Blood Glucose Monitoring Systems Market is Slated to Witness Tremendous Growth in Coming Years | by Ypsomed Holdings, Abbott Laboratories, Dexcom Inc

New Jersey, United States - Analysis of Blood Glucose Monitoring Systems Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The size of the global market for Blood Glucose Monitoring Systems was estimated at 11.71 billion in 2021 and is projected to rise at a CAGR of 8.0% from 2022 to 2028. The rising prevalence of diabetes and the growing number of elderly people at risk for the disease are the main market drivers. The market's expansion is also aided by new product introductions and rising awareness of diabetes preventive care. The inability of pancreas to make insulin causes a rise in blood glucose levels, which is a major and global problem. Around 537 million individuals were diagnosed with diabetes in 2021, and the International Diabetes Federation predicts that figure will arise to 643 million by 2030 and 783 million by 2083.

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Diabetes patients can benefit from Blood Glucose Monitoring Systems in four different ways. By allowing patients and physicians to quickly diagnose acute hypoglycemia or hyperglycemia and by empowering patients with more self-care, these devices enable therapeutic changes and patient protection. The use of technology makes it easier for patients to learn about diabetes and how to manage it, and it also motivates people to develop better behaviours. Blood Glucose Monitoring Systems for measuring blood glucose come in a wide range of dimensions, costs, testing intervals, and usability.

The COVID-19 epidemic has expanded the market for blood glucose monitoring equipment and increased demand for these products among diabetics. Due to the pandemic's emphasis on the use of virtual clinics and telemedicine for diabetes treatment, consumer awareness of the advantages of Blood Glucose Monitoring Systems rose. The use of Blood Glucose Monitoring Systems by patients and healthcare professionals improved glycemic control and may have increased patient autonomy, considerably altering diabetes treatment. Additionally, a rise in demand for blood glucose monitoring equipment as a result of prominent industry companies responding quickly to the Covid-19 outbreak.

Segmentation

The hospital sector had the biggest revenue share of over 40.0% in 2021, and it is expected that it would continue to dominate the market during the projection period as a result of expanding infrastructure and rising healthcare costs in hospitals. Additionally, because they provide practitioners with precise data in a matter of seconds and improve patients' quality of life, BGM devices are being employed more often in outpatient and inpatient hospital settings. To store and transfer patient data, hospitals have additional systems in place.

During the projected period, the home care category is anticipated to develop at the quickest rate. Self-monitoring of blood glucose has revolutionised home-based glucose monitoring, which is the most used short-term glucose monitoring technique globally. People with or without diabetes can assess their blood sugar levels at home using the self-monitoring blood glucose (SMBG) method. The patient may assess the results of their treatment, including food, insulin, exercise, and stress management, based on the reading. Due to their low cost and ease of use, self-monitoring blood glucose monitors held the greatest sales share of approximately 65.0% in 2021. SMBG is regarded as an important component of everyday diabetes care. Self-monitoring of blood sugar involves using a glucose metre to test a person's blood sugar levels. It is divided into lancets, testing strips, and blood glucose metres.

Regional analysis

With a revenue share of about 35.0% in 2021, North America held the market's top spot because to its developed healthcare industry. The regional market Blood Glucose Monitoring Systems is also anticipated to be driven by the rising incidence of obesity, high treatment costs, technological developments, and new product releases. Due to a rise in the number of elderly people, who are more likely to develop diabetes, Europe is anticipated to hold a sizable revenue share throughout the projected period. Additionally, the region's need for BGMs is growing as a result of advancements in the healthcare industry and the adoption of cutting-edge medical technologies.

Over the course of the projection period, Asia Pacific is expected to be a prosperous area. The development of these economies' healthcare infrastructure and reimbursement practises is a crucial component in the expansion of this area. China led the APAC area in 2021 as a result of its sizable diabetic population and quick economic development. Additionally, rising consumer awareness of diabetes preventive care is accelerating market expansion.

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Key Players

Ypsomed Holdings
Abbott Laboratories
Dexcom, Inc.
Sanofi
Novo Nordisk
Medtronic plc
F. Hoffmann-La Roche Ltd.
Ascensia Diabetes Care
Insulet Corporation
Glysens Incorporated

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