The global Blood Glucose Monitoring Devices Market size is expected to reach 19.6 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.6% from 2021 to 2028. The market growth is propelled by the rising diabetes prevalence worldwide and increasing geriatric population. Moreover, rising awareness about diabetes preventive care and new product launches are expected to boost market growth.
Blood glucose monitoring (BGM) devices are used to measure blood glucose levels in diabetes patients. These devices help in analyzing glucose level pattern as it provides continuous and real-time blood sugar reading. It also helps patients to decide the amount of food intake and dosage of insulin. Furthermore, factors such as sedentary lifestyle, consumption of junk food and alcohol, smoking, and surge in the need for safer and faster diagnosis are propelling the market growth.
Obesity is also one of the major factors in propelling the prevalence of diabetes. According to the WHO, over 650 million people were obese in 2016 and this number is expected to grow further during the forecast period. Additionally, the market is expected to witness a high growth rate during the forecast period due to the continuous efforts for diabetes control by government and healthcare organizations, such as the International Diabetes Federation (IDF). Such organizations provide the required expertise and support diabetes awareness campaigns through a network of stakeholders and partners. Moreover, increasing health care funding is anticipated to propel the market growth.
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Blood Glucose Monitoring Devices Market Report Highlights
- North America held the largest market share in 2020 owing to favorable reimbursement policies, local presence of key players, and supportive government initiatives
- Based on product, the self-monitoring devices segment held the largest market share in 2020 and is expected to grow at a significant pace over the forecast period. The testing strips segment of self-monitoring devices held the largest share of more than 40.0% in 2020 and is projected to grow at a healthy CAGR over the forecast period
- The continuous blood glucose monitoring devices segment is expected to be the fastest-growing segment during the forecast period
- By end-use, the home care segment is expected to grow at a rapid pace during the forecast period