Blood Glucose Monitoring Devices Market to grow at 6.58% CAGR during the Forecast Period – TechSci Research

Growing awareness towards significance of maintaining blood sugar levels is expected to drive the market growth.

According to TechSci Research report, “Global Blood Glucose Monitoring Devices Market, By Product Type (Self-Monitoring Glucose Devices and Continuous Glucose Monitoring Devices), Self-Monitoring Glucose Devices (Glucometers, Test Strips, Lancets), Continuous Glucose Monitoring Devices (Sensors, Transmitters & receivers, Integrated Insulin Pumps), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), By End User (Home Care Settings, Hospital, Others), Forecast & Opportunities, 2026”, the global blood glucose monitoring devices market stood at USD15.93 billion in 2020 and is expected to grow at a steady CAGR of 6.58% during the forecast period. This can be ascribed to growing awareness pertaining to self-management of diabetes. Additionally, rapidly changing regulatory policies and lucrative investment policies are enabling the global players such as Abbott Laboratories, Inc., Medtronic Plc., among others to invest in the development of glucose monitoring devices. This in turn is expected to positively influence the market growth through 2026.

Browse over 122 market data Figures spread through 110 Pages and an in-depth TOC on " Global Blood Glucose Monitoring Devices Market”.
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Global blood glucose monitoring devices market has been segmented into product type, application, end user, region, and company. Based on product type, the market is bifurcated into self-monitoring glucose devices and continuous glucose monitoring devices. Glucometers, test strips, lancets fall under the category of self-monitoring glucose devices. Continuous glucose monitoring devices consists of sensors, transmitters & receivers, integrated insulin pumps. Self-monitoring glucose devices dominated the market in 2020 with a share of around 64.85% owing to their affordability and ease of use over its counterpart. However, the inconvenience caused due to sharp pain associated because of finger pricking and real-time analysis facility is expected to drive the consumer preference towards continuous glucose monitoring system in developed countries over the forecast period.
Regionally, North America is holding its dominance and is anticipated to play dominant role during the forecast period over the global blood glucose monitoring devices market. This can be ascribed to the large patient pool of diabetic population in the region. According to the Centers for Disease Control and Prevention (CDC), 10.5% of the US population suffered from diabetes in 2018.
Some of the leading players in global blood glucose monitoring devices market are Abbott Laboratories, Inc., F. Hoffmann-La Roche AG, Sanofi S.A., Dexcom Inc., Medtronic PLC, Ascensia Diabetes Care Holdings AG, Agamatrix Inc., B. Braun Melsungen AG, LifeScan, Inc., Arkay, Inc., Nipro Diagnostics, Inc., Terumo Corporation, DiamonTech GmbH, Prodigy Diabetes Care, LLC, Becton, Dickinson and Company and Insulet Corporation. In order to expand their market share, the companies adopt new product launches, collaborations, conduction of periodic sales and many more strategies. The surging requirement of the blood glucose monitoring devices due to the huge number of people suffering from chronic diseases have led the companies to introduce more advanced and user-friendly interface products which eventually increase the competition amongst themselves and give out more positive patient outcomes.

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“Global blood glucose monitoring devices market is anticipated to witness substantial growth in the next five years owing to the government initiatives such as reimbursement facility available for self-monitoring and continuous blood glucose monitoring systems in developed countries like U.S. Moreover, increasing proliferation of wireless monitoring services which provides real time analysis and continuous monitoring of blood glucose levels are further pushing the sales of blood glucose monitoring devices market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Blood Glucose Monitoring Devices Market, By Product Type (Self-Monitoring Glucose Devices and Continuous Glucose Monitoring Devices), Self-Monitoring Glucose Devices (Glucometers, Test Strips, Lancets), Continuous Glucose Monitoring Devices (Sensors, Transmitters & receivers, Integrated Insulin Pumps), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), By End User (Home Care Settings, Hospital, Others), Forecast & Opportunities, 2026”, has evaluated the future growth potential of global blood glucose monitoring devices market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global blood glucose monitoring devices market.

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