Healthcare

Glucometer Market Size, Trends, Future Forecast, Growth

The Blood Glucose Meters Global Market Report 2023 by The Business Research Company, provides blood glucose meters market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Blood Glucose Meters Global Market Report 2023, the market size is expected to grow from $15.64 billion in 2022 to $16.96 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of blood glucose meters is expected to grow to $22.34 billion in 2027 at a CAGR of 7.1%.

The rising prevalence of diabetes is driving the blood glucose meters market. The changing lifestyle, increase in alcohol consumption, physical inactivity, and unhealthy eating habits are leading to an increase in obesity across the globe. Such exponential growth in obese people is causing a stern increase in the purchase of blood glucose meters. Due to obesity, fat tissues release more fat molecules into the blood affecting insulin-responsive cells, which results in reduced insulin sensitivity, in turn, causing diabetes.

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The blood glucose meters market is segmented:

1) By Product type: Electrode Type Blood Glucose Meter, Photoelectric Blood Glucose Meter

2) By End User: Hospitals, Home Care

3) By Application: Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes

The launch of new products is a key trend gaining popularity in the blood glucose meters market. Companies in the market are focusing on the launch of new products to improve their product portfolio and strengthen their market position. For example, in January 2022, Roche, a Swiss multinational healthcare company, launched its new point-of-care blood glucose monitor designed for hospital professionals, with a companion device shaped like a touchscreen smartphone that will run its own apps. Glytec, a US based insulin management software company supplied software for the device, its Glucommander insulin-dosing program to help streamline the complex task of managing blood sugar levels during a patient’s hospital stay.

The blood glucose meters market report table of contents includes: