Blood Glucose Monitoring is Estimated to Witness High Growth Owing to Population with Type 1 Diabetes
Blood glucose monitoring is the process of testing the blood to monitor the concentration of glucose in the blood. It involves testing the blood using test strips which are inserted into glucose meters to provide blood glucose readings in mg/dL (milligrams of glucose per deciliter of blood). People with diabetes, whether it is type 1 or type 2, need to check their blood glucose levels several times each day to manage their condition properly.
The global blood glucose monitoring market is estimated to be valued at US$ 25460.51 Mn in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the global blood glucose monitoring market is the rising prevalence of type 1 diabetes among the population. Type 1 diabetes typically diagnoses during childhood or adolescence and is a chronic condition in which the pancreas produces little or no insulin. Around 1.25 million Americans have type 1 diabetes, and about 40,000-50,000 new cases of type 1 diabetes are diagnosed each year in the United States alone. People living with type 1 diabetes have to rely on frequent blood glucose monitoring using test strips and meters to manage their condition. This is significantly contributing to the growing demand for blood glucose monitoring devices. Furthermore, the advancement in blood glucose monitoring technologies with the introduction of continuous glucose monitoring systems is also propelling the market growth. These systems provide real-time blood glucose readings without the need for finger pricking, thereby offering more convenience to users. However, high costs associated with continuous glucose monitoring devices are limiting their widespread adoption.
The global blood glucose monitoring market size is estimated to witness high growth over the forecast period, driven by the large patient pool of type 1 diabetes and technological innovations in monitoring devices. However, costs remain a major barrier, especially in developing economies.
SWOT Analysis
Strength: The blood glucose monitoring market has strong growth prospects due to the rising prevalence of diabetes. Growing awareness about diabetes self-management and regular testing is driving demand. Furthermore, technologically advanced blood glucose monitors with features like Bluetooth connectivity and data sharing capabilities make monitoring more convenient.
Weakness: However, the costs associated with blood glucose monitors and test strips can be prohibitive for some patients. Additionally, frequent finger pricking for testing can cause discomfort.
Opportunity: There is opportunity to launch affordable blood glucose monitors and test strips to increase accessibility. Technologies like non-invasive glucose monitoring present an attractive opportunity to overcome the pain factor of finger pricking.
Threats: Stringent regulatory norms and certification requirements delay product launches. Additionally, alternative non-invasive technologies for glucose monitoring pose competition.
Key Takeaways
The global blood glucose monitoring market is expected to witness high growth. The market size is projected to reach US$ 25460.51 Mn by 2031 from US$ US$ 28304.42 Mn in 2024, registering a CAGR of 0.8% during the forecast period.
Regional analysis
North America currently dominates the market due to the high diabetes prevalence and favorable reimbursement scenario. However, Asia Pacific is expected to grow at the fastest pace due to rising obesity, sedentary lifestyles, and growing medical tourism.
Key players
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.
Get more insights on this topic: https://www.newswirestats.com/blood-glucose-monitoring-market-size-and-outlook/
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