Glucometer Market Size And Forecast
Glucometer Market size was valued at USD 7.90 Billion in 2020 and is projected to reach USD 16.35 Billion by 2028, growing at a CAGR of 10.87% from 2021 to 2028.
The rise in the levels of the diabetic population worldwide globally is one of the major factors driving the market growth and benefits associated with the usage of the product such as quick and accurate test results; this factor is expected to drive the market growth. The Global Glucometer Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Glucometer Market Definition
Glucometers known as blood glucose monitoring systems/devices are diagnostic devices that are used for early and timely detection of the levels of glucose in the blood of a patient. These devices consist of strips, and meters for monitoring the glucose levels in the human body, where the strips are dipped with blood and inserted into the monitoring meter which displays the blood glucose levels. Glucometers are electronic devices that are used to analyze blood through a pinch of blood drop, which is drawn using a corresponding lancing device. The meter is portable, powered by a battery, and is small enough to fit in the palm.
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Global Glucometer Market Overview
The continuously changing consumer preference towards continuous glucose monitoring is advantageous clinically as well as at low cost. The technological upgrades in the needle-free Glucometer have made the acceptance of these devices easier across the globe. The non-invasive needle-free Glucometer is painless and is one of the specifications that will drive the exponential growth of the needle-free Glucometer Market. Moreover, the rise in the levels of the diabetic population worldwide globally is one of the major factors driving the market growth and benefits associated with the usage of the product such as quick and accurate test results; this factor is expected to drive the market growth.
There are certain challenges faced that will hinder the overall market growth. The factors such as the high cost of the devices are limiting the market growth. Also, the lack of adequate reimbursement for these devices is estimated to be sluggish growth during the forecast period. Nevertheless, the advancements in technologies, the convenience of conventional glucose monitoring over regular monitoring, and untapped potential in emerging markets offer favorable growth opportunities.
Global Glucometer Market: Segmentation Analysis
The Global Glucometer Market is Segmented on the basis of Product, Technique, And Geography.
Glucometer Market, By Product
- Continuous Glucose Monitoring Devices
- Self-Monitoring Blood Glucose System
Based on Product, the market is bifurcated into Continuous Glucose Monitoring Devices and Self-Monitoring Blood Glucose System. The self-monitoring blood glucose system segment holds the largest market share during the forecast period. The factors that can be attributed to their ease of use and low cost followed by their high usage and affordability are accelerating the demand for a Self-Monitoring blood glucose system segment.
Glucometer Market, By Technique
- Invasive
- Non-Invasive
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Based on Technique, the market is bifurcated into Invasive and Non-Invasive. The Non-Invasive segment is estimated to witness the highest CAGR during the forecast period.
Glucometer Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
On the basis of Geography, the Global Glucometer Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America holds the largest market share. The continuously growing demand and adoption of new and innovative wearable and continuous blood glucose meters in the United State coupled with a rising patients suffering from diabetes and ongoing projects will boost the market in the North American region.
Key Players
The “Global Glucometer Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Johnson & Johnson Services, Inc., Abbott, Bayer AG, F. Hoffmann-La Roche Ltd., OMRON Corporation,, ACON, ARKRAY USA, NOVA, LifeScanInc., B. Braun Melsungen AG, i-SENS. Inc., TERUMO CORPORATION, Hainice Medical Inc., Glucostratus Ltd., and allmedicus.
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