Global Glucose Monitoring Devices Market Size By Product (Self-Monitoring Devices, Continuous Glucose Monitoring Devices), By Application (Clinics, Hospitals), By Geographic Scope And Forecast
Report ID: 17545|No. of Pages: 202
Global Glucose Monitoring Devices Market Size By Product (Self-Monitoring Devices, Continuous Glucose Monitoring Devices), By Application (Clinics, Hospitals), By Geographic Scope And Forecast
Glucose Monitoring Devices Market Size And Forecast
Glucose Monitoring Devices Market size was valued at USD 14.9 Billion in 2020 and is projected to reach USD 32.6 Billion by 2028, growing at a CAGR of 11.8% from 2021 to 2028.
The Glucose Monitoring Devices Market is anticipated to grow at a rapid pace over. The global rise in the prevalence and presence of diabetes, as well as the growing adoption of continuous glucose monitoring systems, are influencing the growth of this market. Furthermore, prolonged technological advancements in Glucose Monitoring Devices, as well as growing populations aging, are driving up the requirement for Glucose Monitoring Devices. The Global Glucose Monitoring Devices Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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Global Glucose Monitoring Devices Market Definition
Glucose Monitoring Devices are devices that identify blood sugar levels and appear in a range of forms, including testing strips, glucose meters, and vials. These tools allow self-testing by implementing a single glucose meter and numerous strips. Diabetes is a health condition in which the pancreas’ inability to produce insulin results in an increased glucose level in the body. Blood Glucose Monitoring Devices both are cost-effective and necessary for diagnosis and treatment. The Glucose Monitoring Devices are classified as Self-Monitoring Devices and Continuous Glucose Monitoring Devices.
Self-monitoring is the process through which individuals use intelligent tools such as portable sensors and mobile apps to collect, process, and exhibit a wealth of personal data to plan and control all aspects of personal health. A continuous Glucose Monitoring Devices is a sensor just under the skin that monitors glucose levels 24 hours a day. A transmitter transmits the data to a wearable device as well as a cell phone. These devices are being used to quantify blood sugar levels, which is an important approach to the treatment of diabetes. It also facilitates the prevention of other related health issues including neuropathy, retinopathy, and heart disorders.
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Global Glucose Monitoring Devices Market Overview
The sudden increase in the incidence of diabetes is one of the key factors anticipated to increase the development and demand for Glucose Monitoring Devices. Moreover, the sudden transition in lifestyle with no physical exercise and the rise in the older population, both of which are family history of diabetes, are expected to contribute to the global market’s growth during the forecast period. Greater awareness of diabetes preventive medical care and new product advancements are also anticipated to fuel the growth. The connectivity of Glucose Monitoring Devices with mobile applications has made it much easier for patients to monitor their blood glucose levels.
Partnerships between vendors and end-users to promote and develop the use of low blood Glucose Monitoring Devices in-home care settings help to drive the market demand for this medical equipment. Furthermore, several countries have implemented lockdowns during the coronavirus outbreak to slow the disease’s spread. This has led to significant changes in diabetic patients’ daily activities in terms of their food patterns, sports exercise, and low physical activity. All of these variables lead to abnormal variability in blood glucose, which is rising continuously for self-monitoring devices over the forecasted period.
The strict regulation of Glucose Monitoring Devices by regulatory agencies, as well as the high price associated with frequent blood glucose tests, are expected to hinder the growth of the market. However, insufficient reimbursement, with the use of Continuous glucose monitoring systems, and product defects are some of the key factors limiting the market’s growth. The rising population, growth in public health expenditures, and rise in understanding of point of care test results are expected to offer lucrative opportunities for growth in the market’s growth over the forecasted period.
Global Glucose Monitoring Devices Market Segmentation Analysis
The Global Glucose Monitoring Devices Market is segmented on the basis of Product, Application, And Geography.
Glucose Monitoring Devices Market, By Product
• Self-Monitoring Devices
• Continuous Glucose Monitoring Devices
Based on Product, The market is segmented into Self-Monitoring Devices and Continuous Glucose Monitoring Devices. Self-Monitoring Devices have the largest growing segment of the Global Glucose Monitoring Devices Market because of their easiness of use and low price Self-Monitoring of blood sugar is a technique in which individuals use a glucose meter to measure their blood glucose levels as compared to Continuous Glucose Monitoring Devices throughout the projected period.
Glucose Monitoring Devices Market, By Application
• Clinics
• Hospitals
• Diagnostic Centre
Based on Application, The market is segmented into Clinics, Hospitals, and Diagnostic Centre. Hospitals have the highest growing segment of the Global Glucose Monitoring Devices Market because of infrastructure improvement and enhanced healthcare spending in Hospitals Moreover, the cost of measuring blood glucose levels in Hospitals is higher than in-home care settings. Hospitals have greater protection in place to protect and transfer patient data.
Glucose Monitoring Devices Market, By Geography
• North America
• Europe
• Asia-Pacific
• Rest of the World
On the basis of Geography, The Global Glucose Monitoring Devices Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world. North America is projected to be the highest growing market over the projected period. The rising prevalence of obesity, high treatment costs, technological developments, and new product introductions are expected to drive the market throughout the projected period.
Key players
The “Global Glucose Monitoring Devices Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Abbott, Roche, LifeScan, Bayer, Johnson and Johnson, Omron, ARKRAY, Hainice Medical, Infopia, SENS Inc, DexCom Inc., Medtronic, B. Braun Melsungen AG, Nova Biomedical Corporation, Terumo Corporation. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
• In February 2021, Roche declared the release of the new Accu-Chek Instant system, a new “connected” blood glucose monitoring structure that provides and enables Roche’s integrated Personalised Diabetes Management approach (iPDM). Accu-Chek Instant has Bluetooth technology to the mySugr app, enabling wireless transmission of blood glucose outcomes.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2017-2028 |
| BASE YEAR | 2020 |
| FORECAST PERIOD | 2021-2028 |
| HISTORICAL PERIOD | 2017-2019 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | Abbott, Roche, LifeScan, Bayer, Johnson and Johnson, Omron, ARKRAY, Hainice Medical. |
| SEGMENTS COVERED | • By Product |
| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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Data Collection Matrix
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Industry Analysis Matrix
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