[Latest] Blood Glucose Monitoring Devices Market Size to Hit $ 27.60 Billion by 2032, Growing at a CAGR of 8.42%
According to The Brainy Insights, the global blood glucose monitoring devices market size is projected to reach USD 27.60 billion by 2032 from its value of USD 12.78 billion in 2022, at a CAGR of 8.42% during the forecast period. The rise in diabetes is driving the growth of the blood glucose monitoring devices market. North America emerged as the most significant global Blood Glucose Monitoring Devices market, with a 38.21% market revenue share in 2022.
Newark, Sept. 06, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 12.78 Billion in 2022 blood glucose monitoring devices market will reach USD 27.60 Billion by 2032. A cholesterol examination can help reveal the risk of the accumulation of fatty residues (plaques) in the arteries, which may lead to blocked or narrowed arteries all through the body (atherosclerosis). Blood glucose monitoring devices is a valuable assessment. Increased cholesterol mostly causes no symptoms or indications. Diabetes mellitus indicates a grouping of disorders that affect in what manner the body utilizes blood glucose (sugar). Glucose is a principal source of energy for cells that form tissues and muscles. Glucose is also the main source of fuel for the brain. The major cause of diabetes differs by type. However, no matter which type of diabetes a person has, it can result in extra sugar in the blood. Excessive sugar in the blood may lead to major health troubles.
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Key Insight of the Blood Glucose Monitoring Devices Market
Asia Pacific is anticipated to expand at the highest CAGR of 10.02% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 10.02% over the forecast period. The growing occurrence of diabetes and rising investment in healthcare infrastructure is expected to boost the growth of blood glucose monitoring devices in the Asia Pacific region. Over 60% of the individuals suffering from diabetes live in Asia, of which almost 50% in India and China combined. The Western Pacific has around 138 million individuals living with diabetes, and the figure may increase to 201.8 million by the year 2035. The occurrence of diabetes in India is around 11%. There are an estimated 77 million individuals above the age of 18 years in India who are suffering from diabetes (type-2) and close to 25 million are prediabetics (at an elevated risk of getting diabetes in the next few years). The International Diabetes Federation (IDF) estimates that the number of diabetics in Southeast Asian region will surge 68%, reaching around 150 million by the year 2045, and the occurrence of diabetes will expand to 30%, reaching 11.3% in 2045. The percentage of undiagnosed diabetes is the third highest in the Southeast Asian region, with around 51%.
Over the projected period, the continuous glucose monitoring devices product type segment is expected to register the highest CAGR of 12.58% in the blood glucose monitoring devices market.
In the blood glucose monitoring devices market, the continuous glucose monitoring devices product type is anticipated to experience the highest CAGR of 12.58% during the forecasted period. A latest study has discovered that prediabetes can be detected by using CGMs (continuous glucose monitors). This process could possibly identify individuals with early indications of prediabetes earlier than it would have been identified with a blood glucose examination. This could encourage individuals to make lifestyle variations earlier in the advancement of the disorder. Continuous glucose monitors are devices that evaluate blood glucose levels in almost real-time. New product launches are anticipated to boost the growth of continuous glucose monitoring devices product type in the near future. Some of the other factors driving the demand for continuous glucose monitoring devices product type during the projected period are technological advancements.
Over the projected period, the type-2 diabetes patient type segment is expected to register the highest CAGR of 11.2% in the blood glucose monitoring devices market.
Over the forecasted period, the type-2 diabetes patient type segment is expected to register the highest CAGR of 11.2% in the blood glucose monitoring devices market.
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Driver: Rise in occurrence of diabetes- Diabetes mellitus indicates a grouping of disorders that affect in what manner the body utilizes blood glucose (sugar). Glucose is a principal source of energy for cells that form tissues and muscles. Glucose is also the main source of fuel for brain. The major cause of diabetes differs by type. However, no matter which type of diabetes a person has, it can result in extra sugar in blood. Excessive sugar in the blood may lead to major health troubles. Type-1 diabetes can commence at any age. However, it often begins during teen years or even childhood. The more common type is the type-2 diabetes, and it can arise at any age. Type-2 diabetes is although more prevalent in individuals older than 40. However, type-2 diabetes is constantly increasing in children. Diabetes is a prominent cause of kidney failure, blindness, lower limb amputation, stroke, and heart attacks. Between the years 2000 and 2019, there was a 3% rise in diabetes death rates by age. Diabetes and kidney disorders caused due to diabetes resulted in an estimated 2 million mortalities in 2019. As per the CDC (Centers for Disease Control and Prevention), just above 37 million individuals in the United States have diabetes. The IDF Diabetes Atlas (2021) discloses that 10.5% of the adult (20-79 years) populace is suffering from diabetes, with nearly half ignorant that they are living with the disorder. By the year 2045, International Diabetes Federation (IDF) estimates show that nearly 783 million (1 in 8 adults) will be suffering from diabetes, a rise of 46%. More than 90% of diabetics have type 2 diabetes, which is led by demographic, socio-economic, genetic, and environmental factors. Blood glucose (blood sugar) monitoring is the chief tool to discover if blood glucose levels are inside the target range. Thus, rise in diabetes cases is expected to drive the growth of global blood glucose monitoring devices market.
Opportunity: Increasing popularity of continuous glucose monitors- Individuals living with diabetes have to monitor their blood glucose (sugar), a job conventionally done with the help of glucometers by pricking the finger at regular interval for drops of blood. However, over the last few years, technology such as CGM (continuous glucose monitoring) is on the rise. A latest study has discovered that prediabetes can be detected by using CGMs (continuous glucose monitors). This process could possibly identify individuals with early indications of prediabetes, earlier than it would have been identified with a blood glucose examination. This could encourage individuals to make lifestyle variations earlier in the advancement of the disorder. Continuous glucose monitors are devices that evaluate blood glucose levels in almost real time. The sensors for such devices are fixed to the skin with a bonding patch and obtain blood glucose readings exclusive of the need for conventional fingerstick examinations. Such devices quantify blood sugar right through the day and trace variations, like spikes in blood glucose afterwards a meal or in case blood sugar declines.
Challenge: Rigorous regulatory guidelines- The blood glucose monitoring devices products must go through a rigorous process for receiving approval. The testing products are checked on multiple parameters and have to comply with the mandatory guidelines. This is a time consuming and capital-intensive process.
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Some of the major players operating in the blood glucose monitoring devices market are:
• Medtronic plc
• Abbott Laboratories
• Ascensia Diabetes Care
• F. Hoffmann-La Roche Ltd
• Dexcom, Inc.
• Novo Nordisk
• Ypsomed Holdings
• Insulet Corporation
• Glysens Incorporated
• B. Braun Medical Ltd
• Terumo Europe NV
• LifeScan IP Holdings, LLC
Key segments covered in the market:
By Product Type:
• Continuous Glucose Monitoring Devices
o Transmitter and Receiver
o Insulin Pumps
• Self-monitoring Devices
o Blood Glucose Meter
o Testing Strips
By Patient Type:
• Type-2 Diabetes
• Type-1 Diabetes
• Home/Self Care
• Diagnostic Centers
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analysed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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