Blood glucose monitoring involves testing the levels of glucose present in the blood on a regular basis. It is mostly done by individuals with diabetes to manage their blood sugar levels and ensure they are within the recommended range. Blood glucose meters allow users to prick their fingers for a blood sample and get the results within seconds. Advances in blood glucose meters now include continuous glucose monitoring (CGM) systems that do not require frequent finger pricks and can monitor glucose levels in real-time.

The global blood glucose monitoring market is estimated to be valued at US$ 2 Bn in 2023 and is expected to exhibit a 0.8% CAGR over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Advancements in technology is one of the major drivers responsible for boosting the growth of the blood glucose monitoring market. Continuous glucose monitoring systems have emerged as an important development over conventional finger-prick blood glucose meters. CGM systems can track glucose levels throughout the day and night through a small sensor inserted under the skin and transmit data via a transmitter. This allows users to closely monitor their glucose levels and trends and have better control of their diabetes. Development of wearable, minimally invasive CGM systems is also fueling market growth as they provide more convenience to users over traditional options. Advancements in CGM systems has made self-monitoring of blood glucose levels easier and more accurate, thereby driving greater adoption globally.

SWOT Analysis
Strength: The blood glucose monitoring market has strong growth potential due to the rising prevalence of diabetes across the globe. Advanced blood glucose monitoring devices provide accurate and timely glucose readings, allowing diabetics to efficiently manage their condition. Home-use blood glucose monitors are convenient and affordable options for frequent testing.
Weakness: Higher costs associated with continuous glucose monitoring devices can limit their adoption in developing nations. Devices relying on finger-pricking technique cause pain and discomfort during self-monitoring. Traditional methods are inconvenient for round-the-clock tracking of glucose levels.
Opportunity: Growing healthcare expenditure and expansion of medical insurance coverage are expected to increase the affordability of advanced blood glucose monitors. Lower-cost continuous glucose monitoring solutions may boost uptake in price-sensitive markets.
Threats: Product recalls and safety issues pertaining to certain blood glucose monitors can dent brand reputation and consumer confidence. Stiff competition from local manufacturers impacts profits of major international players.

Key Takeaways
The global blood glucose monitoring market scope is expected to witness high growth driven by the rapidly aging population and rising incidence of diabetes. According to estimates, over 463 million adults aged 20-79 years were diagnosed with diabetes in 2019 globally. This number is projected to reach 700 million by 2045 unless urgent measures are taken. The growing diabetic patient pool will augment the demand for self-monitoring devices and boost market revenues. The global blood glucose monitoring market is estimated to be valued at US$ 2 Bn in 2023 and is expected to exhibit a 0.8% CAGR over the forecast period 2023 to 2030.

Regional analysis:
North America currently dominates the global market and is projected to maintain its lead throughout the forecast period. Favorable healthcare infrastructure, high awareness about diabetes management, and new product launches by U.S. based players drive the North American blood glucose monitoring industry. Expanding at a CAGR of around 1%, the Asia Pacific region offers lucrative opportunities for manufacturers due to the large diabetic population in countries such as China and India. Economic development and rising healthcare spending are improving access to advanced self-testing solutions in Asia Pacific.

Key players:
Key players operating in the blood glucose monitoring market include Roche, Abbott, Siemens, Ascensia, and LifeScan. Roche holds the largest market share owing to its extensive product portfolio including Accu-Chek blood glucose meters and sensors. Abbott remains a leading innovator in continuous glucose monitoring technology with its Freestyle Libre.

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