Type 2 Diabetes Held Larger Share of Glucose Monitoring Devices Market
According to our new research study on "Glucose Monitoring Devices Market Forecast to 2030 – Global Analysis – by Type, Application, Testing Type, and End User," the glucose monitoring devices market size was valued at US$ 16,803.63 million in 2022 and is projected to reach US$ 39,530.75 million by 2030. The market is estimated to register a CAGR of 11.3% during 2022–2030.
Based on the application, the glucose monitoring devices market is bifurcated into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment held a larger market share in 2022. The type 1 diabetes segment is anticipated to register a higher CAGR of 11.7% during the forecast period. According to a report by the Centers for Disease Control and Prevention (CDC), more than 37 million Americans (~1 in 10) have diabetes, and nearly 90–95% of them have type 2 diabetes. Type 2 diabetes is often developed in people over age 45. However, an increasingly large number of children, teens, and young adults are also developing it nowadays. The key risk factors associated with the rise in type 2 diabetes cases are urbanization, aging, decreasing physical activity, and increasing overweight and obesity prevalence. The British Diabetic Association report reveals that 4.3 million people in the UK live with diabetes, while 850,000 people may be living with the condition yet to be diagnosed. Among the 4.3 million diabetic population in the UK, ~90% of the people suffer from type 2 diabetes. Type 2 diabetes is more prevalent than type 1 diabetes. As per the International Diabetes Federation (IDF) 2023 report, type 1 is rare and occurs at a rate of only 5–10% worldwide. Therefore, the glucose monitoring devices market for the type 2 diabetes segment is expected to grow at a faster CAGR during 2022–2030.
Glucose Monitoring Devices Market Size and Forecast (2020–2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Continuous Glucose Monitoring Devices, Self-Glucose Monitoring Devices), Application (Type 1 Diabetes and Type 2 Diabetes), Testing Type (Fingertip Testing and Alternate Site Testing), End User (Healthcare Settings and Self/Homecare), and Geography
Glucose Monitoring Devices Market Size by 2030
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B. Braun SE, F. Hoffmann-La Roche Ltd, LifeScan Inc, Medtronic Plc, Abbott Laboratories, Ypsomed Holding AG, Senseonics Holdings Inc, Nipro Corp, GE HealthCare Technologies Inc, and Terumo Corp are among the leading companies operating in the glucose monitoring devices market.
The glucose monitoring devices market growth in China is growing notably due to the rising awareness of diabetes diagnosis. India holds the second largest share of the market in Asia Pacific owing to the high prevalence of diabetes in the country. As China is among the emerging markets in terms of healthcare, various players are expanding their business in the country. It is also experiencing growing numbers of start-up companies that significantly contribute to market growth. Moreover, owing to growing developments in the healthcare sector, national and international players are aggressively catalyzing their research for development activities to introduce innovative glucose monitoring devices. In June 2021, Abbott Laboratories, a US-based multinational medical device company, collaborated with the Beijing Medical Award Foundation to launch a demonstrative glucose monitoring program for more intelligent diabetes management in China. In November 2022, Roche featured two new glucose meter products—ACCU-CHEK Instant Glucometer and ACCU-CHEK Guide Me Glucometer—and a new digital diabetes management platform at the China International Import Expo (CIIE) to provide patients with professional and easier diabetes management solutions. Thus, the emergence of players and rising number of product approvals in the country are expected to propel the glucose monitoring devices market growth in China during the forecast period.
In terms of geography, the glucose monitoring devices market is segmented into North America (US, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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