DUBLIN, Dec. 12, 2023 /PRNewswire/ — The “United States Blood Glucose Monitoring Devices Market, Competition, Forecast and Opportunities, 2018-2028” report has been added to ResearchAndMarkets.com’s offering.
United States Blood Glucose Monitoring Devices Market has valued at USD 3.47 Billion in 2022 and is anticipated to project steady growth in the forecast period with a CAGR of 7.92% through 2028.
While the most common type of device is the glucose meter, continuous glucose monitoring (CGM) systems have gained popularity due to their ability to provide real-time, continuous sugar level readings around the clock. CGM systems offer a comprehensive and detailed view of blood sugar fluctuations, empowering individuals to make informed decisions about their diabetes management and overall well-being.
Growing Diabetes Prevalence:
- Diabetes prevalence in the US is increasing, driving demand for blood glucose monitoring devices.
- 10.5% of the population (34.2 million Americans) had diabetes in 2018.
- Awareness of diabetes management importance boosts device demand.
- Advancements in technology lead to user-friendly glucose monitoring devices.
- The market is projected to reach $10.5 billion by 2025.
- Availability of insurance coverage and non-invasive monitoring tech contribute to growth.
Increasing Geriatric Population:
- The rising elderly population in the US increases the need for blood glucose monitoring devices.
- Elderly individuals are more susceptible to diabetes, especially type 2.
- Nearly 26.8% of adults aged 65+ have diabetes.
- Geriatric awareness of diabetes management and non-invasive devices drive demand.
- Demand for accessible, reliable solutions for diabetes management is pressing.
New Product Launches:
- Launching new products significantly impacts the demand for blood glucose monitoring devices.
- Technological innovations lead to compact, user-friendly, and accurate devices.
- Continuous Glucose Monitoring Systems (CGMS) offer real-time monitoring and enhance user experience.
- Increased awareness through marketing efforts drives device adoption.
- New products and awareness contribute to better diabetes management.
Growing Advancements in Technologies:
- Advancements in technology, like AI and IoT, drive demand for monitoring devices.
- Advanced devices offer continuous monitoring, real-time data sharing, and personalized insights.
- Integration of glucose data with other health information promotes comprehensive diabetes management.
- Telemedicine and digital health platforms improve accessibility and quality of diabetes care.
- Digitalization in healthcare shapes the future of diabetes management.
Key Market Challenges:
- Large inaccuracies in devices decrease consumer trust and demand.
- Inaccurate results can lead to improper diabetes management and health complications.
- Stringent regulatory scrutiny, including FDA oversight, affects consumer confidence.
- Manufacturers must focus on enhancing device accuracy to regain trust.
Intense Competition Among Competitors:
- The competitive landscape is marked by intense rivalry, with multiple market players.
- Price wars, product feature improvements, and innovation drive competition.
- Confusion among consumers and aggressive marketing can reduce overall demand.
- Balanced competition that fosters sustainable growth and customer satisfaction is needed.
Key Market Trends:
- Growing adoption of smartwatch-based applications revolutionizes diabetes management.
- Smartwatches offer convenience and real-time data monitoring.
- Integration of blood glucose monitoring in smartwatches drives adoption.
- The trend empowers individuals for proactive and personalized diabetes management.
Emergence of Needle-Free Devices:
- Needle-free devices eliminate discomfort and inconvenience, driving demand.
- Easier and pain-free monitoring enhances patient safety.
- Needle-free devices align with the preference for non-invasive healthcare tech.
- Increased prevalence of diabetes necessitates efficient monitoring solutions.
Segmental Insights:
- Continuous Glucose Monitoring (CGM) devices are transforming the market with convenience and technology.
- CGMs provide real-time glucose readings, enhancing patient empowerment and control.
- Integration with smartphone apps further improves user experience.
- Type 2 Diabetes dominates the market due to its increasing prevalence.
- Blood glucose monitoring devices enable effective management of Type 2 Diabetes.
- The emphasis on preventive healthcare and awareness drives demand.
- The Western region of the US leads in diabetes management due to a high prevalence, awareness, and presence of key market players.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the United States Blood Glucose Monitoring Devices Market.
- Abbott Laboratories Inc
- Medtronic plc
- Roche Diagnostics Corporation
- DexCom, Inc.
- B. Braun Medical Inc.
- Becton, Dickinson and Company
- Sanofi-Aventis U.S. LLC
- Insulet Corporation
- Nipro Medical Corporation
- Terumo Medical Corporation
Report Scope:
United States Blood Glucose Monitoring Devices Market, By Product:
- Self-Blood Glucose Monitoring Devices
- Continuous Glucose Monitoring Devices
United States Blood Glucose Monitoring Devices Market, By Application:
- Type 2 Diabetes
- Type 1 Diabetes
- Gestational Diabetes
United States Blood Glucose Monitoring Devices Market, By End User:
- Home Care Setting
- Hospital & Clinics
- Others
United States Blood Glucose Monitoring Devices Market, By Region:
- Northeast Region
- Midwest Region
- West Region
- South Region
For more information about this report visit https://www.researchandmarkets.com/r/d44y3b
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