by The blood glucose monitoring market is characterized by regular product launches and technological upgrades introduced by key players.Blood glucose monitoring devices are essential for monitoring blood glucose or sugar levels. They help diabetics check their blood glucose levels and determine insulin requirements. Some key advantages of these monitoring devices include painless pricking of fingers for blood sample collection, smaller and compact sized instruments, data storage capacity, easy and convenient usage etc.
The global blood glucose monitoring market is estimated to be valued at US$ 22101.13 Mn in 2024 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends propelling the growth of this market is the increasing adoption of advanced technologies like smartphone connectivity and artificial intelligence. Key players are focusing on developing integrated continuous glucose monitoring systems that can be controlled through smartphone apps. This allows real-time monitoring of glucose levels and automatic transmission of data to healthcare providers. Integration of AI helps in analyzing patterns in glucose readings and predicting high/low levels in advance. This empowers patients to take precautionary measures and reduces health complications. Growing preference for user-friendly monitoring devices with advanced connectivity and automation is expected to drive significant growth in the blood glucose monitoring market over the forecast period.
SWOT Analysis
Strength: The blood glucose monitoring market has a growing aging population suffering from diabetes, thus driving demand for blood glucose monitoring devices.
Weakness:Stringent regulations and product approval process may delay the launch of new and advanced blood glucose monitors. High cost of advanced blood glucose monitors limits widespread adoption.
Opportunity: Growing awareness about diabetes management and self-monitoring of blood glucose levels opens up opportunities for market players. Technological advancements enable launch of user-friendly and pain-free blood glucose monitoring devices.
Threats: Presence of alternative technologies for glucose level monitoring such as flash glucose monitoring systems. Availability of low-cost alternatives like test strips from local manufacturers poses pricing pressure.
Key Takeaways
The Global Blood Glucose Monitoring Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to be US$ 22101.13 Mn, registering a CAGR of around 0.8%.
Regional analysis:
North America dominates the global blood glucose monitoring market currently due to high prevalence of diabetes and supportive reimbursement policies for diabetes management and monitoring devices. Asia Pacific is expected to witness fastest growth over the forecast period supported by growing aging population, increasing healthcare expenditure and shifting preference towards self-monitoring of blood glucose levels.
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. Major players are focused on introducing innovative and easy-to-use monitoring devices to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
