Blood Glucose Monitoring Market, By Type (Self-monitoring blood glucose devices, Continuous glucose monitoring devices, and Flash glucose monitoring devices), By Component (Glucometer devices, Test strips, Lancets, Sensors, and Others), By End User (Hospitals, Homecare Settings, Ambulatory Care Settings, and Others), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Apr 2024

Code : CMI5382

Pages :168

Formats :

Excel and PDF

Industry : Medical Devices

Blood Glucose Monitoring Market Size and Trends

The global blood glucose monitoring market is estimated to be valued at USD 18.85 Bn in 2024 and is expected to reach USD 37.14 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.

Blood Glucose Monitoring Market Key Factors

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The global blood glucose monitoring market is witnessing positive trends with growing incidences of diabetes worldwide. There is an increasing adoption of self-monitoring blood glucose devices owing to increasing awareness about diabetes management. Technological advancements in glucose monitoring devices are further driving the market. Introduction of smart and integrated blood glucose monitoring systems having connectivity capabilities and data management software are gaining popularity. Portable and wearable continuous glucose monitoring (CGM) devices are observing high demand due to their convenience. Rising access to healthcare infrastructure and insurance coverage for diabetes care in developing nations present new market growth opportunities. However, stringent regulations for new product approvals may hamper the market growth to some extent.

Market Driver – Increasing Prevalence of Diabetes

Increasing prevalence of diabetes across the globe is expected to augment the growth of the global blood glucose monitoring market over the forecast period. For instance, the prevalence of diabetes has been rising more rapidly in low- and middle-income countries than in high-income countries. According to the International Diabetes Federation (IDF), in 2021, around 537 million adults (20-79 years) were living with diabetes, and the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. This, in turn, is expected to aid in the growth of the global blood glucose monitoring market.

/p>Market Driver – Increasing Product Approval by Regulatory Authorities

Increasing product approvals by regulatory authorities, such as U.S. Food and Drug Administration, and technological advancements in testing devices are expected to drive the market growth over the forecast period. For instance, in August 2023, Nemaura, a medical technology company, announced that it had received Saudi Food and Drug Authority (SFDA) approval for its sugarBEAT sensor that offers non-invasive, flexible continuous glucose monitoring (CGM). It provides actionable insights derived from real-time glucose measurements and daily glucose trend data. It could help people with diabetes and pre-diabetes better manage, reverse, and prevent the onset of the chronic condition.