Blood glucose monitoring involves the measurement of glucose level in the blood. It is mainly done by people with diabetes as a means to manage their condition and health. Diabetes results from the body's inability to produce or effectively utilize the hormone insulin. This affects how the body metabolizes carbohydrates, fats and proteins. There are two main types of diabetes - type 1 diabetes and type 2 diabetes. Type 1 diabetes is an autoimmune disorder where the pancreas produces little or no insulin. Type 2 diabetes develops due to insulin resistance where cells do not respond properly to insulin. Regular monitoring of blood glucose levels helps diabetics keep their condition in control through diet, exercise and medication.
The global blood glucose monitoring market is estimated to be valued at US$ 22101.13 Mn in 2024 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing prevalence of diabetes is a key driver propelling the growth of the blood glucose monitoring market. As per International Diabetes Federation statistics, nearly 537 million adults were living with diabetes in 2021 globally and this number is expected to rise to 783 million by 2045. Furthermore, growing awareness about diabetes self-management and advancements in blood glucose monitoring technologies are also contributing to the rising uptake of blood glucose monitoring devices. Continuous glucose monitoring (CGM) systems provide real-time glucose readings through sensors inserted under the skin. These systems not only allow frequent glucose testing without the pain of finger-pricking but also help diabetic patients in making better treatment decisions. Their growing popularity among diabetic patients worldwide is fueling market expansion. However, issues pertaining to the accuracy of glucose readings obtained from self-monitoring devices and high costs associated with advanced blood glucose meters remain a challenge.
SWOT Analysis
Strength: The blood glucose monitoring market has high prevalence rates of diabetes. Continuous glucose monitoring devices provide accurate and real-time results to help manage diabetes better. Home use glucose monitoring kits offer convenience of self-monitoring without visiting labs or hospitals.
Weakness: High costs associated with glucose monitoring devices and test strips pose financial burdens. Accuracy of results varies between professional and personal use devices. Finger pricking can cause pain and discomfort while drawing blood samples.
Opportunity: Growing geriatric population worldwide increases diabetes patients requiring glucose monitoring. Technological advancements lead to development of non-invasive and painless monitoring solutions. Emerging markets offer scope to expand customer base.
Threats: Stringent regulatory approvals and quality standards delays product launches. Economic slowdowns can lower healthcare budgets and affect sales. Alternative non-invasive technologies pose competition.
Key Takeaways
The Global Blood Glucose Monitoring Market Size is expected to witness high growth. The rising prevalence of diabetes worldwide due to sedentary lifestyles and obesity has boosted demand for glucose monitors. The global blood glucose monitoring market is estimated to be valued at US$ 22101.13 Mn in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030.
North America currently dominates the market owing to growing diabetes population and supportive reimbursement structure. However, Asia Pacific region is expected to witness fastest growth due to improving access to diagnosis and treatment in developing countries like China and India. This is attributed to rapidly growing diabetic patient base, rising healthcare spending, increasing awareness regarding diabetes management. Countries like China and India have a large population suffering from diabetes and demonstrate potential for market expansion.
Key players related content comprises
Key players operating in the blood glucose monitoring market are Air Techniques, Inc., Maguire Refining, Inc., Solmetex, Durr Dental, Medentex GmbH, MARS Bio-Med Processes Inc., Dove Dental Products, METASYS, Crosstex International, Inc., Capsule Technologies Inc., A B Dental Trends, Inc., American Dental Accessories, Inc., and Rebec Environmental.
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