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Glucose Monitoring Devices Market Size, share & Forecast to 2033

According to the latest industry report from Future Market Insights (FMI), the Global Glucose Monitoring Devices Industry, valued at approximately US$ 21.3 Billion in 2022, is poised for remarkable growth, projecting a Compound Annual Growth Rate (CAGR) of nearly 16.9% over the forecast period. FMI anticipates the industry to achieve a staggering estimated worth of US$ 118.1 Billion by the year 2033.
The surge in the Global Glucose Monitoring Devices Industry comes at a crucial time as diabetes has emerged as a severe global health concern over the past two decades. With an unprecedented rate of global growth, diabetes has become a significant contributor to mortality, particularly in the age group of 20 to 79. The World Health Organization has classified diabetes as a global pandemic, underscoring its rapid and widespread prevalence.
One of the key contributors to the escalating costs associated with diabetes management is the need for regular monitoring. FMI’s report emphasizes that leveraging technologies such as information and communication, artificial intelligence, and smart devices can play a pivotal role in reducing these monitoring costs.
The adoption of continuous glucose monitoring devices, which are emerging as a novel technique for monitoring glucose levels, is growing along with the number of diabetic patients. Every ten minutes, these devices update the real-time glucose level data they provide. The preservation of healthy blood glucose levels is the only method for a diabetic to prevent potentially fatal diabetic complications, and glucose monitoring is an essential component of diabetes management.
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Non-invasive glucose monitoring has recently become more popular as it lessens the discomfort and suffering experienced by diabetics who must prick their skin more than four times per day to measure their blood glucose levels.
With the increasing prevalence of diabetes, as well as advancements in sensor-based technologies for patient monitoring, the market is set to expand at a lucrative pace, over the forecast period.
Key Takeaways from Global Glucose Monitoring Devices Industry Study
Self-monitoring devices are the leading segment as a product, and hold approximately 3% market value share in 2022, owing to their automated and reliable monitoring process.
The diabetes type II segment is set to lead in terms of indication of glucose monitoring devices with an estimated market value share of around 1% by 2023, owing to the high prevalence of type II diabetes globally.
By end users, hospitals held a market share of around 7% in 2022, owing to the adoption of continuous monitoring devices in hospitals to reduce the number of fingersticks point-of-care capillary blood glucose tests, hyperglycemic episodes, and hypoglycemic episodes.
North America holds a value share of 0% in 2022, owing to the high prevalence of chronic diseases in the region.
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“Rising initiatives to integrate artificial intelligence, as well as digital technologies to blood glucose monitoring devices, as well as growing new product launch activities, are factors propelling the growth of the global glucose monitoring market,” says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Global Glucose Monitoring Devices Industry Competition
Key players’ rigorous research led to the development of improved technologies such as flash glucose monitoring and continuous glucose monitoring. Companies also engage in strategic initiatives such as new product launches and mergers and acquisitions.
All consumers with diabetes type 1 are now covered by the Dexcom G6 rtCGM System under the Non-Insured Health Benefits Program, according to an announcement made by Dexcom, Inc. in January 2023.
Abbott disclosed in June 2022 that it is creating a new wearable that combines a sensor to continually monitor both glucose and ketone levels. The U.S. FDA has granted the system breakthrough device classification.
Key Global Glucose Monitoring Devices Industry Players:
Dexcom, Inc.
Abbott Laboratories
F. Hoffmann-La Roche Ltd (Switzerland)
Medtronic
Ascensia Diabetes Care
Arkray
Ypsomed AG
Acon Laboratories
Nipro
Nova Biomedical
Goldsite Diagnostics Inc. (China)
Lifescan Ip Holdings, LLC
Prodigy Diabetes Care
Others
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Key Market Segments Covered in Global Glucose Monitoring Devices Industry Research
Product:
Self-Monitoring Devices
Continuous Monitoring Devices
Indication:
Diabetes Type I
Diabetes Type II
End User:
Hospitals
Clinics
Diagnostics Centres
Home Care Settings

Knee Replacement Market Size, Sales, Forecast & Analysis 2032

In a significant stride toward enhancing healthcare and transforming lives, the Global Knee Replacement Industry is poised to witness remarkable growth, forecasting a compelling 6% Compound Annual Growth Rate (CAGR) from 2021 to 2032. This surge is set to propel the market valuation from US$ 8.27 Billion in 2021 to an impressive US$ 15.7 Billion by 2032.

