The blood glucose monitoring market is one of the fastest-growing markets in the world, owing to rapid urbanization, which has resulted in a rise in obesity, unhealthy eating habits, and physical inactivity, both of which have resulted in an increase in the diabetic population across the world. To prevent further problems, it is important to check the glucose levels on a regular basis. Furthermore, the global blood glucose monitoring market has been fuelled by the introduction of new technologies, increased knowledge, and investment in research and development.
The global blood glucose monitoring market is expected to grow at a CAGR of 7.1% during forecasted period .The demand for blood glucose monitoring systems is increasing due to features such as cost effectiveness and reliable diagnosis and treatment, which is propelling the blood glucose monitoring system market forward. The blood glucose monitoring system market is influenced by the availability of various blood glucose monitors that vary in ease of use, size, testing time, and price, as well as the effectiveness of these medical devices in preventing other health conditions such as retinopathy, cardiovascular disease, and neuropathy. Furthermore, in the forecast era, technical advancements leading to early detection of hypo and hyperglycemic diabetes, government funding, and the introduction of new products provide lucrative opportunities for blood glucose monitoring device market players.
However, the high costs associated with disease monitoring and diagnosis could limit market development.
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Segmental Analysis
Global blood glucose monitoring devices market is segmented on the basis of product type, application, and end user
On the basis of the product type, it is segmented into invasive glucose monitoring devices, continuous glucose monitoring devices (CGM), flash glucose monitoring devices, and others.
On the basis of the application, it is segmented into type 1 diabetes, type 2 diabetes, and others.
On the basis of the end user, it is segmented into diagnostic centers, hospitals, clinics, research centers, and home care diagnostics.
Regional Analysis
The global blood glucose monitoring market is divided into four regions: North America, Europe, Asia Pacific, and the Middle East and Africa.
Because of its well-developed healthcare system and huge patient population, the Americas has the largest blood glucose monitoring market. The Americas dominate the global blood glucose monitoring market, thanks to high healthcare spending, rising population, increased R&D activities, and the concentration of major companies that have fueled the market’s growth. Obesity’s the prevalence, high medication costs, technical advances, and new product launches are all expected to propel the regional market forward.
Because of government funding for research and development and the availability of funds for research, Europe ranks second in the global blood glucose monitoring industry. According to the World Health Organization, approximately 3.4 million people die each year as a result of elevated blood glucose levels, with about 80 percent of these deaths occurring in low- and middle-income countries. This figure is compounded by the fact that about half of those who died were under the age of 70. Furthermore, the region’s demand for BGM is being boosted by developments in its healthcare sector and the introduction of advanced medical products.
Due to rapidly evolving healthcare technologies, a large patient population, high healthcare expenditures, and a rise in the incidence of nerve injuries or disorders, Asia Pacific is the fastest growing blood glucose monitoring sector. Furthermore, rising demand for new treatment methods in countries such as India and China is expected to emerge as the world’s fastest growing market. A variety of factors, including the presence of a large patient pool, increasing population access to health services, rising awareness of point-of-care testing, and rising government healthcare spending in developing countries, are providing high growth opportunities for market players in these emerging countries.
The Middle East and Africa, on the other hand, has the smallest demand for blood glucose monitoring due to a lack of technological expertise and inadequate medical facilities.
Competitive Analysis
Some of key the players in the market are Abbott Laboratories (U.S.), Arkay, Inc. (U.S.), Bayer Healthcare AG (Germany), F. Hoffmann-La Roche Ltd (Switzerland), Goldsite Diagnostics Inc., GlySure Ltd (U.K), Sphere Medical Holding plc. (U.K), Dexcom, Inc. (U.S.), and LifeScan, Inc. (U.S.).
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