Blood Glucose Monitoring Device Market Size: Market Forecast and Competitive Landscape
Blood Glucose Monitoring Device Market Size was valued at USD 12.54 billion in 2022 and is projected to reach USD 23.05 billion by 2030, with a compound annual growth rate (CAGR) of 7.9% during the forecast period from 2023 to 2030.
This significant growth in the Blood Glucose Monitoring Device market can be attributed to various factors. The rising prevalence of diabetes worldwide, coupled with the increasing awareness about the importance of regular glucose monitoring, has led to a surge in demand for these devices. Additionally, advancements in technology have resulted in the development of more accurate and user-friendly glucose monitoring devices, further driving market growth.
Furthermore, the growing geriatric population, which is more susceptible to diabetes, is expected to contribute to the market expansion. Moreover, the adoption of sedentary lifestyles and unhealthy dietary habits in both developed and developing countries has led to a higher incidence of diabetes, thereby fueling the demand for glucose monitoring devices.
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In terms of regional analysis, North America currently dominates the Glucose Monitoring Device market, owing to the high prevalence of diabetes and the presence of well-established healthcare infrastructure. However, the Asia Pacific region is anticipated to witness the fastest growth during the forecast period, primarily due to the increasing diabetic population and improving healthcare facilities in countries like China and India.
Key market players in the Blood Glucose Monitoring Device industry are continuously focusing on research and development activities to introduce innovative products and gain a competitive edge. Moreover, strategic collaborations, mergers, and acquisitions are also prevalent strategies adopted by these companies to expand their market presence.
In conclusion, the Blood Glucose Monitoring Device market is poised for substantial growth in the coming years, driven by factors such as the rising prevalence of diabetes, technological advancements, and increasing awareness about the importance of glucose monitoring. With the Asia Pacific region expected to witness significant growth, market players are actively engaged in research and development efforts to introduce cutting-edge products and gain a competitive advantage in this expanding.
KEY MARKET SEGMENTATION:
By Product
Self-monitoring Devices:
- Blood Glucose Meter
- Testing Strips
- Lancets
Continuous Blood Glucose Monitoring Devices
- Sensors
- Transmitter & Receiver
- Insulin Pumps
By End-use
- Hospitals
- Home Care
- Diagnostic Centers
Major Players Listed in the Report are as Follows:
Medtronic plc, Sanofi, Ascensia Diabetes Care, Dexcom, Inc., Abbott Laboratories, Insulet Corporation, Ypsomed Holdings, Novo Nordisk, Glysens Incorporated, F. Hoffmann-La Roche Ltd and Others.
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