February 21, 2024

The Growing Population of Diabetic Patients is driving the Blood Glucose Monitoring Market

Blood glucose monitoring devices help check blood glucose levels by pricking the fingertip to draw blood. They come with test strips, lancets to prick the skin, and glucometers to determine the blood glucose reading. Regular monitoring helps diabetic patients understand how different foods, medicines, exercises, and stress levels impact their glucose levels. This further helps make informed lifestyle and treatment decisions. The growing global population suffering from diabetes has created a huge demand for blood glucose monitoring devices. According to the International Diabetes Federation, over 537 million adults aged between 20-79 years suffered from diabetes worldwide in 2021 and this number is expected to rise to 643 million by 2030 and 783 million by 2045.

The global blood glucose monitoring market is estimated to be valued at US$ 22101.13 Mn in 2024 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the blood glucose monitoring market is the development of continuous glucose monitoring systems. Continuous glucose monitoring involves the use of a small, flexible sensor wire inserted just under the skin to check glucose levels in interstitial fluid every few minutes. It provides real-time glucose readings throughout the day and night. This eliminates the need for finger pricking and gives a comprehensive picture of how dietary changes, drugs, exercise, stress, and health conditions impact blood sugar levels. Continuous glucose monitors help diabetics make better treatment decisions. Many companies are launching innovative, next-gen continuous glucose monitoring systems with improved accuracy, extended wear time, smartphone connectivity, and alerts/alarms for high/low glucose readings. Their growing adoption is expected to significantly drive the blood glucose monitoring market.

Porter’s Analysis
Threat of new entrants: The blood glucose monitoring market requires high initial capital investments for R&D and manufacturing infrastructure which limits the threat of new entrants.
Bargaining power of buyers: Individual customers have moderate bargaining power due to the availability of substitute products, however bulk buyers such as hospitals and clinics have significant bargaining power due to large volume purchases.
Bargaining power of suppliers: Major supplies include components, materials, and machinery which have low switching costs. This gives suppliers moderate bargaining power over players in the market.

Threat of new substitutes: Some potential substitutes exist like self-monitoring of blood glucose without test strips, however established products and customer familiarity results in low threat of substitutes.
Competitive rivalry: The market has prominent global players with established brands, technologies, and distribution networks. However, regional players compete on pricing resulting in high competitive rivalry.

Key Takeaways

The Global Blood Glucose Monitoring Market Size is expected to witness high growth over the forecast period supported by the rising diabetic population globally and increasing awareness. The global blood glucose monitoring market is estimated to be valued at US$ 22101.13 Mn in 2024 and is expected to exhibit a CAGR of 0.8% over the forecast period 2023 to 2030.

Regional analysis: North America dominates currently due to favorable reimbursement policies and higher healthcare spending. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing healthcare access and disposable incomes in major economies like China and India.

Key players: Major players operating in the blood glucose monitoring market are Air Techniques, Inc., Maguire Refining, Inc., Solmetex, Durr Dental, Medentex GmbH, MARS Bio-Med Processes Inc., Dove Dental Products, METASYS, Crosstex International, Inc., Capsule Technologies Inc., A B Dental Trends, Inc., American Dental Accessories, Inc.,and Rebec Environmental. The market is highly competitive with established brands continuing to invest in innovative product development.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it