The global blood glucose meter market is witnessing significant growth, driven by the rising prevalence of diabetes, technological advancements, and increasing awareness about self-monitoring of blood glucose levels. As the demand for effective diabetes management solutions escalates, the market is poised for substantial expansion in the coming years.
The global blood glucose meter market size was USD 7,419.0 million in 2018 and is expected to reach USD 15,415.6 million by 2026, growing at a CAGR of 9.6% during the forecast period. North America accounted for USD 7,419 million of the market share in 2018.
In this report, Fortune Business Insights has indicated that the market will grow in the near future due to the increasing demand and the subsequently rising uptake of blood glucose meters. Increasing incidence of diabetes has been a leading factor that is responsible for the surge in demand of blood glucose meters. According to the International Diabetes Federation (IDF), in 2017, around 425 million people suffered from diabetes, worldwide. Furthermore, it also states that this number is likely to reach 629 million by the year 2045. High prevalence of diabetes, combined with the accuracy of digital blood glucose meters in detecting blood pressure and sugar levels are driving the global blood glucose meters market.
Top Companies in the Blood Glucose Meter Market
Leading players contributing to innovation and expansion in the blood glucose meter industry include:
- Hoffmann-La Roche Ltd
- Dexcom, Inc.
- B. Braun Melsungen AG
- Medtronic
- Lifespan Inc.
- Ascensia Diabetes Care Holdings AG
- Terumo Medical Corporation
- Abbott
- Sanofi
- DiaMonTech GmbH
- Other players
Key Industry Development
In June 2018, BioTel Care™ introduced a next-generation wireless blood glucose meter for diabetes management. It is the first FDA-cleared, cellular-enabled glucometer that supports real-time transmission and consolidation of patient data in an FDA-cleared cloud, enhancing remote monitoring capabilities.
Market Drivers and Restraints
Market Drivers:
- Rising Prevalence of Diabetes: According to the International Diabetes Federation, an estimated 425 million people suffered from diabetes globally in 2017, with projections reaching 629 million by 2045. This surge necessitates effective glucose monitoring solutions.
- Technological Advancements: Innovations such as non-invasive monitoring devices, continuous glucose monitoring systems, and integration with mobile applications are enhancing user experience and adoption rates.
- Increased Awareness: Growing awareness about the importance of regular blood glucose monitoring is driving the demand for user-friendly and accurate devices.
Market Restraints:
- High Cost of Advanced Devices: The expense associated with technologically advanced blood glucose meters can be a barrier for some consumers, especially in developing regions.
- Regulatory Challenges: Stringent regulatory approvals and compliance requirements can delay product launches and market entry.
Market Report Coverage
The comprehensive report on the blood glucose meter market by Fortune Business Insights encompasses detailed analysis of market size, share, revenue forecasts, competitive landscape, emerging trends, and strategic developments by key players. The report also delves into technological innovations and evolving business models shaping the future of blood glucose monitoring solutions worldwide.
Market Competitive Landscape
The blood glucose meter industry is characterized by intense competition, with global and regional players investing in research and development to introduce innovative products and expand their market presence. Companies are focusing on mergers, acquisitions, and partnerships to strengthen their portfolios and gain a competitive edge.
Technological innovation, service differentiation, and expansion into untapped markets remain crucial strategies for sustaining growth in this dynamic sector.
Get More Information: https://www.fortunebusinessinsights.com/industry-reports/blood-glucose-meters-market-100770
Market Segments
By Product
The market is segmented into:
- Continuous Glucose Monitoring Devices
- Self-Monitoring Blood Glucose (SMBG) Systems
By Technique
- Invasive
- Non-Invasive
By Type
- Wearable
- Non-Wearable
By Distribution Channel
- Institutional Sales
- Retail Sales
- Others
Market Regional Insights
North America: In 2018, North America dominated the global blood glucose meter market, generating a revenue of USD 3,012.6 million. The region's growth is attributed to the increasing diabetic population and the adoption of non-invasive blood glucose meters.
Asia Pacific: The Asia Pacific region is projected to register the highest CAGR during the forecast period, owing to increasing penetration of glucose monitoring, rising patient awareness, and increasing per capita healthcare spending in the region.
Conclusion
The blood glucose meter industry is on a trajectory of significant growth, fueled by technological innovations, rising prevalence of diabetes, and increasing awareness about self-monitoring of blood glucose levels. As companies continue to invest in research and development, the market is set to offer improved and accessible diabetes management solutions globally.
Frequently Asked Questions (FAQ's)
- What is the market size of Blood Glucose Meters Market?
- What factors are driving Blood Glucose Meters Market growth in North America?
- Who are the major players in the Blood Glucose Meters Market?
About Us:
Fortune Business Insights provides expert corporate analysis and accurate data, enabling businesses of all sizes to make timely decisions. We offer customized solutions tailored to each client's needs, helping them address unique challenges. Our goal is to empower clients with holistic market intelligence and offer granular insights into the market they operate in.
Our reports are a blend of quantitative and qualitative analysis, aimed at helping businesses achieve sustainable growth. Our experienced analysts and consultants use leading research methodologies to provide comprehensive market assessments enriched with relevant data.
At Fortune Business Insights, we aim to highlight growth opportunities for our clients, offering insights and recommendations that help them navigate technological and market changes. Our consulting services are designed to help companies uncover hidden opportunities and address competitive challenges.
Contact us:
Fortune Business Insights™ Pvt.
Phone: USA: +1 833 909 2966 (Toll-Free),
United Kingdom: +44 808 502 0280 (Toll-Free),
APAC: +91 744 740 1245
