The Glucose Meter Market size is expected to reach USD 21.27 Billion in 2030 and register a revenue CAGR of 9.5% over the forecast period, according to latest report by Reports and Data. Increase in diabetes population across the globe and rise in awareness about diabetes preventive care are key factors driving market revenue growth. According to the World Health Organization (WHO), diabetes is a major cause of blindness, kidney failure, heart attack, stroke, and lower limb amputation. WHO further states that the prevalence of diabetes is rising more rapidly in low and middle-income countries.
Rising incidence of diabetes and obesity is posing a serious threat to the global healthcare system, and the need for proper screening of diabetes is becoming more important with increase in global geriatric population who are more prone to diabetes. Moreover, according to the International Diabetes Federation (IDF), one in two (50.1%) people leaving with diabetics do not know that they have diabetes. Furthermore, it estimates that the global prevalence of impaired glucose tolerance will increase from 7.5% in 2019 to 8.0% by 2030 and will reach 8.6% by 2045. Therefore, proper screening of diabetes is of utmost importance, along with increase in awareness about diabetes and diabetes prevention. In May 2021, for instance, the World Health Assembly agreed a resolution on strengthening prevention and control of diabetes. Such initiatives are expected to increase awareness about diabetes and regular monitoring of blood glucose levels, which is expected to drive revenue growth of the global glucose meter market during the forecast period.
Growing awareness and need for prevention and care of diabetes are leading to increase in screening and monitoring of blood glucose levels, which in turn, is increasing demand for glucose meters. Technological advancements in the healthcare sector, and innovative and more accurate and affordable products launched by key players are generating lucrative growth opportunities. This is resulting in increase in demand for self-monitoring blood glucose systems, as well as continuous glucose monitoring systems, which are effective and reliable devices for monitoring blood glucose levels in both hypoglycemic and hyperglycemic patients. Self-monitoring systems are suitable for diabetic patients of middle and low-income countries, owing to their availability and comparatively low costs. Continuous glucose monitoring systems help diabetic patients by providing real-time data on glucose levels via sensors and transmitters, which can be connected and shared with the help of digital devices or applications. This minimally invasive procedure is of immense help to monitor blood glucose levels, and hence, advent of these glucose meters and their adoption is facilitating screening, monitoring, and preventive care of diabetes worldwide. This is expected to drive market revenue growth during the forecast period.
Glucose meters were very helpful for diabetes patients during the lockdowns related to COVID-19 pandemic, as patients can monitor and check their blood glucose levels at home with glucose meters and then share them with medical experts in virtual clinics or online platforms. This led to rapid clinical decision-making and management of diabetes. Thus, glucose meters can help significantly in screening and monitoring blood glucose levels in diabetic population, which is expected to support revenue growth of the market.
Although technologically advanced, highly sophisticated, and minimally invasive and non-invasive glucose meters are reliable and accurate, one of the major restraints associated with them is their costs. In addition, frequent pain-related issues, mainly related to fingertip pricking cases in self-monitoring glucose devices, can limit their adoption and thus, restrict market revenue growth during the forecast period.
In-depth Study of the Competitive Landscape:
The global Glucose Meter market consists of various market players, which make this business sphere highly competitive. In this section of the report, the authors have provided authentic information on product portfolios, new product innovations, technological capabilities, and product pricing strategies of each of these players. Moreover, it discusses the key strategies implemented by these players, such as mergers & acquisitions, joint ventures, collaborations, partnerships and agreements, to build on their market presence.
Top companies profiled in the report include:
F. Hoffmann-La Roche AG, Abbott Laboratories, Ascensia Diabetes Care, Medtronic PLC, LifeScan Inc., Nova Biomedical Corporation, OMRON Corporation, Nipro Medical Corporation, ACON Laboratories Inc., Prodigy Diabetes Care LLC, B. Braun Melsungen AG, Dexcom Inc., Ypsomed AG, Sanofi SA, Hainice Medical Inc., and Sannuo Biological Sensing Co Ltd.
Key Market Regions Covered in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Product Outlook (Revenue, USD Billion; 2019-2030)
- Self-Monitoring Blood Glucose System
- Continuous Glucose Monitoring System
Type Outlook (Revenue, USD Billion; 2019-2030)
- Wearable
- Non-Wearable
Testing Site Outlook (Revenue, USD Billion; 2019-2030)
- Fingertip Testing
- Alternate Site Testing
Technique Outlook (Revenue, USD Billion; 2019-2030)
- Invasive
- Non-Invasive
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Online
- Offline
- Retail Pharmacy
- Hospital Pharmacy
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals
- Clinics / Diagnostic Centers
- Home Care
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Glucose Meter market over the forecast period?
- What are the major factors driving the growth of the Global Glucose Meter Market?
- What are the key challenges impacting the global Glucose Meter market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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