The blood glucose monitoring system market has projected a growth Of USD 15.94 billion by 2022 and is expected to reach USD 31.34 billion by the end of 2030 at a compound annual growth rate of 10.1%.
The increasing cases of patients who have diabetes have boosted the market for glucose monitoring systems. The rapidly increasing prevalence of type 2 diabetes has helped the market for insulin grow greatly. This has to be supported by the blood glucose monitoring system, which becomes an essential factor in checking glucose levels before administering insulin. Constant monitoring is required in patients with critical conditions who are on anti-diabetic medicines. The huge client base in the market suffering from diabetes and other blood glucose-related disorders has considerably boosted the market’s size.
Browse the full “Blood Glucose Monitoring System Market Size, Trends and Insights By Device (Self monitoring blood glucose system, Continuous glucose monitoring system), By Modality (Non wearable, Wearable), By Type (Invasive, Non invasive), By Patient Type (Type 1 diabetes, Type 2 diabetes), By Distribution Channel (Retail sales, Institutional sales), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/blood-glucose-monitoring/
Market Dynamics
Drivers
The huge number of patients available in the market due to the increasing prevalence of cholesterol and obesity has helped the market record considerable revenue, and he’s foreseen to continue similarly during the forecast period as well. The increasing demand for advanced technologies and efficient monitoring systems to manage patients’ blood glucose levels has helped the blood glucose monitoring system market record considerable revenue.
Key market players are investing in extensive research and development programs to introduce cheaper options for monitoring blood glucose. Faulty lifestyle practices followed by the people and increasing stress resulting from busy lifestyle practices and improper work-life balance have greatly boosted the market size. These reasons emerge as the driving forces for the blood glucose monitoring system market during the forecast period.
Restraints
The high cost associated with using advanced equipment and medical facilities has proved to be a restraining factor for the market’s growth. Lack of awareness and slow penetration of modern devices and technologies into the market has proven to be major obstacles to the market’s growth. The lack of disposable income available to the people after the outbreak of the pandemic has greatly hindered the market’s growth. As the constant blood glucose monitoring systems are costlier, they cannot be used by the common people and find their place mainly in the hospital sector. Negligence on the patient’s part also hampers the market’s growth to a great extent.
Opportunities
Key market players are introducing advanced medical equipment for managing blood glucose levels to boost the demanding supply chain. Initiatives taken by the government to support the healthcare sector by providing advanced facilities to the people have also helped the market put a quarter of considerable revenue during the forecast period. .
The market finds a great opportunity in reimbursement facilities provided by health insurance companies to manage blood glucose levels by utilizing advanced equipment. Increasing awareness among the people regarding the availability of advanced equipment and monitoring systems that help evaluate the patient’s condition has emerged as a major opportunity for the growth of the blood glucose monitoring system market.
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Challenges
The high cost associated with the use of advanced equipment, which helped monitor blood glucose, has greatly hindered the glowing growth of the market to a great extent. The availability of cheaper options in the market produced by local players has hindered the growth of quality products. Lack of awareness and penetration of newly introduced systems in the market has hindered the growth to a great extent. Fluctuating policies followed by insurance companies regarding reimbursement facilities also hinder market growth.
Report Highlights
Based on device type, continuous glucose monitoring systems have emerged as a leading segment due to the huge demand from the healthcare industry. Based on modality, the segment of wearable devices has dominated the market. Based on patient type, Type 2 diabetes has emerged to be in a dominant position. The invasive device has emerged as the leading position due to its extensive demand in the healthcare sector. On the bus of distribution channels, the retail sales market has emerged as the leading market player due to the availability of a huge client base. On pistol geography, the region of North America has dominated the segment.
Key Players
- Abbott Laboratories
- Medtronic plc
- Hoffmann-La Roche Ltd.
- Ascensia Diabetes Care
- Dexcom, Inc.
- Sanofi
- Novo Nordisk
- Insulet Corporation
- Ypsomed Holdings
- Glysens Incorporated
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