Blood Glucose Monitoring Market is estimated to be 19.6 Billion by 2029 with a CAGR of 6.6% during the forecasted period.
Blood
glucose monitoring is the process of testing the diabetes level within the
blood. It helps to acknowledge the glucose level of blood within the required target
range. Blood sugar monitoring devices provide useful insight to manage
diabetes. It helps to trace the progress of treatment goal also as observe the
effect of medication on blood glucose level and understand how ailment affects
the glucose level within the blood. The global blood glucose monitoring market
accounted for US$ 11.10 billion in 2020 and is estimated to be US$ 19.6 billion
by 2029 and is anticipated to register a CAGR of 6.6.
The report "Global Blood Glucose Monitoring
Market, By Type (Self-Monitoring Blood Glucose and Continuous Blood Glucose
Monitoring), By Component (Glucometer Devices, Test Strips, Lancets, Sensors,
and Receivers), and By Region (North America, Europe, Asia Pacific, Latin
America, and the Middle East & Africa) - Trends, Analysis and Forecast till
2029”.
Key Highlights:
·
In August 2016, Roche launched the Accu-Chek Guide blood glucose
monitoring system. The device is designed to make daily glucose monitoring
easy.
·
In October 2018, Platinum
Equity acquired Lifescan from Johnson & Johnson diabetes care business,
with an aim to increase its product offering.
·
In August 2018, Dexcom acquired
TypeZero Technologies, which was an extension of long partnership between both
companies with an aim to improve its product offering through TypeZero
Technologies automated insulin delivery system.
Analyst View:
Rising incidence of diabetes, coupled with increasing geriatric
population prone to diabetes is the key factors to drive the market growth.
According to the International Diabetes Federation, approximately 424 million
people were living with diabetes in 2017 and this number is expected to reach
629 million by 2045. Increasing geriatric population is also propelling the
market. According to the World Health Organization (WHO), the global aging
population will rise from 12% in 2015 to 22% by 2050. This translates into
significant development potential.
The market has significantly benefited from continuous
technological advancements and early detection of hypo and hyperglycemic
diabetes. Rapidly changing lifestyles, such as smoking and consumption of
alcohol and unhealthy foods, are contributing to the rise in the number of
diabetes patients worldwide. Obesity is also one of the major factors
contributing to diabetes. According to WHO, over 650 million people were obese
in 2016 and this number is expected to grow further during the forecast period.
Key Market Insights from the
report:
The global blood glucose monitoring market
accounted for 11.0 billion in 2020 and is estimated to be US$ 19.6 billion by
2029 and is anticipated to register a CAGR of 6.6%. The market report has been
segmented on the basis of type, component and region.
·
Depending
upon type, the self-monitoring blood
glucose segment is projected to grow at highest CAGR over the forecast period owing
to its ease of use and low cost.
·
Depending
upon component, the test strips and
lancets segment is projected to grow at highest CAGR over the forecast period.
·
By
region, North America has been leading
the global market owing to its well-established healthcare sector. Increasing
prevalence of obesity and high cost of treatment is also expected to drive the
region, along with technological advancements and new product launches.
To know the upcoming trends and insights prevalent in this market,
click the link below:
https://www.prophecymarketinsights.com/market_insight/Global-Glucose-Monitoring-Devices-Market-3947
Competitive Landscape:
The prominent player operating in the global
blood glucose monitoring market includes Abbott Laboratories, Arkay, Inc., Bayer Healthcare AG, F.
Hoffmann-La Roche Ltd, Goldsite Diagnostics Inc., GlySure Ltd, Sphere Medical
Holding plc., Dexcom, Inc., and LifeScan, Inc.
The market provides detailed information
regarding the industrial base, productivity, strengths, manufacturers, and
recent trends which will help companies enlarge the businesses and promote
financial growth. Furthermore, the report exhibits dynamic factors including
segments, sub-segments, regional marketplaces, competition, dominant key
players, and market forecasts. In addition, the market includes recent
collaborations, mergers, acquisitions, and partnerships along with regulatory
frameworks across different regions impacting the market trajectory. Recent
technological advances and innovations influencing the global market are
included in the report.
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