Glucose Monitoring Devices Market Set to Skyrocket with a Whopping 16.9% CAGR, Reaching US$ 118.1 Billion BY 2033
According to Future Market Insights’ most recent industry report, the global Glucose Monitoring Devices Market was valued at roughly US$ 21.3 Billion in 2022 and is expected to rise at a CAGR close to 16.9% over the forecast period, reaching an estimated worth of US$ 118.1 Billion in 2033.
Over the past 20 years, diabetes has escalated to a severe health concern with an unparalleled rate of global growth. It is a significant contributor to death in those aged 20 to 79. The World Health Organization has classified diabetes as a global pandemic due to its rapidly increasing prevalence.
Patients with diabetes require regular monitoring. Costs associated with patient monitoring can be decreased by utilizing technologies for information and communication, artificial intelligence, and smart devices together. Diabetes is mostly brought on by changes in blood glucose levels, and it is important to keep them steady for a set period.
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 level is the only method for a diabetic to prevent potentially fatal diabetic complications, and glucose monitoring is an essential component of diabetes management.
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 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 Market Study
Self-monitoring devices are the leading segment as product, and hold approximately 3% market value share in 2022, owing to their automated and reliable monitoring process.
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 user, hospitals held a market share of around 7% in 2022, owed to the adoption of continuous monitoring devices in hospitals to reduce the number of fingerstick 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.
Market 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 for 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 biowearable that combines a sensor to continually monitor both glucose and ketone levels. The U.S. FDA has granted the system breakthrough device classification.
Key Market 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
Key Market Segments Covered in 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
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