The Global Blood Glucose Monitoring Devices Market is estimated to reach USD 10.7 Bn by 2027, growing at a CAGR of 7.3% over the forecast period.
The rising cases of diabetes in the population, as per the WHO, World Health Organization out of eight people, the one person is diabetic in the developing and developed region due to changing lifestyle of the population is the driving factor for the growth of the blood glucose monitoring devices market. The reimbursement is available on the purchase of blood glucose monitoring devices is one of the key reasons to fuels the global market. For instance, the home blood glucose monitors (NCD 40.2) reimbursement policy is approved by United Healthcare Medicare in 2014 and this policy covers the reimbursement for device and its services.
The government is investing to innovate the advance technology for the blood glucose monitoring devices to make it easy to operate and affordable devices. For instance, DiaMon Tech GmbH launched (pocket sized device) wearable bond that monitors the blood sugar level regularly and logged data, if the blood glucose level rises it gives alarm. Also, the DiaMon Tech launched a small sized device that monitor the level blood glucose through the skin by infrared light beam.
The need for blood glucose monitoring devices has increased as the number of people with diabetes has increased in developed and developing countries. For instance, according to the International Diabetes Federation (IDF), 463 million people worldwide are diagnosed with diabetes in 2020, with 88 million in Southeast Asia. India accounts for 77 million of the 88 million people. According to the IDF, the prevalence of diabetes in the population is 8.9%.
Global Blood Glucose Monitoring Devices Market, by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of geography, in 2020, the North America is expected to grow at significant CAGR and dominate in the blood glucose monitoring devices market. This is due to an increase in the prevalence of diabetes. The high adoption of home healthcare devices at personal level in the North America is expected to drives the regional blood monitoring devices market growth in the near future. For instance, in 2019, telehealth was launched under the program of “Hospital at Home”. In this program the patient undergoes treatment at home that increases the use of homecare and portable medical devices such as blood pressure monitoring devices, BGM devices, and others among the due to which demand for blood glucose monitoring devices increased among the individuals.
However, in 2020, the Asia-Pacific registered the fastest growth in the market due to increasing number of diabetic patients. For example, in 2018, as per the data publish in International Diabetes Federation anticipated 7.1% of Indian population is suffering from diabetes.
The Global Blood Glucose Monitoring Devices Market Segmentation:
Global Blood Glucose Monitoring Devices Market by Product Outlook (Revenue, USD Billion, 2021-2027)
Global Blood Glucose Monitoring Devices Market by Usage Outlook (Revenue, USD Billion, 2021-2027)
Global Blood Glucose Monitoring Devices Market by Distribution Channel Outlook (Revenue, USD Billion, 2021-2027)
Global Blood Glucose Monitoring Devices Market by End-User Outlook (Revenue, USD Billion, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the blood glucose monitoring devices market are: