Glucometer readings are crucial for individuals and healthcare providers to make informed decisions regarding treatment adjustments. Medication dosages can be modified by analyzing glucometer data, tailored dietary plans, and recommended lifestyle changes, all aimed at maintaining blood glucose levels within target ranges. This personalized approach ensures more effective diabetes control, reducing the risk of complications and promoting health. The glucometer serves as a valuable tool in empowering individuals to actively participate in their diabetes care actively, fostering a proactive and responsive approach to maintaining optimal blood sugar levels.
According to Data Bridge Market Research analyses the Global Glucometer Market, which was USD 15.80 billion in 2022, is expected to reach up to USD 17.03 billion by 2030 and is expected to undergo a CAGR of 9.9% during the forecast period 2023-2030.
"Rise in prevalence of diabetes boosts the market growth"
The rising prevalence of diabetes is a significant driver for the global glucometer market. With an increasing number of individuals diagnosed with diabetes worldwide, the demand for glucometers, essential devices for monitoring blood glucose levels, has surged. The growing diabetic population necessitates regular monitoring and management, driving the adoption of glucometers for convenient at-home testing. It has fueled innovation in glucometer technology, enhancing features such as connectivity and data integration, further propelling market growth.
What restraints the growth of global glucometer market?
“Regulatory challenges hinders the market growth”
The global glucometer market faces regulatory challenges that act as significant restraints. Stringent regulatory requirements imposed by health authorities worldwide, such as the FDA in the U.S. and the European Medicines Agency (EMA), contribute to prolonged product approval timelines. Compliance with diverse regional standards and the need for extensive clinical trials to meet regulatory criteria increase development costs for glucometer manufacturers. These hurdles hinder market growth by delaying product launches and limiting innovation.
Segmentation: Global Glucometer Market
The global glucometer market is segmented on the basis of product, technique, type and distribution channel.
- On the basis of product, the global glucometer market is segmented into continuous glucose monitoring devices and self-monitoring blood glucose (SMBG) systems
- On the basis of technique, the global glucometer market is segmented into invasive and non-invasive
- On the basis of type, the global glucometer market is segmented into wearable and non-wearable
- On the basis of distribution channel, the global glucometer market is segmented into institutional sales, hospitals, clinics, retail sales, hospital pharmacies, retail pharmacies, and online pharmacies
Regional Insights: North America is expected to dominate the Global Glucometer Market
The North America is expected to dominate the market, driven by prominent industry players, robust disposable income levels, substantial healthcare expenditure, and a well-established healthcare infrastructure. The region's dominance is attributed to the collective influence of these factors, fostering a conducive market growth and innovation environment.
The Asia-Pacific is expected to experience substantial growth from 2023 to 2030, driven by a surge in research and development initiatives, escalating investments in the healthcare sector, and robust government backing. This growth trajectory underscores the region's commitment to advancing scientific exploration, fostering innovation, and enhancing healthcare infrastructure, collectively contributing to its expanding influence in the global landscape.
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-glucometer-market
Recent Developments in Global Glucometer Market
- In July 2023, Thermo Fisher Scientific to Acquire CorEvitas for USD 912.5 Million in Cash, Expanding Services for Pharmaceutical Clients
- In June 2023, B.D. Inks Definitive Agreement to Sell Surgical Instrumentation Platform to STERIS for USD 540 Million
The Prominent Key Players Operating in the Global Glucometer Market Include:
- 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)
Above are the key players covered in the report, to know about more and exhaustive list of global glucometer market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Glucometer Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
