Glucose Monitoring Device Market Value to Reach a Staggering US$ 44.6 Billion by 2034 Amid High Diabetes Prevalence Globally | Future Market Insights, Inc.
High diabetes prevalence and rising health awareness drive glucose monitoring device market growth. Demand surges for continuous monitoring devices offering accuracy, connectivity, and minimally invasive solutions.
NEWARK, Del, April 23, 2024 (GLOBE NEWSWIRE) -- As per Future Market Insights’ latest analysis, the global glucose monitoring device market value is estimated to reach *US$ 16.2 billion* in 2024. Global sales are projected to soar at *10.6% CAGR* throughout the forecast period, totaling a valuation of *US$ 44.6 billion* by 2034.Demand will remain particularly high for continuous blood monitoring devices owing to their multiple advantages. Future Market Insights analysts estimated a robust CAGR of *14.7%* for the target segment.
Multiple factors are providing impetus for the growth of the glucose monitoring device market. These include high prevalence of diabetes, growing health awareness, increasing popularity of home healthcare, and surging need for early diabetes management.
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Annually, millions of people are affected by diabetes. For instance, according to the International Diabetes Federation, around 537 million adults are living with diabetes. This, in turn, is creating a need for constant monitoring of blood sugar levels, which will propel glucose monitoring device demand.
Glucose monitoring devices are witnessing strong demand as they provide insights into blood glucose levels with or without the need for blood. These devices have become key tools in diabetes management globally.
Glucose monitoring devices have proven efficacy in prolonging and enhancing the lives of patients with cardiovascular conditions. They offer precise monitoring, timely intervention, and life-saving therapies, thereby reducing morbidity and mortality rates associated with diseases like diabetes.
Initially, self-monitoring devices were available at a cheaper price, which required the finger prick process. But later on, continuous monitoring devices (CGM) were launched as there was a high need for minimally invasive techniques.
Growing adoption of continuous monitoring devices will benefit the market. The approach to non-invasive solutions combined with the simplicity, accuracy, and connectivity provided by CGM devices makes them a good choice for people looking to improve their blood sugar readings.
*Key Takeaways from the Glucose Monitoring Device Market Study*
· The global glucose monitoring device industry is estimated to total *US$ 44.6 billion* by 2034.
· By product, the CGM segment is set to grow at a higher CAGR of *14.7%* through 2034.
· Based on indication, the diabetes II category will account for a market share of around *72.4%* in 2024.
· By end-users, the hospital segment accounted for a noteworthy share of *73.2%* in 2023.
· The United States market value is poised to reach* US$ 4,910.2 million *in 2024
· Demand across India is anticipated to surge at *17.6% CAGR* through 2034.
*“Non-invasive nature of continuous glucose monitoring (CGM) and its comfort and accuracy are fueling the adoption of these devices. Similarly, ongoing advances in CGM devices, such as integration of AI technology and developed sensor technology, will benefit the market,” *says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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*Who is Winning?*
Diversifying their product offerings through advances in device technology is a core strategy employed by leading manufacturers in the market. Several notable product launches have been undertaken by key players to maintain their competitive edge.
*Recent Developments from the Glucose Monitoring Device Market:*
· In May 2022, Abbott received the U.S. Food and Drug Administration (FDA) approval of its latest FreeStyle Libre 3 system for individuals aged four and above who have diabetes.
· In October 2022, Ascensia Diabetes Care, a global company specializing in diabetes care, successfully launched the advanced Eversense® E3 CGM System in Europe.
*Want More Insights?*
Future Market Insights (FMI) brings a comprehensive research report on projected revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2034. The global glucose monitoring devices market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights into the glucose monitoring devices market segment based on the product (continuous monitoring devices and self-monitoring devices), indication (diabetes I, Diabetes II, and gestational diabetes), and end-user (hospitals, clinics, and home care settings) across seven major regions.
*Top 25 Key Players in the Glucose Monitoring Device Market*
1. Abbott Laboratories
2. Dexcom, Inc.
3. F. Hoffmann-La Roche Ltd
4. Medtronic
5. LifeScan IP Holdings, LLC
6. Ascensia Diabetes Care Holdings AG.
7. ARKRAY, Inc.
8. ACON Laboratories, Inc.
9. NIPRO
10. Nova Biomedical
11. Ypsomed
12. Prodigy Diabetes Care, LLC.
13. ForaCare, Inc.
14. Trividia Health, Inc.
15. AgaMatrix
16. Beurer GmbH
17. All Medicus Co., Ltd.
18. HMD
19. Bioland Technology Limited.
20. OakTree-Health.com
21. Biosense Technologies Private Limited
22. Senseonics
23. Medtrum Technologies Inc.
24. Taidoc Technology Corporation
25. B. Braun SE*Click Here To Buy Your Full Report *https://www.futuremarketinsights.com/checkout/16747
*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 Healthcare Division at Future Market Insights *
Future Market Insights facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business.
*Have a Look at the Related Report from the Healthcare Domain:*
Newly-released Continuous Glucose Monitoring Device Market industry analysis report by Future Market Insights reveals that global sales of Continuous Glucose Monitoring Device Market in 2022 was held at US$ 4.9 Billion.
The blood glucose monitoring devices market size is estimated to be valued at US$ 14.2 billion in 2024. The market is estimated to cross a valuation of US$ 22.2 billion by 2034.
The global continuous glucose monitoring systems market valuation is US$ 11.1 billion in 2023 and it is expected to reach up to US$ 103.5 billion by 2033. The global market is estimated to register a CAGR of 25.1% during the forecast period.
The global portable medical devices market is projected to expand at a CAGR of 10.7% during the forecast period. The market is estimated to generate market revenue of US$ 163.84 billion by 2033, increasing from US$ 59.28 billion in 2023.
The global vital signs monitoring devices market is expected to cross US$ 16 billion by 2033. The market is expected to grow at a CAGR of 8% from 2023 to 2033. The estimation in 2023 stands at US$ 7.4 billion.
In 2022, the global glucose sensor market is expected to be worth $7,588 million. Global sales of glucose sensors are expected to grow at an 8.6% CAGR between 2022 and 2032, totalling around US$ 16,382 million by the end of 2032.
The epilepsy monitoring devices market size is projected to be valued at US$ 523.26 million in 2023. Whereas the market is expected to rise to US$ 894.63 million by 2033.
The dose monitoring device is a reliable, simple-to-use instrument that continuously gives information to all the hospitals and guarantees regulatory compliance.
The nerve monitoring devices market is likely to record a CAGR of 6.1% during the forecast period, up from US$ 1.1 Billion in 2021 to reach a valuation of US$ 1.7 Billion by 2026.
Demand for compliance monitoring devices is rising as more people become concerned about their health, increasing the demand for patient safety.
*Author*
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
*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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