As the world continues to face diabetes burden, accurate and efficient glucose monitoring becomes paramount for managing this condition. Courtesy of this, global demand for Global Glucose Monitoring Devices Industry is anticipated to surge at 10.6% CAGR during the next decade.
According to Future Market Insights’ updated report, the global market value is projected to increase from US$ 16.2 billion in 2024 to US$ 44.6 billion by 2034. The market was valued at US$ 14.7 billion at the end of 2023 and is set to exhibit a y-o-y growth of 10.3% in 2024.
Over the past 20 years, diabetes has escalated to a severe health concern with an unparalleled rate of global growth. It is a significant contributor to death in those aged 20 to 79. The World Health Organization has classified diabetes as a global pandemic due to its rapidly increasing prevalence.
Patients with diabetes require regular monitoring. Costs associated with patient monitoring can be decreased by utilizing technologies for information and communication, artificial intelligence, and smart devices together. Diabetes is mostly brought on by changes in blood glucose levels, and it is important to keep them steady for a set period.
The adoption of continuous glucose monitoring devices, which are emerging as a novel technique for monitoring glucose levels, is growing along with the number of diabetic patients. Every ten minutes, these devices update the real-time glucose level data they provide. The preservation of healthy blood glucose levels is the only method for a diabetic to prevent potentially fatal diabetic complications, and glucose monitoring is an essential component of diabetes management.
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Non-invasive glucose monitoring has recently become more popular as it lessens the discomfort and suffering experienced by diabetics who must prick their skin more than four times per day to measure their blood glucose levels.
With the increasing prevalence of diabetes, as well as advancements in sensor-based technologies for patient monitoring, the market is set to expand at a lucrative pace, over the forecast period.
Key Takeaways from The Global Glucose Monitoring Devices Industry Study
- Self-monitoring devices are the leading segment as a product, and hold approximately 3% market value share in 2022, owing to their automated and reliable monitoring process.
- The diabetes type II segment is set to lead in terms of indication of glucose monitoring devices with an estimated market value share of around 1% by 2023, owing to the high prevalence of type II diabetes globally.
- By end users, hospitals held a market share of around 7% in 2022, owing to the adoption of continuous monitoring devices in hospitals to reduce the number of fingerstick point-of-care capillary blood glucose tests, hyperglycemic episodes, and hypoglycemic episodes.
- North America holds a value share of 0% in 2022, owing to the high prevalence of chronic diseases in the region.
“Rising initiatives to integrate artificial intelligence, as well as digital technologies to blood glucose monitoring devices, as well as growing new product launch activities, are factors propelling the growth of the global glucose monitoring market,” says an analyst of Future Market Insights.
Global Glucose Monitoring Devices Industry Competition
Key players’ rigorous research led to the development of improved technologies such as flash glucose monitoring and continuous glucose monitoring. Companies also engage in strategic initiatives such as new product launches and mergers and acquisitions.
- All consumers with diabetes type 1 are now covered by the Dexcom G6 rtCGM System under the Non-Insured Health Benefits Program, according to an announcement made by Dexcom, Inc. in January 2023.
- Abbott disclosed in June 2022 that it is creating a new bio wearable that combines a sensor to continually monitor both glucose and ketone levels. The U.S. FDA has granted the system breakthrough device classification.
Global Glucose Monitoring Devices Industry Key Players:
- Dexcom, Inc.
- Abbott Laboratories
- F. Hoffmann-La Roche Ltd (Switzerland)
- Medtronic
- Ascensia Diabetes Care
- Arkray
- Ypsomed AG
- Acon Laboratories
- Nipro
- Nova Biomedical
- Goldsite Diagnostics Inc. (China)
- Lifescan Ip Holdings, LLC
- Prodigy Diabetes Care
- Others
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Key Segments Covered in Global Glucose Monitoring Devices Industry Research
Product:
- Self-Monitoring Devices
- Continuous Monitoring Devices
Indication:
- Diabetes Type I
- Diabetes Type II
End User:
- Hospitals
- Clinics
- Diagnostics Centres
- Home Care Settings
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10-years.
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