Continuous Glucose Monitoring Fosters Blood Glucose Meters Industry Growth - Grand View Research, Inc.
SAN FRANCISCO, Feb. 8, 2023 /PRNewswire/ -- The global blood glucose meters industry size was valued at USD 15.80 billion in 2022 and will register a robust CAGR of around 7.3% from 2023 to 2030, according to the "Blood Glucose Meters Industry Data Book, 2023-2030," published by Grand View Research. An unprecedented rise in the diabetic population has furthered the demand for technologies monitoring blood glucose. In November 2022, the Pan American Health Organization (PAHO) report claimed that around 62 million people live with diabetes in the Americas, which is forecast to reach 109 million by 2040. The trend for glucose monitoring devices and boosting the capacity for the early diagnosis of diabetes will encourage leading players to foster their penetration.
Blood glucose monitoring devices have witnessed increased traction across developing and developed countries, mainly due to the need to stay on track with blood sugar goals. The growth trajectory is primarily attributed to the trend for continuous glucose monitoring (CGM) technologies to track blood sugar levels. CGM tools have provided an impetus to manage type 1 or type 2 diabetes 24 hours a day. These devices are non-invasive, do not need fingerstick and can measure blood sugar in real time. The blood glucose monitoring devices market size reached USD 12.53 billion in 2022 and could expand at around 8.1% CAGR from 2023 to 2030. State-of-the-art devices can leverage early detection, holistic insights, remote care and better diabetes management to help users make informed health decisions.
Access the Global Blood Glucose Meters Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
The point-of-care glucose testing has witnessed an increased demand to provide instant feedback to the patient, thereby minimizing wait time. Notably, the advent of analyzers for short turnaround tests has added fillip to the market growth. An increased emphasis on shorter hospital stays and the trend to streamline POC management have augured innovation in the global landscape. The point-of-care glucose testing market size was pegged at USD 3.27 billion in 2022, depicting a CAGR of 3.7% from 2023 to 2030. Industry participants expect POCT to redefine diabetes management with reduced staff time, minimized laboratory overhead and increased patient satisfaction.
A slew of drivers, opportunities and trends has brought a paradigm shift in the global landscape. Blood glucose meters manufacturers and suppliers are expected to cash in on the prevailing growth potentials to expand their penetration across yet-to-be-penetrated areas. Some industry dynamics, included but not limited to, are highlighted below:
- Glucose meters will be sought-after to help people make decisions pertaining to their insulin, food choices, medications and activities. End-users are likely to prioritize accuracy, ease of use and price of glucometers, including CGMs and standard devices.
- Self-monitoring devices have received impetus following the demand for wearable technologies. Digitally-powered tools have become the go-to technology for the self-management of diabetes and to underpin blood glucose maintenance. It can help identify and treat hypoglycemia and is believed to assist in enhancing the control of sugar levels.
- Europe could witness investment galore in the wake of profound traction for CGM devices. In September 2022, Innovate U.K. poured £800,000 (roughly USD 958,370) in seed funding and a £300,000 (approximately USD 359,419) grant to Transdermal Diagnostics to help develop needle-free continuous glucose monitor technology.
Order your copy of the Free Sample of "Blood Glucose Meters Industry Data Book - Point-of-care Glucose Testing Devices, Self-Monitoring & Continuous Blood Glucose Monitors Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030" Data Book, published by Grand View Research
From a regional perspective, the North America blood glucose meters market share will rise against the backdrop of a surging diabetic population and the demand to monitor sugar levels. Strikingly, the impact of COVID-19 complications furthered the need to track blood glucose levels. According to the CDC, COVID-19-infected people younger than 18 had 2.5 times more chances of being newly diagnosed with diabetes post infections than those without COVID-19 and those with respiratory diseases prior to the outbreak. Additionally, continuous glucose monitoring devices will continue to witness an uptake across the U.S. and Canada to slow down or prevent the progression of the disease. Along with other notable features, CGM can help download data to smart devices to seamlessly assess glucose trends, prompting leading companies to foster their footprint.
The competitive landscape alludes to an emphasis on organic and inorganic strategies, including technological advancements, mergers & acquisitions, product launches, R&D activities and innovations. To illustrate, in August 2022, Abbott announced infusing USD 450 million to bolster the production of its FreeStyle Libre CGMs in two facilities in Ireland. Meanwhile, in March 2022, Dexcom's received a CE mark for its G7 CGM systems, enabling the product to be rolled out in Europe.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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