Blood glucose monitoring devices help diabetic patients maintain optimum glucose levels by testing blood sugar levels at regular intervals. These devices include test strips, lancets, and glucose meters that determine the amount of glucose in the blood sample. Diabetes affects millions of people worldwide and is a leading cause of blindness, kidney failure, heart attacks, stroke and lower limb amputation. Long term complications from high blood sugar levels highlights the need for frequent monitoring and control through medication and lifestyle changes. Blood glucose meters provide a simple, convenient, pain-free method for patients to closely track their blood sugar levels and take appropriate action. The global blood glucose monitoring market is estimated to be valued at US$ 22101.13 Mn in 2023 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the blood glucose monitoring market is the growing popularity of continuous glucose monitoring systems. Developed by companies such as Dexcom and Abbott, these systems eliminate the need for finger pricking by providing glucose readings in real-time throughout the day and alerting patients of low or high blood sugar levels. Data from these monitors can be easily downloaded and shared with physicians for better diabetes management. Self-monitoring blood glucose meters are also being integrated with mobile apps and cloud connectivity for automatic monitoring and sharing of readings. This digital transformation is supporting remote healthcare and helping patients and physicians make informed treatment decisions. Advancements in sensor technology, miniaturization and use of alternate sites like calves are also enhancing user experience and compliance of blood glucose monitoring devices.
Threat of new entrants: The threat is low as this mature market requires large investments and there are stringent regulatory approvals governing.
Bargaining power of buyers: The bargaining power is moderate as there are many providers catering to the monitoring needs. However, brand loyalty and physician recommendations have an influence.
Bargaining power of suppliers: The suppliers have low bargaining power due to the availability of alternative components and focus on delivering innovative solutions.
Threat of new substitutes: There is moderate threat due to new substitutes emerging with advanced non-invasive monitoring technologies.
Competitive rivalry: The competition is high as the major players compete on features, pricing and product innovations.
The Global Blood Glucose Monitoring Market Growth is expected to witness high.
Regional analysis: Europe is also a significant market driven by better access to healthcare and rising obesity. The Asia Pacific region is expected to witness fastest growth led by growing medical awareness, increasing healthcare expenditure and rising diabetes incidence in major economies like China and India.
Key players: Key players operating in the Blood Glucose Monitoring Market are Air Techniques, Inc., Maguire Refining, Inc., Solmetex, Durr Dental, Medentex GmbH, MARS Bio-Med Processes Inc., Dove Dental Products, METASYS, Crosstex International, Inc., Capsule Technologies Inc., A B Dental Trends, Inc., American Dental Accessories, Inc.,and Rebec Environmental. Major players focus on expanding their geographical footprint and enhancing their product portfolios through partnerships and acquisitions.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it