The best glucose meter Market size is expected to reach USD 21.27 Billion in 2030 and register a revenue CAGR of 9.5% over the forecast period, according to latest report by Reports and Data. Increase in diabetes population across the globe and rise in awareness about diabetes preventive care are key factors driving market revenue growth. According to the World Health Organization (WHO), diabetes is a major cause of blindness, kidney failure, heart attack, stroke, and lower limb amputation. WHO further states that the prevalence of diabetes is rising more rapidly in low and middle-income countries.
Rising incidence of diabetes and obesity is posing a serious threat to the global healthcare system, and the need for proper screening of diabetes is becoming more important with increase in global geriatric population who are more prone to diabetes. Moreover, according to the International Diabetes Federation (IDF), one in two (50.1%) people leaving with diabetics do not know that they have diabetes. Furthermore, it estimates that the global prevalence of impaired glucose tolerance will increase from 7.5% in 2019 to 8.0% by 2030 and will reach 8.6% by 2045. Therefore, proper screening of diabetes is of utmost importance, along with increase in awareness about diabetes and diabetes prevention. In May 2021, for instance, the World Health Assembly agreed a resolution on strengthening prevention and control of diabetes. Such initiatives are expected to increase awareness about diabetes and regular monitoring of blood glucose levels, which is expected to drive revenue growth of the global best glucose meter market during the forecast period.
Growing awareness and need for prevention and care of diabetes are leading to increase in screening and monitoring of blood glucose levels, which in turn, is increasing demand for best glucose meters. Technological advancements in the healthcare sector, and innovative and more accurate and affordable products launched by key players are generating lucrative growth opportunities. This is resulting in increase in demand for self-monitoring blood glucose systems, as well as continuous glucose monitoring systems, which are effective and reliable devices for monitoring blood glucose levels in both hypoglycemic and hyperglycemic patients. Self-monitoring systems are suitable for diabetic patients of middle and low-income countries, owing to their availability and comparatively low costs. Continuous glucose monitoring systems help diabetic patients by providing real-time data on glucose levels via sensors and transmitters, which can be connected and shared with the help of digital devices or applications. This minimally invasive procedure is of immense help to monitor blood glucose levels, and hence, advent of these best glucose meters and their adoption is facilitating screening, monitoring, and preventive care of diabetes worldwide. This is expected to drive market revenue growth during the forecast period.
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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth
Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.
Some Key Highlights in the Report
- Wearable segment is expected to account for largest revenue share over the forecast period, due to increase in adoption of technologically advanced glucose monitoring devices and need for constant monitoring of blood glucose levels. In addition, smartwatches can collect real-time data and share it remotely, due to the development of digital glucose monitoring applications, which is expected to further increase their adoption and thus, drive revenue growth of this segment.
- Online segment is expected to account for largest revenue share over the forecast period. Growing awareness about diabetes and rise in adoption of novel, advanced devices, coupled with the availability of a wide range of best glucose meters at affordable prices and discounts in different online e-commerce platforms, are driving revenue growth of this segment.
- North America is expected to account for largest revenue share in the global best glucose meter market, owing to increase in prevalence of chronic diseases such as diabetes and obesity, and steady increase in diabetic-prone geriatric population in this region. In addition, presence of sophisticated advanced healthcare facilities and positive initiatives from regulatory bodies, coupled with the launch of innovative glucose monitoring devices, are supporting market revenue growth in North America.
- In March 2022, Dexcom Inc. declared that the US Food and Drug Administration (FDA) had granted Breakthrough Device Designation for Dexcom continuous glucose monitor (CGM) use in hospital settings. This technologically advanced compact device consists of a small wearable sensor and transmitter that provide real-time glucose data with provisions of alerts and alarms to detect potentially low or high glucose levels.
Top Players in the Global best glucose meter Market:
F. Hoffmann-La Roche AG, Abbott Laboratories, Ascensia Diabetes Care, Medtronic PLC, LifeScan Inc., Nova Biomedical Corporation, OMRON Corporation, Nipro Medical Corporation, ACON Laboratories Inc., Prodigy Diabetes Care LLC, B. Braun Melsungen AG, Dexcom Inc., Ypsomed AG, Sanofi SA, Hainice Medical Inc., and Sannuo Biological Sensing Co Ltd.
The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.
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best glucose meter Market Segmentation:
Product Outlook (Revenue, USD Billion; 2019-2030)
- Self-Monitoring Blood Glucose System
- Continuous Glucose Monitoring System
Type Outlook (Revenue, USD Billion; 2019-2030)
- Wearable
- Non-Wearable
Testing Site Outlook (Revenue, USD Billion; 2019-2030)
- Fingertip Testing
- Alternate Site Testing
Technique Outlook (Revenue, USD Billion; 2019-2030)
- Invasive
- Non-Invasive
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Online
- Offline
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals
- Clinics / Diagnostic Centers
- Home Care
Global best glucose meter Market Report: Regional Segmentation
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Frequently Asked Questions Answered in the Report:
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