The global blood glucose monitoring market is growing at a significant rate due to demand for self-care/homecare devices and the prevalence of diabetes.
According to the latest Arizton's market research report, the blood glucose monitoring market size to cross USD 37 billion by 2026, growing at a CAGR of around 12% during the forecast period.
Blood Glucose Monitoring Market Growth
The global blood glucose monitoring market is growing at a significant rate due to demand for self-care/homecare devices and the prevalence of diabetes. Globally, the prevalence of diabetes is increasing at an alarming rate due to changing lifestyles, growing alcohol consumption, and increasing number of smokers. Players are actively launching innovative devices to penetrate and tap the huge growth potential of the blood glucose monitoring market. This growth is attributed due to the growing use of self-monitoring blood glucose testing by patients and professionals using monitoring devices in several POC testing sites, such as emergency care, physician offices, ambulatory settings, and nursing homes. The overall factors are propelling the growth of the blood glucose monitoring market across the globe.
Impact of COVID-19
COVID-19 has taken millions of lives since its outbreak in late 2019 in China, the virus is particularly detrimental for diabetic people. This is because, it causes serious complications and leads to more deaths among diabetic people than without diabetes. More than 50% of people with diabetes who have been diagnosed with COVID-19 are hospitalized, according to a report from the Centers for Disease Control and Prevention (CDC). Home-use blood glucose monitoring devices are used by healthcare professionals in hospitals and long-term care facilities to reduce the interaction between patients and healthcare providers, limiting the exposure to COVID-19. The COVID-19 pandemic has fueled the uptake, boosting revenues in the blood glucose monitoring market.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, end-user, usage, distribution channels, and geography
- Competitive Landscape – 6 Key Company Profiles and 36 Other Prominent Vendors
Blood Glucose Monitoring Market – Geographic Analysis
Two-thirds of the world’s population lives in APAC, where the prevalence of diabetes has reached epidemic proportions, thereby fueling the growth of the blood glucose monitoring market in the region. The general awareness of self-monitoring of blood glucose (SMBG) for patients will help control blood glucose levels. The use of SMBG is low, essentially due to the lack of education and motivation, though the cost is an additional limiting factor in APAC. Over the past four decades, the use of blood glucose monitoring and continuous glucose monitoring devices in Europe has increased. The adoption of self-monitoring blood glucose devices is high in the region.
Several companies are developing or commercializing products for continuous and to self-monitoring in the blood glucose monitoring market. Numerous second tier and third-tier companies, including several Asian companies, are posing a threat to key players in the blood glucose monitoring market as they are offering BGM devices at competitive prices. Global players are focusing on developing innovative products and expanding their product portfolio to remain competitive in the blood glucose monitoring market. New product approvals/launches coupled with R&D activities help vendors to expand their presence, enhance growth, and sustain their position in the global blood glucose monitoring market.
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