A blood glucose meter, often known as a glucometer, is a medical tool to estimate blood glucose levels. With the help of continuous glucose monitors (CGMs), one can always be updated about blood sugar levels. The level of glucose in the fluid immediately below the skin is measured using continuous glucose monitors (called interstitial fluid). The market for blood glucose monitoring in 2021 was USD 14.48 billion and will reach USD 28.75 billion by 2030, growing at a 7.9% CAGR during 2021-2030.
A significant factor in the blood glucose monitoring system is diabetes. The number of causes of diabetes is rising significantly in wealthy nations. Diabetes is more common among the geriatric population. For these people, going to the hospital is usually impossible. A blood monitoring gadget makes it straightforward to determine the proper blood glucose levels.
Furthermore, the demand for a blood glucose monitoring system is increasing as people are becoming more aware of the importance of preventative treatment. If diabetes is discovered early, lives are likely to be saved. The growing importance of diabetes prevention is another factor influencing the demand for the monitoring system.
The technology used to identify blood glucose systems is also developed. Due to this global technological advancement, the blood glucose monitoring market will experience remarkable demand rates. The number of instances of diabetes is being reduced thanks to awareness campaigns. For insulin-treated patients with poor metabolic control, blood glucose monitoring at least twice a day is necessary; for stable patients, a four-point assessment once weekly is sufficient. As a result, the forecasted period will increase demand for blood glucose monitoring.
The blood glucose monitoring market would grow due to increased access to healthcare services. Numerous locations offer a wide variety of health services. The blood glucose monitoring system would be more widely used due to the accessibility of this monitoring equipment. Even developing nations are increasing their investments in glucose monitoring infrastructure. Any of these factors could help the market for blood glucose monitoring grow. The government’s initiatives to promote preventative care are another important developing component. Even with government support, the costs and subsidies for this monitoring equipment are substantial. In addition, the market is well-known and has a sizable patient base.
Over the projection period, it is anticipated that the high cost and limited reimbursements for blood glucose monitoring devices and supplies will restrain the market growth. For instance, in underdeveloped countries like China and India, patients are responsible for paying for blood glucose meters and test strips. Additionally, in industrialized nations like Canada and a number of European nations, the annual allotment of testing strips per patient is constrained following the patient’s treatment regimen. These factors are anticipated to impede market expansion.
In 2021, self-monitoring blood glucose devices contributed to the largest market share of 65% due to their low cost and ease of use. SMBG is a crucial component of daily diabetes management Self-monitoring of blood sugar involves using a glucose meter to measure a person’s blood sugar levels.
The hospital segment maintained the largest position in the market in 2021, with 40% of the revenue share due to expanding infrastructure and rising healthcare costs in hospitals. Additionally, BGM devices are extensively being used in outpatient and inpatient hospital settings due to the accurate data they deliver to practitioners in a matter of seconds and the improvement in patients’ quality of life. Hospitals have additional systems in place to transfer and store patient data.
In 2021, North America ruled the entire market 2021 with 35% of the revenue share due to its developed healthcare industry. The regional market is also anticipated to be driven by the rising prevalence of obesity, high treatment costs, technological developments, and new product launches. Owing to the rise in the number of older adults, who are more likely to develop diabetes, Europe is anticipated to hold a sizable revenue share during the projected period. Additionally, the region’s demand for BGMs is growing due to advancements in the healthcare industry and the adoption of cutting-edge medical technologies.
Key Players nalysis
- F. Hoffmann-La Roche
- B.Braun Melsungen
- Abbott Laboratories
- Ascensia Diabetes Care
- Nova BiomedicalLifescan
- Acon Laboratories
- Prodigy Diabetes Care