Systems for measuring blood glucose levels in people with diabetes are called blood glucose monitoring devices. These devices offer data about blood glucose levels, which is essential for controlling diabetes. Because diabetes is becoming more commonplace throughout the world, the market for blood glucose monitoring devices is expanding quickly.
The Blood Glucose Monitoring Systems Market is anticipated to reach US$ 4,416.5 million by the end of 2030, expanding at a CAGR of 10.3% from 2023 to 2030 (forecast period).
A lancet or needle, a blood glucose metre, and test strips are the main elements of a blood glucose monitoring system. A little quantity of blood is drawn from the skin using a lancet, which is then applied to the test strip. The blood glucose metre receives the test strip and displays the blood glucose level.
Self-monitoring blood glucose (SMBG) and continuous glucose monitoring are the two primary categories of blood glucose monitoring technologies (CGM). SMBG requires the user to manually check their blood sugar levels often throughout the day, usually before meals and before going to bed. Wearing a sensor for continuous glucose monitoring (CGM) allows for real-time monitoring of glucose levels and trends throughout the day and night.
Abbott Laboratories, Roche Diagnostics, and Medtronic are just a few of the established companies that compete fiercely in the market for blood glucose monitoring devices. The market is anticipated to expand as long as diabetes incidence is on the increase and blood glucose monitoring systems’ accuracy and usability are enhanced by technological advancements.
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Blood Glucose Monitoring Systems Market to Recover Amid COVID-19 Pandemic:
The COVID-19 pandemic has had a variety of effects on the healthcare sector, including the market for blood glucose monitoring equipment. The pandemic originally caused the market to stall significantly as healthcare resources were shifted to treating COVID-19 sufferers. Further impacting the market for blood glucose monitoring systems was the drop in normal medical examinations brought on by lockdowns and movement restrictions.
However, as the pandemic spread, telemedicine and remote patient monitoring became more popular, which contributed to the growth of the blood glucose monitoring systems market. There is an increasing need for remote monitoring systems that can assist patients control their disease from the convenience of their homes due to the rise in the number of persons with diabetes. The need for at-home blood glucose monitoring devices that deliver precise readings has increased as a result of this.
Additionally, the demand for blood glucose monitoring devices is anticipated to rise with the relaxation of limitations and the return of regular medical check-ups. The treatment of chronic illnesses like diabetes is a concern for healthcare practitioners, and this is anticipated to boost the need for blood glucose monitoring systems in the next years.
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Factors Boosting the Market for Blood Glucose Monitoring Systems:
There are a number of reasons why the market for blood glucose monitoring devices is expanding quickly, including:
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- Increased Incidence of Diabetes: The need for blood glucose monitoring devices is being driven by the rising prevalence of diabetes globally. Around 463 million people worldwide had diabetes in 2019, and by 2045, the International Diabetes Federation projects the figure to reach 700 million.
- Technological Developments: The market expansion is being driven by the creation of novel and sophisticated blood glucose monitoring devices. These systems are gaining popularity among patients because they are more convenient, accurate, and simple to use than previous systems.
- Demand For Self-Monitoring Is Rising: Diabetes patients are increasingly using self-monitoring blood glucose (SMBG). With the help of SMBG, patients may check their blood sugar levels at home and modify their diet and medicine, as necessary. This is increasing the need for reliable blood glucose monitoring solutions that are simple to use.
- Increasing Diabetes Awareness: Increased screening and diagnosis of the condition are being driven by an increase in public awareness of diabetes and its effects. As a result, patients are increasingly conscious of the necessity to monitor their blood glucose levels, which is boosting the need for blood glucose monitoring devices.
- Governmental Programmes: The market for blood glucose monitoring devices is being driven by government initiatives: Governments and healthcare organisations are taking steps to enhance diabetes management. For instance, the Centres for Medicare and Medicaid Services (CMS) in the United States covers blood glucose monitoring devices for diabetic patients.
In conclusion, some of the important factors influencing the growth of the blood glucose monitoring systems market are the rising incidence of diabetes, technical improvements, rising demand for self-monitoring, increasing awareness of diabetes, and government efforts.
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