According to Arizton’s latest research report, the global blood glucose monitoring devices market (BGM) is growing at a CAGR of 12.69% during 2023-2029.
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Report Scope:
Market Size (2029): $52.46 Billion
Market Size (2023): $25.62 Billion
CAGR (2023-2029): 12.69%
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
Market Segmentation: Product Type, Conventional Blood Glucose Monitoring Devices, Continuous Glucose Monitoring (CGM) Devices, Usage, Distribution Channel, End-Users, and Geography
Geographical Analysis: North America, Europe, APAC, Latin America, and Middle East & Africa
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Flash Glucose Monitoring: An Emerging Trend in BGM Devices Market
Flash glucose monitoring (FGM) is quickly becoming a game-changer in diabetes management, offering a more advanced way to track glucose levels throughout the day and night. This innovative technology, a type of continuous glucose monitoring (CGM), allows users to check their glucose levels simply by scanning, providing greater control over how often and when they monitor their glucose.
Recent studies highlight significant improvements in glucose control for patients with severe glucose level fluctuations using FGM technology. Real-world applications show that FGM can reduce both hypoglycemia and hyperglycemia, particularly benefiting high-risk individuals. Notably, Abbott’s FreeStyle Libre has demonstrated a positive impact on managing type 1 diabetes, including during pregnancy, while also proving to be a cost-effective alternative to traditional self-monitoring systems.
Abbott’s FreeStyle Libre, launched in 2020, has seen remarkable adoption with over 500,000 users, thanks to its no-fingerstick calibration feature and its 8-hour glucose monitoring capability. The water-resistant sensors, typically worn on the back of the upper arm or abdomen, last between 3 to 14 days. For patients with type 1 and type 2 diabetes, especially those on sulfonylureas or intensive insulin therapy, FGM presents a more economical option compared to traditional blood glucose monitoring and continuous glucose monitoring systems. The expanding patient population and the associated cost benefits signal a promising future for this technology.
Watch Out Recent Activities by Market Vendors
Product Launched & Development
Which are the Top Companies in the Blood Glucose Monitoring Devices Market?
Key Vendors
Market Segmentation Overview
Conventional BGM devices, which include test strips, meters, software, and lancet & lancing devices, currently hold the largest market share. Their long-standing use and familiarity in both patient and healthcare settings contribute to their dominance. BGM remains the most prevalent method for monitoring blood glucose, endorsed by health authorities globally. These devices are generally more cost-effective compared to CGM systems, leading to higher adoption rates. The total expense for test strips and BGM devices is significantly lower than that for CGM systems, and the growth of self-monitoring practices further fuels the market for BGM. BGM provides personalized treatment and management for a substantial portion of the diabetes population, offering immediate results that help patients adjust insulin dosages promptly and effectively.
The individual segment is expected to experience the highest growth in the global blood glucose monitoring devices market during the forecast period. Diabetes poses a significant global public health challenge, particularly impacting developing countries where high morbidity and mortality rates are exacerbated by inadequate management and noncompliance with guidelines. Studies reveal that poor diabetes management leads to extremely negative health outcomes, driving diabetic patients to frequently self-test their glucose levels.
Screening large populations for diabetes can be prohibitively expensive and challenging due to the high cost of diagnostic tests and a shortage of healthcare personnel, both in developed and developing countries. In response to these obstacles, patients are increasingly turning to self-monitoring blood glucose devices. Governments and insurance providers are supporting this shift by covering the costs of these devices, further propelling growth in this segment.
Segmentation & Forecast
Product Type
Conventional Blood Glucose Monitoring Devices
Continuous Glucose Monitoring (CGM) Devices
Usage
Distribution Channel
End-Users
Geography
In a nutshell, the Arizton Advisory & Intelligence market research report provides valuable market insights for industry stakeholders, investors, researchers, consultants, and business strategists aiming to gain a thorough understanding of the blood glucose monitoring devices market. Request for Free Sample to get a glance of the report now: https://www.arizton.com/market-reports/blood-glucose-monitoring-devices-market-2024
What Key Findings Will Our Research Analysis Reveal?
How big is the global blood glucose monitoring devices market?
What is the growth rate of the global blood glucose monitoring devices market?
Who are the major players in the global blood glucose monitoring devices market?
Which region dominates the global blood glucose monitoring devices market?
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