The anticipated robust expansion of the knee replacement market is underpinned by several key factors contributing to its promising growth trajectory. Increased demand for advanced knee implants, substantial government investments in healthcare and medical devices, and the presence of well-established manufacturers are among the driving forces fueling this upward trend.

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Ambulatory surgical centers are anticipated to contribute significantly towards the growth of Global Knee Replacement Industry in the forthcoming years owing on account of low costs associated with the surgery as well as rapidly increasing immediate need in the facility for timely processes without long delays, thereby benefitting in expansion of customer-base. In addition, personalized care offerings by the ambulatory healthcare facilities further drives the demand for ambulatory surgical center

Knee Replacement is the common joint replacement surgery that are undertaken for patients with knee damaging diseases such as osteoarthritis, post-traumatic arthritis or rheumatoid arthritis. The rising number of elderly patients followed by the increasing number of surgeries undertaken is anticipated to grow the global knee replacement industry. The surgical procedure of knee replacement is inclusive of various steps taken to implant the artificial device and replacement of the damaged knee. There are many different types of implants – which are made of metal alloys, ceramic material, or strong plastic parts.

Knee replacement is one of the most effective and widely used ways to relieve the knee arthritis pain. Technological advancements in the knee replacement market such as minimal invasive surgery, improved implant materials and their success rates are allowing even the younger population to undergo knee replacement surgery ultimately driving the global knee replacement industry significantly. The Global Knee Replacement Industry is also promoted by the technologies such as 3D printed knee implants which is being manufactured by the U.S. based medical company ConforMIS.

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The emerging knee replacement market has been experiencing a phase of new product development and technological advancements due to greater demand. The manufacturing companies are raising their respective market share with aggressive marketing activities and growing awareness among people.

Knee Replacement Industry: Drivers & Restraints

The knee implants market is expected to grow due to several factors such as increasing rate of old-age diseases like osteoporosis, diabetes, obesity, arthritis; ageing population and sports-related injuries. Conversely due to existing and upcoming advance technologies such as minimal invasive surgery and better implant materials are making it more widely accepted even by the younger populace.

Despite of being widely used procedure for curing extremely debilitating diseases, such as osteoarthritis, the global knee replacement industry is facing some challenges such as economic slowdown that is preventing the market from growing. Some of the other growth restraining factors of the global knee replacement market can be high surgery cost, increasing competition, increasing number of OEM’s in the market and growing awareness for some non-surgical treatment methods such as exercises, weight loss, walking aids, shoe inserts and pain killer medicines.

Global Knee Replacement Industry : Region-wise Outlook

The knee replacement industry is expected to register a favourable growth for the forecast period, 2015?2025. The North America and Europe are projected to endure control on the Global Knee Replacement Industry followed by Asia and Middle East. Europe and North America are expected to register a double digit growth in forecasted period. The demand for knee replacement surgery devices in surging across Asian regions. The factors contributing to the rising demand in APAC are growing awareness for the possible treatments, increasing number of elderly population and following patients with knee joint afflictions.

The developing regions such as India and China are projected to be potentially growing in global knee replacement industry with reference to the increasing demand for knee implant products holding the fact that these procedures and devices, that were considered unaffordable about a decade ago, are within financial reach of India’s and China’s growing middle classes.

Knee Replacement Industry: Key Players

The Global Knee Replacement Industry is consolidated. Some of the key players in the market are Stryker Corporation, Zimmer Holdings, Smith & Nephew Plc, DePuy Companies, Inc, Wright Medical Group, Inc, Biomet, Inc., Exactech. and B. Braun Melsungen AG.

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Why Future Market Insights?

Comprehensive analysis on evolving purchase pattern across different geographies
• Detailed insights of market segments and sub-segments for historical as well as forecast period
• A competitive analysis of prominent players and emerging players in the keyword market
• Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years

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