Blood Glucose Monitoring Device Market set to double by 2032
From GlobeNewswire: 2025-01-06 07:00:00
The Blood Glucose Monitoring Device Market was valued at USD 13.49 billion in 2023 and is projected to reach USD 27.61 billion by 2032, with a CAGR of 8.29%. The market growth is driven by the increasing prevalence of diabetes, advancements in monitoring technology, and rising awareness of glucose management.
Continuous Glucose Monitoring systems are gaining popularity for providing real-time glucose data crucial for diabetes management. Integrating digital health tools like mobile apps and wearable devices has improved glucose tracking efficiency and data sharing with healthcare providers. Personalized healthcare focus and government initiatives to manage diabetes-related complications further boost market demand.
Self-monitoring devices dominated the market with a 60% share in 2023, while Continuous Glucose Monitoring devices emerged as the fastest-growing segment. Hospitals led the market with a 45% share, and home care is expected to be the fastest-growing segment from 2024-2032 as more individuals opt for managing diabetes at home.
North America led the Blood Glucose Monitoring Device Market in 2023 due to the high prevalence of diabetes and advanced healthcare infrastructure. The Asia-Pacific region is poised for rapid growth during the forecast period, driven by a rising diabetic population, increasing healthcare expenditure, and growing awareness about glucose monitoring devices.
Recent developments in the market include Abbott launching an over-the-counter continuous glucose monitoring system, Prevounce Health introducing a cellular-connected remote blood glucose monitoring device, and Dexcom, Inc. launching a CGM device for improved diabetes management. In May 2024, Beurer India Pvt. Ltd. introduced a new blood glucose monitor priced at ₹1,200 to meet the demand for low-cost solutions in India. The device aims to be available by September 2024, catering to individuals with Type 2 diabetes. The company also released the “Dexcom State of Type 2 Report,” highlighting mental health concerns among those with the condition.
Read more at GlobeNewswire: Blood Glucose Monitoring Device Market Size to Accumulate