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Blood Glucose Meters Market Growth & Trends 2024-2033
Blood Glucose Meters Market
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According to The Business Research Company's, The blood glucose meters market size has grown strongly in recent years. It will grow from $17.32 billion in 2023 to $18.89 billion in 2024 at a compound annual growth rate (CAGR) of 9.1%. The growth in the historic period can be attributed to increasing diabetes prevalence, rise in awareness of diabetes management, growing aging population, home healthcare trends, insurance coverage and reimbursement policies, patient empowerment.
The blood glucose meters market size is expected to see strong growth in the next few years. It will grow to $26.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to continuous glucose monitoring (cgm) integration, smartphone connectivity, artificial intelligence (ai) applications, focus on wearable devices, remote patient monitoring. Major trends in the forecast period include technological advancements in monitoring devices, continuous glucose monitoring (cgm) integration, smartphone connectivity, miniaturization and portability, data analytics and insights, telehealth and remote monitoring.
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Market Drivers and Trends:
The rising prevalence of diabetes is driving the blood glucose meters market. The changing lifestyle, increase in alcohol consumption, physical inactivity, and unhealthy eating habits are leading to an increase in obesity across the globe. Such exponential growth in obese people is causing a stern increase in the purchase of blood glucose meters. Due to obesity, fat tissues release more fat molecules into the blood affecting insulin-responsive cells, which results in reduced insulin sensitivity, in turn, causing diabetes. According to the study by the International Diabetes Federation (IDF), there will be a 48% increase in diabetes around the world by 2045. According to the International Diabetes Federation (IDF) in 2021, nearly 537 million people were suffering from diabetes.
The launch of new products is a key trend gaining popularity in the blood glucose meters market. Companies in the market are focusing on the launch of new products to improve their product portfolio and strengthen their market position. For example, in January 2022, Roche, a Swiss multinational healthcare company, launched its new point-of-care blood glucose monitor designed for hospital professionals, with a companion device shaped like a touchscreen smartphone that will run its own apps. Glytec, a US based insulin management software company supplied software for the device, its Glucommander insulin-dosing program to help streamline the complex task of managing blood sugar levels during a patient's hospital stay.
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Major Key Players of the Market:
Johnson & Johnson, Roche Holding AG, Bayer AG, Abbott Laboratories, Medtronic plc, Becton & Dickinson and Co., B Braun Medical lnc., Dexcom Inc., Tandem Diabetes Care, LifeScan lnc., Ascensia Diabetes Care, Lifespan Corporation, Medisana GmbH, I Sens Inc., Infopia Co.Ltd., Rossmax International Ltd., 77 Elektronika Kft, ACON Laboratories lnc., Arkray Inc., Bionime Corporation, Agamatrix Inc., Prodigy Diabetes Care LLC, DiaMon Tech GmbH, Mendor, Hainice Medical lnc., Nipro Corporation, Omron Healthcare lnc., Trivida Functional Medicine, All Medicus Co. Ltd., Sanofi S.A., Nova Biomedical Corporation, The Ypsomed Group
Blood Glucose Meters Market 2024 Key Insights:
• The blood glucose meters market size is expected to see strong growth in the next few years. It will grow to $26.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.
• Rising Prevalence Of Diabetes In Blood Glucose Meters Market
• Innovations Driving The Blood Glucose Meters Market With Point-Of-Care Blood Glucose Monitor
• North America was the largest region in the global blood glucose meters market in 2023
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