According to Fortune Business Insights, the global Blood Glucose Monitoring System Market size is projected to reach USD 31.34 billion in 2029, at CAGR of 10.1% during forecast period; Increasing Prevalence of Diabetes to Bolster Market Growth
/EIN News/ — Pune, India, April 25, 2022 (GLOBE NEWSWIRE) — The global blood glucose monitoring system market size is anticipated to rise during the forecast period due to the increasing prevalence of diabetes and technological development in medical equipment. Fortune Business Insights publishes this information in a report titled, “Blood Glucose Monitoring System Market, 2022-2029”. As per the report, the blood glucose monitoring system market size was USD 14.78 billion in 2021. The market size is expected to rise from USD 15.94 billion in 2022 to USD 31.34 billion by 2029 at a CAGR of 10.1% during the projected period.
Key Industry Development:
- November 2021: Terumo Corporation partnered with Diabeloop to introduce automated insulin delivery solutions to Europe, possibly expanding globally.
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Report Scope & Segmentation
|Forecast Period||2022 to 2029|
|Forecast Period 2022 to 2029 CAGR||10.1%|
|2029 Value Projection||USD 31.34 Billion|
|Market Size in 2021||USD 14.78 Billion|
|Historical Data for||2018 to 2020|
|No. of Pages||222|
|Segments covered||By Device Type, By Modality, By Geography|
|Growth Drivers||Increasing Prevalence of Diabetes to Bolster Market Growth|
|Increasing Penetration of CGM Devices Across Various Segments to Augment Growth|
|Rising Prevalence of Diabetes to Boost the Demand for Blood Glucose Monitoring Devices|
Drivers & Restraints:
Increasing Prevalence of Diabetes to Bolster Market Growth
The blood glucose monitoring system market share is expected to witness significant growth during the forecast period due to the increasing prevalence of diabetes. Also, the rising diagnosis rate before conducting various surgeries is anticipated to fuel the market growth. Furthermore, developing urbanization and increasing shift towards a sedentary lifestyle are expected to stimulate the demand for a monitoring system in the coming years.
According to the International Diabetes Federation 2021, it was projected that around 537 million adults were suffering from diabetes and countries like India, China, the U.S., Mexico, and Brazil accounted for an estimated 51.6% of the global diabetes population in 2021.
However, lower diagnosis and treatment rates in emerging countries may hinder market growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:
Increasing Diagnosis Rate amid COVID-19 to Boost Market Growth
The outbreak of COVID-19 pandemic created a positive impact on the blood glucose monitoring system market growth. A high spread of the virus was reported among the diabetic population, which encouraged healthcare providers to frequently conduct blood glucose level tests. Major players in the market witnessed a high revenue generation rate due to the increased blood glucose monitoring system adoption. These factors are expected to drive the market during the pandemic.
SMBG Devices to Dominate Market Due to its Rising Adoption
By device type, the market is bifurcated into continuous glucose monitoring (CGM) system and self-monitoring blood glucose (SMBG) system.
Based on modality, the market is divided into wearable and non-wearable.
On the basis of type, the market is segmented into non-invasive and invasive.
According to patient type, the market is segregated into type 1 diabetes and type 2 diabetes.
As per the distribution channel, the market is categorized into institutional and retail sales.
Finally, geographically, the market share is categorized into North America, Europe, Asia Pacific, and Rest of the World.
North America Holds Highest Market Share Due to Emerging Technologies
North America dominates the global blood glucose monitoring system market share due to the increasing number of diabetes patients and rising adoption of technologically advanced medical devices. The regional market stood at USD 6.33 billion in 2021 and is projected to grow at a fast pace during the forecast period.
Europe is expected to hold the second-highest global market share during the projected period. The regional market growth is attributed to increasing awareness regarding diabetes management and self-monitoring systems.
Quick Buy – Blood Glucose Monitoring System Market
Key Players Focus on Partnerships to Expand their Business Globally
The key market players focus on partnering with supporting organizations to expand their business globally. Also, developing and designing a new product range allows key players to enhance their product portfolio.
List of Key Players Profiled in Blood Glucose Monitoring System Market Report:
- Abbott (U.S.)
- B. Braun Melsungen AG (Germany)
- Dexcom, Inc. (U.S.)
- Ascensia Diabetes Care Holdings AG (Switzerland)
- Medtronic (Ireland)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Terumo Corporation (Japan)
- LifeScan IP Holdings, LLC (U.S.)
- Senseonics (U.S.)
Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Prevalence of Type 1 and Type 2 Diabetes Patients – For Key Countries, 2021
- Penetration of Blood Glucose Monitoring Among Diabetes Patients, For Key Countries
- Key Criteria for Selecting Blood Glucose Monitoring Systems
- Regulatory/Reimbursement Overview, For Key Countries
- Technology Advancements in Blood Glucose Monitoring Systems
- Key Industry Developments
- New Product Launches, By Key Players
- Key Barriers to Market Entry
- Impact of COVID-19 on the Market
- Pricing analysis – For Major Brands by Key Players
Global Blood Glucose Monitoring System Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
Market Analysis, Insights and Forecast – By Device
- Continuous Glucose Monitoring (CGM) System
- Self-Monitoring Blood Glucose (SMBG) System
- Market Analysis, Insights and Forecast – By Modality
- Market Analysis, Insights and Forecast – By Type
Market Analysis, Insights and Forecast – By Patient Type
- Type-1 Diabetes Patients
- Type-2 Diabetes Patients
Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Sales
- Institutional Sales
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This news story originally appeared at Books - Reality Syndicate Viewers on 28 April 2022