The global blood glucose monitoring devices market size to cross over USD 37 billion by 2026, growing at a CAGR of 12% during the forecast period.
CHICAGO, ILLINOIS, UNITED STATES, December 8, 2020 /EINPresswire.com/ — In-depth analysis and data-driven insights on the impact of COVID-19 included in this global blood glucose monitoring devices market report.
The global blood glucose monitoring devices market is expected to grow at a CAGR of over 12% during the period 2020−2026.
Key Highlights Offered in the Report:
1. The COVID-19 pandemic the demand for diabetic patients to self-monitor their blood glucose levels is fueling the growth for self-monitoring blood glucose monitors in the market.
2. The patients undergoing surgeries during the COVID-19 and admitted in hospitals have started using their own self-monitoring blood glucose monitors in-order to prevent the spread of the disease among patients.
3. The usage of continuous glucose monitoring (CGM) devices the patients in the long-term care and patients undergoing surgeries requiring postoperative blood glucose level monitoring has increased the demand for the CGM devices in the market.
4. The US accounted for around 38% globally and more than 92% in the North American region.
5. The conventional blood glucose monitoring devices accounted for the largest share, accounting for more than 78% in the market in 2019.
6. The number of individuals using the blood glucose monitors have increased due to the COVID-19 pandemic. This segment is further expected to witness an absolute growth of more than 108% during the forecast period.
7. The online distribution channel accounted for the largest share with over 57% in the market in 2019.
8. The competition between the region players and global players in the self-monitoring blood glucose devices segment are increasing constantly as many products are approved in the market for use.
• Market Size & Forecast by Revenue | 2020−2026
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product, end-users, usage, distribution channels, and geography
• Competitive Landscape – 6 key vendors and 36 other vendors
Blood Glucose Monitoring Devices Market – Segmentation
• The continuous glucose monitoring (CGM) market size is expected to reach over $15 billion by 2026. CGM devices provide real-time and dynamic information of the speed and direction of the patient’s sugar levels.
• A high prevalence of diabetes and changes in lifestyles have increased the usage of personal glucose monitoring devices. The need to monitor blood sugar levels is increasing the usage of these devices. Advances in technology have been playing an important role in the proliferation of BGM devices.
• The online channel is growing significantly in developing countries such as India and China. The increased competition among online vendors has affected the device cost, with high discounts driving consumers to opt for online stores. With the increasing smartphone usage in developing countries, the online distribution channel is likely to emerge as an important distribution channel.
Blood Glucose Monitoring Devices Market by Product
• Conventional (BGM) Devices
• Blood Glucose Meters & Software
• Test Strips
• Lancing Devices & Lancets
• Continuous (CGM) Devices
• Disposable Sensors
• Reusable Hardware
Blood Glucose Monitoring Devices Market by Usage
• Personal BGM Devices
• Professional BGM Devices
Blood Glucose Monitoring Devices Market by End-user
Blood Glucose Monitoring Devices Market by Distribution Channel
• Offline Stores
• Online Stores
Blood Glucose Monitoring Devices Market – Dynamics
The global blood glucose monitoring devices market is growing at a significant rate due to demand for self-care/homecare devices and the prevalence of diabetes. With an increase in the sales of blood glucose meters, test strips, and lancets on a regular basis, the market offers tremendous growth opportunities for global, regional, and local players. As a result, many vendors strategically focus on the development and commercial launches of BGM devices for regular blood glucose monitoring. New product approvals/launches coupled with R&D activities, help vendors expand their presence, enhance market growth, and sustain their market position in the market. Vendors are actively launching innovative devices to penetrate and tap the huge growth potential of the market.
Key Drivers and Trends fueling Market Growth:
• COVID-19 Pandemic Boosts Demand for Self-Monitoring Devices
• Emergence of Non-invasive Blood Glucose Monitoring Devices
• Technological Advances in Blood Glucose Monitoring
• Availability of Mobile Applications & Data Integrations Platforms
Blood Glucose Monitoring Devices Market – Geography
North America dominated the market due to its developed healthcare infrastructure and high awareness among patients. The use of CMG systems and self-monitoring blood glucose systems are high among patients. In Europe, the use of BGM devices is not uniformly distributed as the major countries cover BGM devices under insurance, whereas certain eastern European countries compel patients to pay out of pocket for BGM devices. The US and Canada accounted for a major share of the blood glucose market. The adoption of blood glucose monitoring devices is extremely high in the US compared with other countries. Due to the reimbursement of BGM devices, the use of these devices has risen in the region.
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Blood Glucose Monitoring Devices Market by Geography
• North America
• South Korea
• Latin America
• Middle East & Africa
• Saudi Arabia
• South Africa
• Hoffmann-La Roche
• Ascensia Diabetes Care Holdings
Other Prominent Vendors
• 77 Elektronika Kft
• Menarini Diagnostics
• Alliance International
• Andon Health
• Braun Melsungen
• Hannox International
• Integrity Applications
• MED TRUST
• Nova Biomedical
• OK Biotech
• OSANG Healthcare
• Trividia Health
• Rossmax International
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