Blood Glucose Monitoring Devices Market Expected To Witness A Substantial Growth Of $23.21 Billion By 2030: Grand View Research Inc.

 

San Francisco, 20 June 2024: The Report Blood Glucose Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Self-Monitoring Devices, Continuous Glucose Monitoring Devices), By End-use, By Region, And Segment Forecasts, 2024 - 2030

The global blood glucose monitoring devices market size is expected to reach USD 23.21 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.25% from 2024 to 2030. Patients with diabetes and their healthcare professionals benefit significantly from Blood Glucose Monitoring Devices (BGMD). BGMD is becoming more widely accepted as an important component of intensive diabetic treatment. It allows diabetic patients to measure their blood sugar levels within minutes with ease and convenience wherever they are. The continuous glucose monitoring (CGM) devices help analyze the blood glucose level continuously and in real-time. It also helps patients determine the level of dietary intake and dosage of insulin. In addition, factors such as sedentary lifestyles including consumption of junk food, alcohol, and smoking, and a surge in the need for safer and faster diagnoses are expected to boost the market growth during the forecast period.

According to the International Diabetes Federation (IDF), the total number of diabetic patients is expected to expand to 643 million (11.3 %) by 2030 and 783 million (12.2 %) by 2045. Obesity is one of the major factors propelling the prevalence of diabetes. Obese individuals are up to 80 times more likely than non-obese persons to develop diabetes. Studies suggest that 650 million people over the age of 18 are obese. Further, due to the ongoing efforts by the government and healthcare organizations such as the International Diabetes Federation (IDF) to control diabetes, the market is likely to rise at a rapid pace throughout the forecast period. Through a network of stakeholders and collaborators, these organizations provide needed expertise and support diabetes awareness campaigns. Rising health-care funding is also expected to boost market growth.

The market is primarily influenced by the growing prevalence of diabetes and growing elderly population susceptible to conditions like diabetes. In addition, market growth is driven by rising awareness of preventive measures for diabetes and the introduction of new products. Diabetes, a widespread and growing global concern, is characterized by the pancreas' inability to efficiently produce insulin, leading to elevated blood glucose levels. According to the International Diabetes Federation, approximately 537 million individuals were diagnosed with diabetes in 2021, and projections indicate an anticipated rise to 643 million by 2030 and 783 million by 2045.

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Blood glucose monitoring (BGM) devices play a crucial role in supporting individuals with diabetes in numerous ways. Firstly, they empower both patients and healthcare professionals to identify elevated or reduced blood glucose levels, enabling timely adjustments to treatment plans. This capability serves as a protective measure by promptly confirming acute hypoglycemia or hyperglycemia, ensuring the well-being of patients. In addition, these devices enhance self-care practices, offering individuals greater control over their diabetes management. Moreover, the technology associated with blood glucose monitoring not only aids in immediate intervention but also serves as a valuable tool for patient education on diabetes and its effective management.

Blood Glucose Monitoring Devices Market Report Highlights

• North America held the largest revenue share in 2023 owing to favorable reimbursement policies, local presence of key players, and supportive government initiatives
• Based on product, the self-monitoring devices segment held the largest revenue share of 66.37% in 2023 and is expected to grow at a significant pace over the forecast period
• The continuous blood glucose monitoring devices product segment is expected to be the fastest-growing segment during the forecast period
• In the self-monitoring devices, the testing strips segment accounted for the largest revenue share in 2023 owing to the high usage of these strips and affordability.
• By end-use, the home care segment is expected to grow at a rapid pace during the forecast period

The prevalence of diabetes tends to increase with age, and older adults are more susceptible to developing diabetes or experiencing complications related to the disease. As the geriatric population increases, so does the pool of individuals at risk of diabetes, creating a greater demand for blood glucose monitoring devices. For instance, based on the National Diabetes Statistics Report, in 2021, in the U.S. 27.2 million adults aged 65 years or older had prediabetes. Studies have shown that real-time continuous glucose monitoring (CGM) is effective and safe in adults aged 65 years and older with type 2 diabetes. Participants aged 65 years and above showed a significant improvement in their hemoglobin A1c (HbA1c) levels, which indicates better control of blood glucose levels when using CGM compared to blood glucose monitoring (BGM). These results underscore the potential value of CGM devices as a beneficial tool for effectively managing diabetes in the elderly population.

The COVID-19 pandemic has significantly impacted the market. The pandemic highlighted healthcare disparities and technology importance, including BGM devices. Regulatory changes, such as relaxed requirements for obtaining continuous glucose monitoring (CGM), have increased access to these devices, particularly benefiting those who can benefit from the technology. Furthermore, the use of real-time continuous glucose monitoring (rtCGM) was observed during lockdowns for improved glycemic control, reducing the time in range & glucose variability, thereby significantly boosting the overall market growth.

Blood Glucose Monitoring Devices Market Report Scope

Report Attribute	Details
Market size value in 2024	USD 14.42 billion
Revenue forecast in 2030	USD 23.21 billion
Growth rate	CAGR of 8.25% from 2024 to 2030
Actual data	2018 - 2023
Forecast period	2024 - 2030

Some of the key players operating in the market include Abbott, Medtronic Plc., and Novo Nordisk. The company's primary strategies involve a comprehensive understanding of the strengths and weaknesses of major market participants, anticipation of future market trends, identification of opportunities and challenges, and proactive decision-making based on insights into emerging technologies and evolving consumer preferences.

List of Key Players of Blood Glucose Monitoring Devices Market

• Thermo Fisher Scientific (Patheon)
• Abbott
• Medtronic plc
• F. Hoffmann-La Roche Ltd
• Ascensia Diabetes Care Holdings AG
• Dexcom, Inc.
• Sanofi
• Novo Nordisk
• Insulet Corporation
• Ypsomed Holdings
• Glysens Incorporated