According to a new report published by UnivDatos Markets Insights, the Blood Glucose Monitoring Market was valued at more than USD 1.2 billion in 2020 and is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Product Type (Self-Monitoring Blood Glucose (SMBG) and Continuous Glucose Monitoring (CGM)); Modality (Wearable and Non-Wearable); Distribution Channel (Institutional and Retail); Region/Country.
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The blood glucose monitoring market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the blood glucose monitoring market. The blood glucose monitoring market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the blood glucose monitoring market at the global and regional levels.
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Market Overview
Blood glucose monitoring involves measuring and logging blood glucose levels, analyzing the information, and sharing it with care providers who provide personalized support to cope with the disease. Blood glucose monitoring observes patterns in the fluctuation of blood glucose (sugar) levels that occur in response to diet, exercise, medications, and or pathological processes associated with blood glucose fluctuations such as diabetes. The adoption of these systems is growing at a faster pace owing to factors such as the increasing patient pool living with diabetes, rising awareness regarding blood sugar monitoring among patients, and the introduction of monitoring devices by the market players. For Instance, a UK-based company has introduced a new discovery in the realm of continuous glucose monitoring. The company has developed the world’s first multi-sensor non-invasive continuous glucose monitor (CGM), heralding a new era of needle-free monitoring for people with diabetes.
Some of the major players operating in the market include Abbott; B. Braun SE; DexCom, Inc.; Ascensia Diabetes Care Holdings AG; Medtronic plc; F. Hoffmann-La Roche Ltd.; Terumo Corporation; LifeScan IP Holdings, LLC; Senseonics; OMRON Corporation
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The blood glucose monitoring market is experiencing higher than anticipated demand across all regions compared to pre-pandemic levels. Awareness regarding the benefits of blood glucose monitoring devices increased among consumers during the pandemic and there had been an emphasis on the use of virtual clinics and telemedicine for diabetic management.
The global blood glucose monitoring market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on modality, the blood glucose monitoring market is segmented into wearable and non-wearable segments. The non-wearable segment held a significant share of the market and is likely to register higher growth during the forecasted period due to painless procedures and ease of application, advanced technology, and the presence of numerous market players with strong portfolios. For instance, in 2020, Samsung collaborated with experts from the Massachusetts Institute of Technology (MIT) to unveil a non-invasive method for measuring blood sugar levels.
· Based on the distribution channel, the blood glucose monitoring market is segmented into institutional and retail sales. The retail sale segment captured a substantial market share in 2020 due to increasing initiatives by market players to expand their presence through retail channels in emerging as well as developing countries in order to strengthen their position. In March 2021, OMRON Healthcare India has outlined its plans to expand its retail presence in South India to strengthen the availability and practice of home healthcare monitoring.
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Blood Glucose Monitoring Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
In 2020, North America held the largest share of the blood glucose monitoring market, due to the large patient pool, well-established healthcare facilities, new product launches, and wide acceptance of advanced technologies. According to International Diabetes Federation (IDF), 51 million adults (20-79) are living with diabetes in the North America and Caribbean Region in 2021. This figure is estimated to increase to 57 million by 2030 and 63 million by 2045. For instance, in November 2021 FDA cleared the POGO Automatic Blood Glucose Monitoring System a new type of blood sugar monitoring system is now available in the United States that allows users to test with a single button-push instead of finger-sticking or inserting test strips into a meter.
The major players targeting the market include
· Abbott
· B. Braun SE
· DexCom, Inc.
· Ascensia Diabetes Care Holdings AG
· Medtronic plc
· F. Hoffmann-La Roche Ltd.
· Terumo Corporation
· LifeScan IP Holdings, LLC
· Senseonics
· OMRON Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the blood glucose monitoring market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the blood glucose monitoring market?
• Which factors are influencing the blood glucose monitoring market over the forecast period?
• What are the global challenges, threats, and risks in the blood glucose monitoring market?
• Which factors are propelling and restraining the blood glucose monitoring market?
• What are the demanding global regions of the blood glucose monitoring market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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