Global Glucometer Market – Industry Trends and Forecast to 2030

Glucometer Market Analysis and Size:

The rising prevalence of diabetes is one of the major factors driving the growth of the glucometer market. The growing awareness about diabetes management and increasing healthcare infrastructure expenditure accelerate the glucometer market growth.

Data Bridge Market Research analyses that the global glucometer market, which was USD 15.80 billion in 2022, would rocket up to USD 17.03 billion by 2030 and is expected to undergo a CAGR of 9.9% during the forecast period. The continuous glucose monitoring devices segment dominates the product segment of the glucometer market owing to the advancements in technology that have led to the development of advancements in drug products for various use.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Glucometer Market Scope and Segmentation

Market Definition

Glucometers work by analyzing a small sample of blood obtained from a finger prick or other suitable site. The device measures the amount of glucose in the blood, displayed on a digital screen. This information helps individuals with diabetes manage their condition by allowing them to monitor their blood sugar levels and make informed decisions regarding their diet, exercise, and medication.

Global Glucometer Market Dynamics

Drivers

• Rising Prevalence of Diabetes:

The increasing prevalence of diabetes worldwide is a significant driver for the glucometer market. Diabetes is a chronic disease that requires regular monitoring of blood glucose levels, and glucometers provide a convenient and effective means of doing so

• Growing Aging Population:

The global aging population is rising, and older individuals are more susceptible to developing diabetes. As the elderly population grows, the demand for glucometers increases, as they are essential for managing diabetes in older adults.

• Technological Advancements:

Continuous advancements in glucometer technology have expanded the market by introducing more accurate, user-friendly, and convenient devices. Features like wireless connectivity, smartphone integration, and compact designs have made glucometers more appealing to users.

Opportunities

• Increasing Awareness and Education:

The growing awareness about diabetes and its management has increased the glucometer demand. Educational campaigns, initiatives by healthcare organizations, and patient education programs have helped raise awareness about the importance of regular blood glucose monitoring.

• Government Initiatives:

Governments and healthcare organizations worldwide have recognized the significance of managing diabetes and its complications. They have implemented initiatives to promote diabetes screening, monitoring, and management, which have fueled the demand for glucometers.

Restraints

• Regulatory Challenges:

Glucometers are medical devices, and their manufacturing, distribution, and usage are subject to various regulations and standards imposed by regulatory bodies such as the Food and Drug Administration (FDA) in the United States. Compliance with these regulations can be time-consuming and expensive, and any changes or updates in the regulatory landscape can pose challenges to glucometer manufacturers.

Challenges

• Alternative Monitoring Methods

While glucometers are widely used for blood glucose monitoring, alternative methods such as continuous glucose monitoring (CGM) systems have gained popularity. CGM systems provide real-time glucose readings and eliminate the need for frequent finger pricking. The availability and adoption of alternative monitoring methods could impact the demand for traditional glucometers.

This global glucometer market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global glucometer market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In July 2023, Thermo Fisher Scientific would acquire healthcare data provider CorEvitas for USD 912.5 million in cash as the medical products maker looks to boost its portfolio of services offered to pharmaceutical clients.
• In June 2023, B.D., a leading global medical technology company, announced that it had signed a definitive agreement to sell its Surgical Instrumentation platform to STERIS (NYSE: STE) for USD 540 million.

Global Glucometer Market Scope

The global glucometer market is segmented on the basis of product, technique, type, and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Continuous Glucose Monitoring Devices
• Self-Monitoring Blood Glucose (SMBG) Systems

Technique

• Invasive
• Non-Invasive

Type

• Wearable
• Non-Wearable

Distribution channel

• Institutional Sales
• Hospitals
• Clinics
• Retail Sales
• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies.
• Others

Global Glucometer Market regional analysis/insights

The global glucometer market is analysed and market size insights and trends are the basis product, technique, type, and distribution channel as referenced above.

The countries covered in the Global Glucometer Market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina and rest of South America.

North America is expected to grow to dominate the market due to major key players, high disposable income, high healthcare expenditure, and a well-developed healthcare sector in this region.

Asia-Pacific is expected to grow during the forecast period of 2023-2030 due to the increasing research and development activities, rising investment in the healthcare sector, and growing government support.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The global glucometer market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Global Glucometer Market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Global Glucometer Market. The data is available for historic period 2015-2020.

Competitive Landscape and Global Glucometer Market Share Analysis

The global glucometer market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.

Some of the major players operating in the global glucometer market are:

• Thermo Fisher Scientific, Inc. (U.S.)
• Promega Corporation (U.S.)
• Agilent Technologies, Inc. (U.S.)
• Bio-Rad Laboratories Inc. (U.S.)
• QIAGEN (Germany)
• Merck KGaA (Germany)
• B.D. (U.S.)
• Sanofi (France)
• Ascensia Diabetes Care Holdings AG (U.S.)
• Abbott (U.S.)
• Dexcom, Inc. (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• LifeScan, Inc. (U.S.)
• Bayer AG (Germany)
• Medtronic (Ireland)
• Johnson & Johnson Services, Inc. (U.S.)
• ARKRAY, Inc. (Japan) 
• ACON Laboratories, Inc. (U.S.)
• Trividia Health, Inc. (U.S.)
• Medisana GmbH (Germany) 

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