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The global blood glucose monitoring market is estimated to be valued at US$ 18,466.3 million in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period (2023-2030), according to a new report by Coherent Market Insights.
Market Overview:
Blood glucose monitoring refers to the measurement of glucose levels in the blood. It is a crucial component in the management of diabetes, as it helps individuals with diabetes monitor their blood sugar levels and make informed decisions regarding medication, diet, and physical activity. The market offers a range of products, including glucose meters, continuous glucose monitoring systems, and test strips. These products provide the advantages of convenience, accuracy, and portability for users in need of regular blood glucose monitoring.
Market Key Trends:
One key trend influencing the blood glucose monitoring market is the increasing adoption of continuous glucose monitoring (CGM) systems. CGM systems provide real-time glucose measurements, eliminating the need for frequent fingerstick blood tests. This trend is driven by advancements in sensor technology, improved accuracy and reliability of CGM systems, and the growing preference for non-invasive glucose monitoring solutions. CGM systems offer several benefits, including enhanced glucose control, reduced risk of hypoglycemia, and improved quality of life for individuals with diabetes.
Global Blood Glucose Monitoring Market is expected to witness significant growth in the coming years, driven by the increasing prevalence of diabetes worldwide and the rising awareness about the importance of regular blood glucose monitoring in diabetes management. Key players in the market include Senseonics, Medisana AG, Acon Laboratories Inc., and Roche Diagnostics, among others.
Porter’s Analysis
Threat of New Entrants:
The blood glucose monitoring market faces a moderate threat of new entrants. Although the market is highly regulated and requires significant investments in research and development, there is still a potential for new players to enter the market. However, established companies with strong brand recognition and a wide distribution network may have a competitive advantage.
Bargaining Power of Buyers:
Buyers in the blood glucose monitoring market have a moderate level of bargaining power. While individual buyers may have limited bargaining power due to the essential nature of the product, larger healthcare organizations and government agencies may have more negotiating power.
Bargaining Power of Suppliers:
Suppliers in the blood glucose monitoring market have a moderate level of bargaining power. The market relies on a range of suppliers for components such as test strips and glucose sensors. Although there are several suppliers available, any disruption in the supply chain could affect product availability and pricing.
Threat of New Substitutes:
The threat of new substitutes in the blood glucose monitoring market is relatively low. Traditional glucose monitoring methods, such as fingerstick testing, have been widely accepted for many years. However, the growing adoption of continuous glucose monitoring systems, which offer more convenience and real-time data, may pose a potential substitute in the future.
Competitive Rivalry:
The blood glucose monitoring market is highly competitive, with numerous companies competing for market share. Key players such as Medtronic, DexCom, and Roche Diagnostics have a strong presence and continuously invest in innovations to gain a competitive edge. The presence of well-established brands and extensive distribution networks intensifies the competitive rivalry in the market.
Key Takeaways
The global blood glucose monitoring market is expected to witness high growth, exhibiting a CAGR of 9.4% over the forecast period of 2023-2030. This growth can be attributed to various factors, including the increasing prevalence of diabetes, rising awareness about self-monitoring of blood glucose levels, and technological advancements in glucose monitoring devices.
Regionally, North America is anticipated to be the fastest-growing and dominating region in the blood glucose monitoring market. The high prevalence of diabetes, favorable reimbursement policies, and advanced healthcare infrastructure contribute to the region’s growth. Additionally, the presence of key market players and ongoing research and development activities further support the market’s expansion in this region.
Key players operating in the blood glucose monitoring market include Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd. These players have a significant market presence and focus on product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position.
In conclusion, the blood glucose monitoring market is poised for significant growth due to the increasing prevalence of diabetes and technological advancements in glucose monitoring devices. With a competitive landscape and evolving customer demands, key players in the market are continuously investing in research and development to gain a competitive edge.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
