Kenneth Research recently added a report on ‘Glucometer Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Glucometer Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Glucometer Market products.
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The global glucometer market is likely to be ~USD 13 billion in 2021, and it is expected to expand at a compound annual growth rate (CAGR) of ~8% from 2022 to 2030. The elderly population susceptible to diabetes is expected to drive the market. Increased awareness of diabetes prevention and health care and the launch of new products have further promoted market growth. Diabetes is a clinical condition in which the pancreas is unable to produce insulin leading to elevated glucose levels in the body. Blood glucose monitoring (BGM) devices are economically beneficial and are essential for correct diagnosis and treatment. These devices are used to measure blood sugar levels, which is an important step in the treatment of diabetes. It also helps prevent other related health conditions such as neuropathy, retinopathy and cardiovascular disease.
There are many types of blood glucose monitors on the market, and they vary in size, price, test time, and ease of use. During the coronavirus outbreak, some countries imposed lockdowns to slow the spread of the disease. This leads to changes in the daily life of diabetic patients in terms of eating habits, physical activity, and sedentary behavior. All these major abnormal fluctuations in glucose levels have increased the need for self-monitoring equipment.
The BGM equipment market continues to grow due to continuous technological advancement and early detection of hypoglycemia and hyperglycemia diabetes. Rapidly changing lifestyles and the phenomenon of drinking and smoking have led to an increase in the number of diabetic patients worldwide. In addition, obesity is one of the main factors leading to diabetes. According to the World Health Organization, more than 650 million people were obese in 2016, and this number is expected to increase further during the forecast period.
Due to its huge development potential, this market is very profitable. According to the International Diabetes Federation, there are approximately 424 million people with diabetes, and it is estimated that by 2045 this number will reach 629 million. In addition, the growing elderly population is driving market growth. According to the World Health Organization, the proportion of the world’s aging population will increase from 12% to 22%, almost doubling. In addition, it is expected that the government’s measures to increase awareness of diabetes prevention and health care will drive market growth.
Self-monitoring blood glucose (SMBG) devices accounted for the largest share in 2020 at 67% due to their ease of use and low cost. Self-blood glucose monitoring is a way for people to measure blood sugar levels with the help of blood glucose meters. This part is further divided into blood glucose meter, test paper and lancet. Due to its high utilization rate and affordability, the test strip segment will occupy the largest market share in 2020. This market segment is expected to grow at a profitable compound annual growth rate during the forecast period.
The market segment of continuous blood glucose monitoring equipment is expected to record the highest growth rate during the forecast period. These devices are used by patients who need to measure blood sugar frequently. Continuous blood glucose monitoring (CBGM) products help analyze blood glucose level patterns by providing continuous, real-time blood glucose readings. This part is further divided into sensors, insulin pumps, transmitters and receivers. CGM works by inserting tiny sensors under the skin. The sensor measures the sugar content, and the transmitter sends the information wirelessly to the monitor. The transmitter and receiver segment has the largest market share in 2020 and is expected to grow at a healthy compound annual growth rate during the forecast period.
END USE OUTLOOK:
The hospital sector has the largest share in 2020, at 40%. Due to infrastructure improvements and increased hospital healthcare expenditures, it is expected to maintain its leading position during the forecast period. In addition, it is more expensive to measure blood glucose levels in a hospital than in a home care environment. The hospital has additional regulations to store and transmit patient information.
The home care sector is expected to record the fastest growth rate during the forecast period. Home blood glucose monitoring undergoes revolutionary changes through self-monitoring of blood glucose, and is the most widely used short-term blood glucose monitoring method worldwide. SMBG is a way to measure blood sugar levels at home regardless of whether you have diabetes or not. Based on the readings, patients can check the effects of their treatments, such as diet, insulin, exercise, and stress management.
Due to its well-developed healthcare industry, North America will lead the market with a 40% share in 2020. The increasing prevalence of obesity, high treatment costs, technological advancement and the launch of new products are also expected to promote the development of the regional market. Due to the increase in the elderly population prone to diabetes, Europe is expected to occupy an important market share during the forecast period. In addition, the improvement of its healthcare sector and the implementation of advanced medical products are increasing the demand for BGM in the region.
During the forecast period, the Asia-Pacific region is expected to be a lucrative regional market. Improvements in medical facilities and reimbursement policies in developing economies are key factors that help regional market growth. Due to its large diabetic population and rapid economic growth, China will lead the Asia-Pacific region in 2020. In addition, the increase in knowledge about preventive diabetes care has further promoted the growth of the market.
MAJOR COMPANIES AND MARKET SHARE:
Major players focus on new product launches, acquisitions, advances in existing products and technologies, and other strategies to expand their business portfolio and strengthen their influence. For example, in August 2016, Roche launched the Accu-Chek Guide blood glucose monitoring system. The device is designed to facilitate daily blood glucose monitoring. Some of the major players in the global blood glucose monitoring equipment market include: Abbott Laboratories , Medtronic plc, F. Hoffmann-La Roche Ltd., Bayer AG, Lifescan, Inc., Dexcom, Inc., Sanofi, Elly Lilly and Company, B Braun Melsungen AG.
MAKE SEGMENTS COVERED BY THE REPORT:
This report forecasts revenue growth at the global, regional, and country levels, and analyzes the latest industry trends and opportunities in each sub-segment from 2022 to 2030. In this study, Grand View Research segmented the report on the global blood glucose monitoring equipment market based on product, end use and region: Product Outlook (Revenue, USD million, 2022 to 2030) Self-monitoring equipment blood glucose meter test paper Willow Leaf Knife continuous blood glucose monitoring equipment sensor transmitter and receiver insulin pump end-use prospects (revenue, million dollars, 2022 to 2030) Hospital Home Care Diagnostic Center.
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