoring Devices Market?

What is the key driver of Blood Glucose Monitoring Devices Market?

What is the key market trend for Blood Glucose Monitoring Devices Market?

Which region accounted for the largest share in Blood Glucose Monitoring Devices Market?

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