(MENAFN- GlobeNewsWire - Nasdaq) Dublin, April 01, 2024 (GLOBE NEWSWIRE) -- The "Blood Glucose Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Self-Monitoring Devices, Continuous Glucose Monitoring Devices), By End-use, By Region, And Segment Forecasts, 2024 - 2030" report has been added to ResearchAndMarkets's offering.
Market Expansion Driven by Rising Diabetes Prevalence
The global market for blood glucose monitoring devices is undergoing a significant growth phase with projections setting the market size at USD 23.21 billion by 2030. This strong expansion, expected to progress at a CAGR of 8.25% from 2024 to 2030, can be attributed to the increase in diabetes prevalence worldwide. These medical devices are crucial for patients with diabetes and the healthcare professionals who manage their care, allowing for quick and convenient self-monitoring of blood glucose levels.
Technological Advancements Leading the Way
Continuous glucose monitoring (CGM) devices are at the forefront of this technological revolution, offering real-time, continuous analysis of glucose levels, which greatly assists diabetic individuals in managing their condition. Efforts to create a healthier population are also influencing growth, with lifestyle changes and increasing awareness of the risks of obesity-a significant risk factor for diabetes-playing pivotal roles in the market expansion.
Regional Market Insights
North America is poised to maintain a dominant position in the market due to favorable reimbursement scenarios, local industry players' strong presence, and governmental initiatives supporting diabetes care. As of 2023, North America holds the largest revenue share and continues to be a hub of innovation and growth in the field of blood glucose monitoring.
Segmental Analysis Highlights Key Areas of Growth
Self-monitoring devices emerge as the leading segment, capturing the market's largest revenue share, driven by the high use and affordance of testing strips as an integral part of diabetes management regimes. Looking forward, continuous blood glucose monitoring devices are slated to be the fastest-growing segment during the forecast period. Furthermore, the home care end-use segment is anticipated to grow rapidly, reflecting the increased preference for and accessibility of self-care diabetes management options.
Impact of Global Health Dynamics on Market Trends
The rising global incidence of diabetes remains a powerful catalyst for the demand for monitoring devices. With organizations like the International Diabetes Federation spearheading awareness and support initiatives, there is an expected upsurge in market growth linked to health campaigns and funding. As healthcare providers and patients increasingly seek efficient, accurate monitoring solutions, the impetus for innovation and advancement in blood glucose monitoring technology is clear. The global market outlook suggests a continuing reliance on these devices, coupled with a commitment to improving diabetic care and outcomes through technological advancements and accessibility to vital monitoring tools.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $13.43 Billion |
| Forecasted Market Value (USD) by 2030 | $23.21 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
Companies Featured
Abbott Medtronic plc F. Hoffmann-La Roche Ltd Ascensia Diabetes Care Holdings AG LifeScan IP Holdings, LLC Dexcom, Inc SANOFI Lilly (Elly Lilly and Company) B Braun SE
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Blood Glucose Monitoring Devices Market
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