Increase in global diabetes population and rise in awareness about diabetes preventive care are key factors driving market revenue growth
The 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 glucose meter market during the forecast period.
Key companies profiled in the report include
include 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.
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Glucose Meter market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Glucose Meter Market Segmentation based on Types:
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
- Retail Pharmacy
- Hospital Pharmacy
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals
- Clinics / Diagnostic Centers
- Home Care
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 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 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.
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