Global Blood Glucose Monitoring Devices Market to Grow at a CAGR of 9% by 2024
Arizton’s recent market research report on the global blood glucose monitoring devices market identifies F. Hoffmann-La Roche, Abbott, Dexcom, LifeScan, Medtronic, and Ascensia Diabetes Care as the leading vendors that are likely to dominate the market during the forecast period. This research report along with detailed competitive analysis provides a detailed analysis of the BGM devices market segmentation by product type (conventional BGM devices and continuous BGM devices), by usage type (personal BGM devices and professional BGM devices), by distribution channel (retail stores and online), by end-user type (individuals, hospitals & clinics, and others), and by geography (North America, APAC, Europe, Latin America, and MEA).
The global BGM devices market is expected to reach revenues of more than $25 billion by 2024, growing at a CAGR of over 9% during 2019-2024.
The regular monitoring of blood glucose levels is considered to be an integral part of effective diabetes management and is essential to optimize glycemic control. Few notable drivers of the BGM devices market are growing prevalence of diabetes, increasing advancements in technology, and the emergence of non-invasive blood glucose monitoring devices.
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The global BGM devices market is divided into five major segments that consist of product, usage type, distribution channel, end-user type, and geography.
Personal blood glucose monitoring devices segment to grow at the fastest CAGR in the BGM devices market
This is the most dominant segment and accounts for more than 70% of the total market share. The emergence of latest-generation blood glucose monitoring devices with advanced features, rising global diabetes prevalence, and a shift in focus toward self-monitoring/home care is expected to drive the market for personal BGM devices during the forecast period.
The US still remains the single largest market for personal blood glucose monitoring devices; there has been a significant increase in demand for these products across the world.
The personal blood glucose monitoring business is changing from a high-growth market to a maturing, commodity type of business, especially in developed countries. The ever-growing diabetes population globally is one of the major factors driving the BGM devices market. Regular monitoring of blood glucose levels not only helps in the effective management of diabetes but also to avoid dangerous and debilitating chronic conditions.
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Online channel segment to grow at a lucrative CAGR in the BGM devices market
The online distribution segment is likely to grow at a faster rate than the retail store segment and accounts for around 40% share in the market. Online stores have played a pivotal role in dispensing information and bringing radical changes in the consumption pattern and the shopping behavior of consumers. The utilization of virtual reality, quick comparison, and virtual evaluation of products have made the buyer’s decision-making process easier than before. Conventional blood glucose meters, test strips, and lancets are found to be increasingly in demand as they not only are offered at the best prices but also can be purchased seamlessly without any hindrances. Moreover, many online retailers offer BGM products at discounted prices rather than list prices. Online distribution channels also offer BGM product bundle packages at low rates and enable the access of potential consumers to consumer reviews that are lacking in offline distribution formats.
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North America market to grow at an impressive CAGR in the BGM devices market
The BGM devices market is predominant in North America, especially the US. A large proportion of the patient pool with diabetes, high preference for self-monitoring of diabetes, and double-digit growth of continuous blood glucose monitoring devices are major factors responsible for market growth. The presence of reimbursement options for a broad range of blood glucose meters, including continuous glucose monitoring systems and the launch of new and innovative blood glucose monitoring devices, is driving the North America market. North America is considered to be an attractive market for blood glucose monitoring devices due to high healthcare spendings in the region.
Menarini Diagnostics, ACON Laboratories, AgaMatrix, Alliance International, Andon Health (Tianjin Jiu'an Medical Electronics), ARKRAY, ApexBio, B. Braun Melsungen, Bionime, BioTelemetry, DarioHealth, Terumo, Trividia Health, BTNX, Bioptik, Beurer, Biotest Medical Corp., Medtrum Technologies, Nova Biomedical, Sanofi, 77 Elektronika Kft., Integrity Applications, Medisana, Philosys, TaiDoc Technology, Omnis Health, Ypsomed, and Rossmax International are the other prominent vendors in the global BGM devices market.
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The complete overview of the latest market research report on the global blood glucose monitoring devices market by Arizton is now available.
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The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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