The Global Blood Glucose Monitoring Devices Market was valued at USD 6.6 Bn in 2020 and is expected to reach USD 10.7 Bn by 2027, growing at a CAGR of 7.3% during the forecast period.
Blood Glucose Monitoring Devices Market Definition
The blood glucose monitoring devices is used to detect the blood sugar level. This device is also known as glucometer. To diagnose sugar level, the finger of the patient is pricked, and minimum two small drops of the blood is placed on the blood glucose monitoring strips. Later, the device displays its result on the screen.
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Blood Glucose Monitoring Devices Market Dynamics
The blood glucose monitoring devices market is projected to grow with a significant rate during the forecast period owing to factors such as, increasing demand for the real-time analysis, diagnosis, & monitoring and rising demand for emergency healthcare services across the globe. The ongoing innovations of blood glucose monitoring devices is flourishing due to increase in awareness among the population is the another driving factor for the growth of the global blood glucose monitoring devices market. Moreover, the government support and market players initiatives for product launch and manufacturing of blood glucose monitoring devices due to increasing demand of it. This may fuel the growth of the blood glucose monitoring devices market. For instance, in 2019, Medtronic plc. collaborated with Eris life sciences to launch the guardian connect which is world’s first smart CGM systems.
The Global Blood Glucose Monitoring Devices Market Segmentation:
By Product
By Usage
By Distribution Channel
By End-users
By Region
Company Profiles and Competitive Intelligence
The key players operating in the blood glucose monitoring devices market are:
Based on product, continuous glucose monitoring device segment is expected to witness the fastest growth owing to technological advancement
Based on the product, the global blood glucose monitoring devices market has been segmented into conventional monitoring blood glucose system and continuous glucose monitoring device.
The continuous glucose monitoring devices segment is the fastest growing segment owing to increasing awareness for blood glucose monitoring devices to monitor the glucose level on the regular basis .This is attributed to the growing demand for wristbands to regularly monitor and track the blood sugar level for the 24hrs. Increasing awareness of regular health monitoring and increasing attention to diabetes and obesity among the population have led to the growth of continuous glucose monitoring devices.
Based on usage, personal segment accounted for the largest share of the market in 2020 due to rise in adoption for personal care
Based on usage the global blood glucose monitoring devices market is segmented into personal and professional.
The personal is the dominating segment in the market due to increasing adoption rate of blood glucose monitoring devices at the personal level and decreases the number clinic visits that drives the growth of market. For example, in 2018, as per the data publish in International Diabetes Federation, globally, around 8.5% of population is suffering from diabetes. Therefore, glucose monitoring devices has more demand at personal level which drive the growth of the blood glucose monitoring devices market.
Based on distribution channel, online segment is expected to grow at the highest CAGR during the forecast period due to increasing online sale of blood glucose monitoring devices
Based on distribution channel, the blood glucose monitoring devices market is bifurcated into retail and online. The online segment is witnessing significant growth during the forecast period. Online purchase of blood glucose monitoring devices became necessity to maintain social distancing for the safety due to the ongoing pandemic. The various types and better quality of blood glucose monitoring devices are available online for the customers this proves online segment as dominating segment over the forecast period.
Based on end-users, individuals are expected to grow at the highest CAGR during the forecast period due to recent miniaturization trends
Based on end-users, Individual’s segment is witnessing significant growth in the blood glucose monitoring devices market during the forecast period. The blood glucose monitoring devices are becoming more popular as it is time saving and money saving homecare device. The number of diabetic patients increases, so individual person adopts BGM devices to monitor correct intake of insulin and diet on the daily bases. Increasing self-diabetes monitoring is expected to boost the growth of the global market.
The report also provides an in-depth analysis of the global blood glucose monitoring devices market dynamics such as drivers, restraints, opportunities, and challenges
Drivers
Restraints
Opportunities
Challenges
COVID-19 Impact on the Global Blood Glucose Monitoring Devices Market
Outbreak of COVID-19 has positively affected the blood glucose monitoring devices market. To avoid the spread of virus, healthcare facilities and patients prefer to avoid physical visits to hospitals. Moreover, stay-at-home warnings sparked a huge surge for at-home medical care. This includes patients monitoring their own health and preferring to use blood glucose monitoring system as home-care device to avoid healthcare problems. Thus, the indirect impact of COVID-19 on the markets subsequently increased the demand for blood glucose monitoring devices. These factors are positively impacted the industry and estimated to grow with the significant rate during the forecast period in the near future.
The report also provides an in-depth analysis of key trends in global blood glucose monitoring devices market
| Sr. No. | Trends | Impact |
| 1 | Breakthrough of COVID 19 increases the need of at-home medical care to avoid physical contacts | Positive |
| 2 | Rising awareness among people about self-care and self-monitoring | Positive |
The report also provides an in-depth analysis of recent news developments and investments
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