Blood Glucose Monitoring Systems Market Overview 2024: Size, Growth Drivers, and Major Segments
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What is the expected growth rate of the Blood Glucose Monitoring Systems market for the period 2024 to 2033?
The blood glucose monitoring systems market has expanded strongly in recent years. It is expected to grow from $15.30 billion in 2023 to $16.48 billion in 2024, with a CAGR of 7.7%. This growth is attributed to the increasing prevalence of diabetes, greater awareness leading to higher adoption of monitoring systems, supportive policies for diabetes management, improved healthcare access, and better accuracy of glucose meters.
The blood glucose monitoring systems market size is projected to experience strong growth in the next few years, expected to reach $22.28 billion by 2028 at a CAGR of 7.8%. The growth in the forecast period is driven by tailored treatment plans utilizing glucose data, the increasing prevalence of diabetes, the rising geriatric population, enhanced adoption in developing regions, and improved connectivity and data management. Major trends include integration with wearable and smart devices, advancements in sensor technology, personalized medicine, telehealth and remote monitoring, and enhanced data management capabilities.
What Factors Are Responsible for the Growth of the Blood Glucose Monitoring Systems Market?
The rising incidence of diabetes is projected to drive the growth of the blood glucose monitoring systems market in the coming years. This increase is attributed to factors such as sedentary lifestyles, poor dietary habits, aging populations, and genetic factors. Blood glucose monitoring systems assist in tracking and managing blood sugar levels, helping to control the disease and avert complications. For instance, in July 2021, the International Diabetes Federation estimated that the global number of people with diabetes would reach 643 million by 2030 and 783 million by 2045. Notably, three out of four adults with diabetes live in low- and middle-income countries. Therefore, the rising prevalence of diabetes will promote growth in the blood glucose monitoring systems market.
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Which Segments Are Important for Insight into the Blood Glucose Monitoring Systems Market?
The blood glucose monitoring systems market covered in this report is segmented –
1) By Type: Non-Invasive, Invasive
2) By Device Type: Continuous Glucose Monitoring Systems, Self-Monitoring Blood Glucose Systems
3) By Testing Site: Fingertip Testing, Alternate Site Testing
4) By Distribution Channel: Institutional Sales, Retail Sales
5) By Application: Type 2 Diabetes, Type 1 Diabetes, Gestational Diabetes
What Are the Significant Trends Reshaping the Blood Glucose Monitoring Systems Sector?
In the glucose monitoring systems market, companies are focusing on innovative systems like advanced hybrid closed-loop systems. For instance, in February 2024, DexCom Inc., a US glucose monitoring manufacturer, launched Dexcom ONE+, which provides real-time blood glucose monitoring through a user-friendly app, allowing multiple users to monitor glucose levels simultaneously.
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Which Regions Are Essential for the Growth of the Blood Glucose Monitoring Systems Market?
North America was the largest region in the blood glucose monitoring systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blood glucose monitoring systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Blood Glucose Monitoring Systems Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the blood glucose monitoring systems market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Blood Glucose Monitoring Systems Market Include
1. Blood Glucose Monitoring Systems Market Executive Summary
2. Blood Glucose Monitoring Systems Market Segments
3. Blood Glucose Monitoring Systems Market Size And Template Market Growth Rate
4. Key Blood Glucose Monitoring Systems Market Trends
5. Major Blood Glucose Monitoring Systems Market Drivers
……
25. Key Mergers And Acquisitions In The Blood Glucose Monitoring Systems Market
26. Top Blood Glucose Monitoring Systems Companies
27. Blood Glucose Monitoring Systems Market Opportunities And Strategies
28. Blood Glucose Monitoring Systems Market, Conclusions And Recommendations
29. Appendix
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