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Glucometer Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Regions
Glucometer Global Market Report 2024
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According to The Business Research Company's, The glucometer market size has grown rapidly in recent years. It will grow from $13.15 billion in 2023 to $14.52 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to insurance coverage, consumer education, healthcare industry integration, healthcare awareness programs.
The glucometer market size is expected to see rapid growth in the next few years. It will grow to $21.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to the rising prevalence of diabetes, increasing healthcare infrastructure expenditure, growing geriatric population, increasing demand for self-monitoring devices. Major trends in the forecast period include artificial intelligence in healthcare, remote monitoring and telehealth, advancements in technology, and increasing collaboration.
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Market Drivers and Trends:
The increase in the prevalence of diabetes is driving the demand for the glucometer market going forward. Diabetes is a long-lasting metabolic condition. It is characterized by high blood glucose (also known as blood sugar) levels, which over time cause significant harm to the heart, blood vessels, eyes, kidneys, and nerves. People who are suffering from diabetes use a glucometer to monitor their blood glucose levels. Therefore, with an increase in diabetes among people, the demand for glucometers is also increasing. For instance, in December 2021, according to the statistics published by International Diabetes Federation, a Belgium-based, non-profit diabetes association, 537 million adults (20-79 years) recorded living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide will have diabetes. Therefore, the increase in the prevalence of diabetes drives the glucometer market.
Product innovations are a key trend gaining popularity in the glucometer market. Major companies in the market are introducing various products to sustain their position in the market. For instance, in January 2022, Roche, a Switzerland-based healthcare company introduced a brand-new point-of-care blood glucose monitor for hospital staff, along with a companion device resembling a touchscreen smartphone that would run its apps. The unique features of this portable Cobas pulse device have a touchscreen, camera, and automated glucose test strip reader. It also has a hardened body that can be disinfected and is used for logging other diagnostic data.
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Major Key Players of the Market:
Johnson & Johnson Services Inc., Bayer AG, Abbott Laboratories, F. Hoffmann-La Roche Ltd., Medtronic plc., Arkray Inc., B Braun Melsungen AG, Omron Corporation, Terumo Corporation, Nipro Corporation, Dexcom Inc., Bionime Corporation, LifeScan Inc., NOVA Biomedical, Sinocare Inc., TaiDoc Technology Corporation, i-SENS Inc., EKF Diagnostics Holdings plc, ForaCare Inc., LabStyle Innovations Corp., Acon Laboratories Inc., Ascensia Diabetes Care Holdings AG, Omnis Health LLC, Entra Health Systems LLC, Hainice Medical Inc., Glucostratus Ltd., PTS Diagnostics, Ypsomed AG, WaveForm Technologies Inc., Medtrum Health Inc., Dexilon S.r.l., Cellnovo Group
Glucometer Market 2024 Key Insights:
• The glucometer market size is expected to see rapid growth in the next few years. It will grow to $21.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Rising Diabetes Prevalence Drives Growth In The Glucometer Market
• Product Innovations Drive Advancements In The Glucometer Market
• North America was the largest region in the glucometer market in 2023
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The Glucometer Market is expected to see significant growth in the coming years, with a projected CAGR of 11.00% during the forecasted period. This growth can be attributed to…
