NEW YORK , Aug. 13, 2024 /PRNewswire/ -- The global blood glucose monitoring devices market size is estimated to grow by USD 8.70 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 9.45% during the forecast period. Rising global burden of diabetes is driving market growth, with a trend towards smart watch-based apps.
However, stringent regulatory framework poses a challenge. Key market players include Abbott Laboratories, Ascensia Diabetes Care Holdings AG, Bigfoot Biomedical Inc., Dexcom Inc.
, DiaMonTech AG, F. Hoffmann La Roche Ltd., GlySens Inc.
, Health Arx Technologies Pvt. Ltd., Insulet Corp.
, Level2 Medical Services P.A., Levels Health Inc.
, Medtronic Plc, Medtrum Technologies Inc., Novo Nordisk AS, PKvitality S.A.
S., Sanofi SA, Senseonics Holdings Inc., SFC Fluidics Inc.
, Teladoc Health Inc., and Ypsomed Holding AG. Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered End-user (Hospitals, Home care, and Diagnostic centers), Product (SMBG, CGM, and Lancets), and Geography (North America, Europe, Asia, and Rest of World (ROW)) Region Covered North America, Europe, Asia, and Rest of World (ROW) Key companies profiled Abbott Laboratories, Ascensia Diabetes Care Holdings AG, Bigfoot Biomedical Inc.
, Dexcom Inc., DiaMonTech AG, F. Hoffmann La Roche Ltd.
, GlySens Inc., Health Arx Technologies Pvt. Ltd.
, Insulet Corp., Level2 Medical Services P.A.
, Levels Health Inc., Medtronic Plc, Medtrum Technologies Inc., Novo Nordisk AS, PKvitality S.
A.S., Sanofi SA, Senseonics Holdings Inc.
, SFC Fluidics Inc., Teladoc Health Inc., and Ypsomed Holding AG Key Market Trends Fueling Growth The blood glucose monitoring devices market has witnessed a significant shift towards smart watch-based applications for real-time glucose level monitoring.
Smartwatches, popular for tracking health metrics like heart rate, sleep, and physical activity, now offer integrated CGM sensors for interstitial fluid glucose measurement. Users can view their glucose levels and track progress via the smartwatch app, eliminating the need for separate devices or finger pricking. Real-time alerts for glucose levels beyond target ranges enable proactive management through diet adjustments or medication.
This trend is expected to persist, as wearable technology adoption increases and people seek convenient, effective health management solutions. The Blood Glucose Monitoring Devices market is experiencing significant growth due to the rising prevalence of Type 2 diabetes and regulatory changes favoring continuous glucose monitoring (CGM) systems. Companies like Insulet Corporation, Senseonics, and Glysens are leading the charge with innovative technologies such as Eversense CGM and microminiaturization of sensors.
Transcutaneous devices and CGM systems are trending, with the hospital end-use segment and home care segment being major contributors. Diabetic population growth, self-care practices, and healthcare professionals' recommendations are driving demand. Industry reports from press releases, journals, databases, and experts forecast the market to expand in the insulin pumps, glucose meters, lancets, test strips, and CGM systems submarkets.
Acute hypoglycemia and hyperglycemia management remain key focuses. Regulatory bodies and supply side challenges are factors to watch. The International Diabetes Federation estimates the diabetic population will reach 700 million by 2045.
Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here! Market Challenges For more insights on driver and challenges - Download a Sample Report Segment Overview This blood glucose monitoring devices market report extensively covers market segmentation by 1.1 Hospitals- The hospitals segment of the global blood glucose monitoring devices market is witnessing significant growth due to the increasing number of diabetes patients and the need for precise diabetes management tools in healthcare facilities.
Hospitals utilize blood glucose monitoring devices to manage diabetes in patients, monitor blood sugar levels during surgeries, and oversee critically ill patients at risk of high or low blood sugar levels. Key players in this market, such as Abbott Laboratories, F. Hoffman La Roche Ltd, Medtronic, and Dexcom, provide a range of devices, including continuous glucose monitoring systems, blood glucose meters, and test strips, designed specifically for hospital use.
The rising demand for point-of-care testing and the importance of accurate and dependable glucose monitoring devices in hospital settings are also fueling market expansion. For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022) - Download a Sample Report Learn and explore more about Technavio's in-depth research reports The global Digital Diabetes Management Market is experiencing robust growth, driven by increasing diabetes prevalence and advancements in technology. Valued at approximately $6 billion in 2023, the market is projected to expand at a CAGR of 15% through 2028.
Key players include Medtronic, Abbott Laboratories, and Dexcom, offering innovative solutions such as continuous glucose monitoring systems and mobile health apps. The surge in demand for personalized and remote diabetes care solutions fuels this growth, enhancing patient outcomes and providing efficient management tools worldwide. Research Analysis The Blood Glucose Monitoring Devices market encompasses various tools and technologies used to measure and manage blood glucose levels in individuals with Diabetes.
These devices include Glucose meters, Lancets, Test strips, Insulin pumps, Continuous Glucose Monitoring (CGM) systems, and Transcutaneous devices. Diabetes, a chronic condition affecting millions worldwide, necessitates regular monitoring to prevent acute hypoglycemia and hyperglycemia. Self-care practices have become essential in diabetes management, with healthcare professionals advocating for advanced technologies like CGM systems and insulin pumps.
Technological advancements, such as microminiaturization, sensor technologies, and real-time data transmission, have revolutionized the market. The International Diabetes Federation estimates that over 537 million adults will have diabetes by 2030. Regulatory changes and industry collaborations, as seen in the FDA approval of Eversense CGM, are shaping the market landscape.
Outpatient care and self-monitoring are key submarkets, with Press Releases, Industry journals, Databases, and Experts providing valuable insights into market trends and developments. Market Research Overview The Blood Glucose Monitoring Devices market encompasses various tools and technologies used to measure and manage blood glucose levels in individuals with Diabetes. These devices include Glucose meters, Lancets, Test strips, Insulin pumps, Continuous Glucose Monitoring (CGM) systems, and Transcutaneous devices.
The IDF reports over 537 million people living with Diabetes worldwide. CGM systems like Senseonics' Eversense and Eversense CGM are gaining popularity due to their real-time monitoring capabilities. Self-care practices and technology advancements, including microminiaturization and sensor technologies, are driving market growth.
Regulatory changes and the growing Diabetic population are also significant factors. The market is segmented into submarkets such as Hospital end-use, Outpatient, and Home care. Key trends include the use of Combo Glucometers and the integration of CGM systems with insulin pumps.
Industry journals, press releases, databases, and experts provide valuable insights into market dynamics, regulatory updates, and supply-demand trends. Micromarkets and submarkets within the market include Lancets, Test strips, Insulin pumps, and CGM systems. The market is influenced by both supply-side factors such as raw material availability and demand-side factors like healthcare professionals' recommendations and patient preferences for self-management.
Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries.
Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.
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