Global Glucose Monitoring Devices Market Set to Surge to USD 44.6 Billion by 2034 at a 10.6% of CAGR Amid Rising Diabetes Prevalence

Glucose Monitoring Devices Market

As the global burden of diabetes continues to grow, the need for accurate and efficient glucose monitoring becomes increasingly critical for effective management of the condition. In response to this rising demand, the global market for glucose monitoring devices is projected to experience significant growth, with an anticipated compound annual growth rate (CAGR) of 10.6% over the next decade.

According to Future Market Insights’ updated report, the market value for glucose monitoring devices is expected to increase from US$ 16.2 billion in 2024 to US$ 44.6 billion by 2034. Following a valuation of US$ 14.7 billion at the end of 2023, the market is set to demonstrate a year-on-year growth rate of 10.3% in 2024.

The rising prevalence of diabetes is a key driver behind this robust market growth. The International Diabetes Federation (IDF) estimates that diabetes will impact approximately 643 million people by 2030 and 783 million by 2045. This alarming increase in diabetes cases is creating a conducive environment for the development and adoption of advanced blood sugar monitoring devices.

Key factors contributing to market expansion include technological advancements in glucose monitoring systems, the rising awareness of diabetes management, and a growing emphasis on preventive healthcare. As healthcare providers and patients alike recognize the importance of effective glucose monitoring in managing diabetes, the market is poised for sustained growth.

The future of the glucose monitoring devices market looks promising, with opportunities for innovation and enhanced patient care. Industry players are expected to focus on developing user-friendly devices, integrating digital health technologies, and improving accessibility to ensure that individuals living with diabetes can effectively monitor and manage their condition.

Glucose Monitoring Device Market Overview

The glucose monitoring device industry is experiencing robust growth due to investment in research and development (R&D) efforts. These efforts are aimed at propelling advances in device technologies such as wearable sensors, cloud-based platforms, and smartphone integration. They are aimed at pushing the boundaries of innovation within the field.

Advances in sensor technologies and AI integration are boosting the glucose monitoring product market. Sensor technologies are becoming increasingly smaller, allowing for more discreet and comfortable wear. Miniaturization also enables the integration of sensors into wearable devices, such as smartwatches and patches.

Patients, healthcare providers, and other stakeholders are increasingly seeking devices that offer improved accuracy, reliability, and usability. Manufacturers are responding to this demand by investing heavily in research and development to bring innovative products to market. As a result, we are witnessing a rapid evolution in the capabilities of blood sugar monitoring devices, with each new generation offering enhanced features and performance.

By pushing the boundaries of technology and innovation, key manufacturers in the market are propelling positive change in the healthcare landscape and empowering patients to manage their health better. This will bode well for the target market during the next ten years.

Competitive Landscape in Glucose Monitoring Device Market

In the constantly evolving glucose monitoring device industry, several opportunities exist. In order to capitalize, key companies are innovating to develop novel glucose measuring and monitoring solutions. For instance, some companies are looking to develop apps that connect to glucose monitoring solutions for remote and continuous glucose monitoring.

New product launches and approvals are gaining popularity in the market. Similarly, players are implementing strategies like mergers, partnerships, distribution agreements, collaborations, and acquisitions to boost their sales and stay ahead of the competition.

Recent Developments in Glucose Monitoring Product Market

• In August 2023, ACON Laboratories, Inc., headquartered in the United States, made the On Call® MultiPro System available for point-of-care testing in healthcare settings, offering rapid and accurate results, multi-language support, and connectivity options.
• In February 2024, United States-based DexCom, Inc., a prominent player in real-time continuous glucose monitoring for individuals with diabetes, introduced their latest CGM system, the Dexcom ONE+.
• In March 2024, the United States Food and Drug Administration (FDA) approved the marketing of the first OTC continuous glucose monitor.

Key Players in the Glucose Monitoring Device Market

• Abbott Laboratories
• Dexcom, Inc.
• F. Hoffmann-La Roche Ltd
• Medtronic
• LifeScan IP Holdings, LLC
• Ascensia Diabetes Care Holdings AG.
• ARKRAY, Inc.
• ACON Laboratories, Inc.
• NIPRO
• Nova Biomedical
• Ypsomed
• Prodigy Diabetes Care, LLC.
• ForaCare, Inc.
• Trividia Health, Inc.
• AgaMatrix
• Beurer GmbH
• All Medicus Co., Ltd.
• HMD
• Bioland Technology Limited.
• OakTree-Health.com
• Biosense Technologies Private Limited
• Senseonics
• Medtrum Technologies Inc.
• Taidoc Technology Corporation
• B. Braun SE

A Full Report Overview

Global Glucose Monitoring Device Market Segmentation

By Product:

• Continuous Monitoring Devices
  • Monitors
  • Sensors
  • Transmitters
• Self-monitoring Devices

By Indication:

• Diabetes Type I
• Diabetes Type II
• Gestational Diabetes

By End-user:

• Hospitals
• Clinics
• Home Care Settings

By Region:

• North America
• Latin America
• East Asia
• South Asia & Pacific
• Western Europe
• Eastern Europe
• Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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