The global blood glucose monitoring devices market is poised for significant growth, with an estimated valuation of USD 14.2 billion in 2024. According to recent market analysis, the market is projected to surpass USD 22.2 billion by 2034, reflecting a strong compound annual growth rate (CAGR) over the next decade.
This rapid expansion is primarily fueled by the rising prevalence of diabetes worldwide, coupled with the increasing proportion of the aging population. As the global burden of diabetes continues to rise, the demand for effective, user-friendly blood glucose monitoring solutions is expected to surge.
“Diabetes is a growing global health concern, with millions of people managing the condition every day. Blood glucose monitoring devices have become essential tools for individuals to maintain control over their blood sugar levels,” said FMI. “With an increasingly older population and the rise in diabetes cases, the demand for these devices will continue to grow, driving innovation and advancements in the market.”
Key market trends contributing to this growth include the development of non-invasive monitoring devices, advancements in mobile health (mHealth) technology, and increased awareness of diabetes management. Furthermore, the shift towards home-based diabetes management, particularly in developed markets, has accelerated the adoption of blood glucose monitoring devices.
As the market evolves, manufacturers are focusing on improving accuracy, ease of use, and affordability, ensuring better patient outcomes and increasing access to vital diabetes management tools.
The blood glucose monitoring devices market is expected to continue expanding as the healthcare landscape adapts to the growing global health challenges posed by diabetes and an aging population.
Key Takeaways: Blood Glucose Monitoring Devices Market
- The global blood glucose monitoring devices market is projected to grow from USD 14.2 billion in 2024 to USD 22.2 billion by 2034. This growth is primarily driven by the rising prevalence of diabetes and an ageing global population.
- In China, the market is expected to benefit from increased product accessibility, heightened consumer awareness, and business expansion. Government initiatives like the “National Diabetes Programme,” supported by the World Diabetes Foundation, aim to improve diabetes treatment and management, further fueling market growth.
- In the USA, the increasing obesity rates, which contribute to higher instances of type 2 diabetes, drive the demand for blood glucose monitoring devices. With an estimated 1.5 million new diabetes diagnoses in 2020 alone, the U.S. market is poised for continued growth.
- In Germany, the market is influenced by stringent price regulation and reimbursement policies, such as the reimbursement approval for Dexcom’s continuous glucose monitoring system. New product innovations and international research collaborations are expected to further expand the market.
- The UK market is poised for growth, driven by increased awareness of blood glucose management and its association with chronic diseases. As understanding of this connection deepens, significant opportunities are expected to arise during the forecast period.
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Competitive Landscape:
To meet rising consumer demand and broaden their customer base, key industry players are focusing on strategies such as new product launches, securing regulatory approvals, acquisitions, enhancing existing products and technologies, and other initiatives to expand their business portfolios and strengthen their market presence.
Recent Developments:
- In June 2022, Abbott introduced a new bio-wearable device that continuously monitors both ketone and glucose levels using a single sensor. This system has been granted Breakthrough Device Designation by the U.S. FDA.
- In November 2021, Intuity Medical launched the POGO Automatic Blood Glucose Monitoring System, the first automatic glucose monitor that lances and collects blood for testing without manual intervention.
Key Companies Profiled:
- ARKRAY, Inc.
- Bayer AG; Medtronic plc
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson
- Ascensia Diabetes Care
- Nipro Diagnostics, Inc.
- Dexcom, Inc.
- Sanofi
- Terumo Medical Corporation
- Novo Nordisk
- Ypsomed Holdings
- Prodigy Diabetes Care, LLC
- GlySens Incorporated
- ACON Laboratories
- Nova Biomedical
- Medtronic
- Dexcom, Inc.
- LifeScan IP Holdings, LLC
- Senseonics
Key Market Segments Covered in Blood Glucose Monitoring Devices Industry Research:
By Product:
- Self-monitoring device
- Continuous blood glucose monitoring devices
By Usage:
- Non-invasive
- Invasive
By Modality:
- Standalone
- Portable
By Indication:
- Type 1
- Type 2
- Gestational Diabetes
By Distribution Channel:
- Retail Pharmacy
- Hospital Pharmacy
- Diagnostic Centres
- Online Sales
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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