DUBLIN--(BUSINESS WIRE)--The "Blood Glucose Monitoring Devices Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Blood Glucose Monitoring Devices Market was valued at USD 25.62 Billion in 2023, and is expected to reach USD 52.46 Billion by 2029, rising at a CAGR of 12.69%.
The global blood glucose monitoring devices market report contains exclusive data on 40 vendors. The market is highly fragmented. Major players dominate the market. However, there are moderate growth opportunities for new entrants. Though the market is dominated by major players, many investigational and small companies are coming into existence with blood glucose monitoring devices.
F. Hoffmann-La Roche, Abbott, Dexcom, Medtronic, Ascensia Diabetes Care Holdings AG, and LifeScan IP Holdings are some leading companies dominating the conventional BGM devices segment. These players accounted for a significant market share in the global blood glucose monitoring devices market. These vendors are continuously developing and investing in BGM devices and tools and are expected to dominate the market with continued engagement.
North America accounted for the largest share of 44% in the global blood glucose monitoring devices market. The region is a highly developed market for BMG devices. In terms of R&D, advances in BGM devices, high expenditure on diabetes care and management, and government initiatives are some factors that fuel the market growth in the region. Moreover, the available health insurance and reimbursement policies for diabetes management and the government focus on diabetes care management increase the access to BGM devices among type 1 & 2 diabetic patients in the region, which propels significant market growth.
MARKET TRENDS & DRIVERS
Next-generation Blood Glucose Monitoring Systems
Diabetes become the leading cause of death; so far, there are no effective treatments to prevent and cure diabetes, so reasonable blood glucose monitoring devices become a major choice. It led to continued innovation in these solutions, which created huge market growth opportunities. Optical sensor development is a recent innovation reported in blood glucose monitoring devices. Optical measurement technology has promising potential for glucose sensing, such as non-invasive measurement technology that helps to detect photons rather than electrons. Optical sensors receive more attention on the continuous quantification of glucose molecules.
Flash Glucose Monitoring: an Emerging Trend In BGM Devices
In diabetes management, flash glucose monitoring (FGM) is one of the emerging trends that has become more popular in recent years and is expected to become a major choice in the future. It is a type of CGM. This device records body glucose readings throughout the day and night and displays the glucose level after scanning. This new solution gives advanced control over when and how often a person needs to check their glucose. Some recent studies have shown that patients with high derangements in glucose levels show significant clinical and novel changes with flash glucose monitoring technology.
Recent Government Initiatives Towards Diabetes Management with BGM
Globally, responding to the rapidly increasing burden of diabetes, several government initiatives and supportive programs have driven the demand for BGM devices. Government initiatives and public health campaigns are crucial in educating people about diabetes management and encouraging people to use self-monitoring devices. The World Health Organization launched the Global Diabetes Compact program with the Government of Canada, with the support of the University of Toronto.
In India, the National Program for Prevention of Cancer, Diabetes, Cardiovascular Diseases, and Stroke and Indian health program campaigns support and educate people in India to increase the use of self-monitoring devices in diabetes management. Apart from that, the challenges and limitations associated with BGM devices, the high cost of blood glucose monitoring devices, and the large pool of undiagnosed people are some of the challenges to the market growth.
SEGMENTATION HIGHLIGHTS
Conventional Blood Glucose Monitoring (BGM) Devices
- Dominates the market with the largest share in 2023.
- Familiarity and long history in healthcare settings contribute to their prevalence.
- Most common practice recommended by health authorities worldwide.
- Cost-effective compared to Continuous Glucose Monitoring (CGM) devices, leading to higher adoption rates.
- Total costs for test strips and BGM devices are significantly lower than those for CGM systems.
- BGM provides immediate results, allowing timely insulin dosage adjustments and personalized treatment for the diabetic population.
Personal BGM Devices
- Shows significant growth, with the fastest-growing CAGR during the forecast period.
- Integral to the regular management plans of diabetes patients, aiding in the scheduling of food, activity, and medication.
- Regular self-monitoring is crucial, especially for insulin-using patients and Type I diabetics, who typically measure blood glucose levels multiple times daily.
- Increasing prevalence of diabetes and lifestyle changes in developing countries have heightened the need for consistent monitoring.
- Patients increasingly monitor their glucose levels to manage fluctuations effectively.
Offline Stores
- Accounts for the largest market share in the global blood glucose monitoring devices market.
- Primary point-of-care for BGM devices in both developed and developing markets.
- Includes pharmacies, retail drug stores, and health and wellness stores as major sources of diabetes care solutions.
- Comprises hospital pharmacies, standalone pharmacies, and other stores selling medical devices.
- Traditional distribution channel with established retail chains contributing significantly to market growth.
Individual Segment
- Exhibits the highest growth in the global blood glucose monitoring devices market during the forecast period.
- Recognizes diabetes as a global public health crisis, particularly affecting developing countries.
- Poor management and noncompliance with guidelines lead to high morbidity and mortality rates in low-income nations.
- Self-testing is increasingly adopted by diabetic patients for better health management.
- Governments often reimburse these devices, with insurance coverage facilitating accessibility and boosting market growth.
Key Vendors
- F. Hoffmann-La Roche
- Abbott
- Dexcom
- Medtronic
- Ascensia Diabetes Care Holdings AG
- LifeScan IP Holdings
Other Prominent Vendors
- Arkray
- ApexBio
- ACON Laboratories, Inc.
- AgaMatrix
- Alliance International
- Andon Health
- Bionime
- Beurer
- Bioptik
- BioTelemetry
- BioTest Medical
- BTNX
- DarioHealth
- EASYMAX
- ForaCare
- Hannox International
- Integrity Applications
- i-SENS
- MED TRUST
- Medisana
- Nova Biomedical
- Omnis Health
- Nemaura
- OK Biotech
- OSANG Healthcare
- Philosys
- Sanofi
- Taidoc Technology
- Terumo Corporation
- Trividia Health
- Rossmax International
- Ypsomed
- 77 Electronika Kft
- Menarini Diagnostics
For more information about this report visit https://www.researchandmarkets.com/r/2srhwz
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
