Blood glucose monitoring is the quantitative measurement of the sugar (glucose) level in an individual's blood. It is most commonly used by diabetics to determine their blood sugar levels and monitor changes caused by medication, nutrition, exercise, and illness. Blood glucose meters are easy to use and provide results within seconds so patients can get real-time data to make informed treatment decisions. The global blood glucose monitoring market is estimated to be valued at US$ 22101.13 Mn or Billion in 2023 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 global blood glucose monitoring market is witnessing high growth owing to the growing prevalence of diabetes which remains one of the key drivers. According to the International Diabetes Federation, approximately 463 million adults aged between 20-79 years were living with diabetes in 2019 and by 2045, this is expected to rise to 700 million. Diabetes management requires frequent blood glucose monitoring to understand trends and determine insulin requirements to maintain optimal blood sugar levels. Growth of remote monitoring devices has further spurred adoption as they allow patients to conveniently track metrics from home. However, limitations of current methodologies like finger pricking hamper pain-free adoption. Emergence of non-invasive technologies presents major opportunities for market expansion.

SWOT Analysis
Strength: The blood glucose monitoring market has strong growth prospects owing to the increasing prevalence of diabetes. Monitoring blood sugar levels regularly helps manage the condition better. Availability of advanced blood glucose monitors with features like wireless connectivity and data sharing makes monitoring more convenient.
Weakness: High costs associated with blood glucose monitoring devices can limit their adoption. Some patients also face difficulties or discomfort while giving blood samples for testing. Lack of awareness in developing nations pose challenges.
Opportunity: Growing geriatric population susceptible to diabetes augurs well for market growth. Mobile health and digital technologies provide opportunities to make monitoring more integrated. Demand is expected from home healthcare and point-of-care testing segments.
Threats: Stringent regulatory policies and delays in approval process can affect new product launches. Reimbursement issues especially in developing countries act as a threat. Intense competition from existing and new market entrants poses pricing and market share threats.

Key Takeaways

The Global Blood Glucose Monitoring Market Share is expected to witness high  over the forecast period aided by increasing diabetic patient base worldwide. As per estimates, around 1.2 million people in the US were diagnosed with diabetes in 2020.

Regionally, North America dominates currently owing to supportive reimbursement policies and advanced healthcare infrastructure. However, Asia Pacific is slated emerge as the fastest growing market due to rising awareness, improving access and economic development.

The key players operating in the blood glucose monitoring market include 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. These market players focus on product innovations and strategic collaborations to strengthen their market position. For instance, Medtronic launched an integrated continuous glucose monitoring system with remote software in 2023 to make monitoring more convenient.

Get more insights on this topic:  https://www.newswirestats.com/blood-glucose-monitoring-market-size-and-share-analysis-growth-trends-and-forecasts/