Press Release

Glucose Monitoring Device Market to Grow with a CAGR of 7.09% through 2029

According to TechSci Research report, “Glucose Monitoring Device Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Glucose Monitoring Device Market stood at USD 18.88 Billion in 2023 and is anticipated to grow with a CAGR of 7.09% in the forecast period, 2024-2029. The global glucose monitoring device market is witnessing robust growth driven by factors such as the escalating prevalence of diabetes, technological advancements, and increased awareness of diabetes management. Self-monitoring devices, including continuous glucose monitoring (CGM) systems and traditional glucometers, are prominently leading the market. Wearable technology integration, such as glucose monitoring features in smartwatches, is further enhancing accessibility and user convenience. Regulatory support, particularly in North America and Europe, is facilitating market expansion. Additionally, the shift toward remote patient monitoring and the integration of artificial intelligence in glucose data analysis are shaping the market's future. With a focus on personalized medicine and improving patient outcomes, the global glucose monitoring device market is poised for sustained growth and innovation.


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However, the market is not without its challenges. One critical concern revolves around the accuracy and reliability of glucose monitoring devices. Inconsistencies in readings can lead to inappropriate treatment decisions, affecting patient outcomes. Regulatory hurdles and the lack of standardized interoperability among different devices present challenges in achieving seamless data exchange and integration within broader healthcare systems. Overcoming these challenges is essential for sustaining the growth and effectiveness of glucose monitoring devices in improving diabetes management.

The global glucose monitoring device market has also undergone significant changes due to the COVID-19 pandemic. The increased focus on remote patient monitoring and telehealth, driven by the imperative for social distancing, has accelerated the adoption of glucose monitoring devices. However, disruptions in the supply chain and healthcare services during the pandemic have posed challenges to market players, impacting production and distribution. Despite these challenges, the pandemic has underscored the importance of accessible and remote healthcare solutions, contributing to the ongoing evolution of the glucose monitoring device market.

On the trend front, the integration of artificial intelligence (AI) into glucose data analysis has emerged as a notable development. AI enhances the accuracy of interpreting glucose patterns, enabling more personalized diabetes management. This trend aligns with the broader transformation in healthcare toward individual empowerment and convenience. Moreover, the emphasis on user-friendly devices and the integration of wearable technology reflects a patient-centric approach, acknowledging the significance of user experience in promoting regular monitoring and adherence to treatment plans.

The Global Glucose Monitoring Device Market is segmented into Product type, application, end user, regional distribution, and company.

Homecare settings have emerged as the dominant end-user segment in the global Glucose Monitoring Device market for several compelling reasons. Firstly, the shift towards patient-centric care and the growing emphasis on empowering individuals to actively manage their health have fueled the preference for glucose monitoring devices in home environments. The convenience offered by self-monitoring devices allows users to track their blood glucose levels in the comfort of their homes, promoting a more patient-friendly approach to diabetes management. Additionally, the global trend towards remote patient monitoring and telehealth services has further accelerated the adoption of glucose monitoring devices in home settings. The COVID-19 pandemic has underscored the significance of home-based healthcare solutions, contributing to the surge in demand for devices that facilitate continuous monitoring without the need for frequent hospital visits. As healthcare continues to evolve towards personalized and decentralized models, the dominance of homecare settings in the glucose monitoring device market is poised to persist, providing individuals with diabetes greater control over their health in familiar and accessible environments.

Based on region, North America is currently dominating the Global Glucose Monitoring Device Market due to a convergence of influential factors. Firstly, the region boasts a high prevalence of diabetes, creating a substantial demand for advanced glucose monitoring solutions. Secondly, the robust healthcare infrastructure and technological advancements in North America facilitate the rapid adoption of innovative monitoring devices. The region's proactive approach to chronic disease management aligns with the evolving landscape of diabetes care, further propelling the demand for glucose monitoring devices.

 

Major companies operating in Global Glucose Monitoring Device Market are:

  • Abbott Laboratories, Inc
  • Dexcom, Inc
  • F. Hoffmann-La Roche AG
  • Medtronic plc
  • Ascensia Diabetes Care Holdings AG
  • Sinocare Inc
  • Nemaura Medical Inc
  • Nipro Corporation
  • ARKRAY, Inc
  • Senseonics Holdings, Inc
  • B. Braun Medical Inc
  • LifeScan Inc
  • Prodigy Diabetes Care LLC
  • Nova Biomedical Corp
  • DiaMonTech GmbH
  • AgaMatrix Inc
  • Bionime Corporation
  • Acon Laboratories Inc
  • Medisana AG
  • Rossmax International Ltd

 

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“The Global Glucose Monitoring Device Market is witnessing robust growth, propelled by escalating diabetes prevalence and technological advancements. Key drivers include a growing awareness of diabetes management and proactive healthcare initiatives. Trends encompass wearable technology integration, artificial intelligence in data analytics, and a shift toward patient-centric care. Challenges include accuracy concerns and regulatory complexities. Notable companies contributing to market dynamics are Dexcom, Abbott Laboratories, Medtronic, and Roche. Dexcom's G7 Continuous Glucose Monitoring System and innovative products from other industry leaders reflect ongoing efforts to address challenges, embrace trends, and meet the diverse needs of individuals managing diabetes, shaping the trajectory of the global glucose monitoring device market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

  

Glucose Monitoring Device Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F Segmented By Product Type {Self-Monitoring Glucose Devices (Glucometers, Test Strips, Lancets) and Continuous Glucose Monitoring Devices (Sensors, Transmitters & Receivers, Integrated Insulin Pumps)}, By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes), By End User (Home Care Settings, Hospitals, Others), By Region and Competition”, has evaluated the future growth potential of Global Glucose Monitoring Device Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Glucose Monitoring Device Market.



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