Global Blood Glucose Monitoring Devices Market to Reach USD 13 Billion by 2023
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By LabMedica International staff writers Posted on 16 Mar 2020 |
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The global blood glucose monitoring devices (BGMDs) market was valued at nearly USD 8 billion in 2018 and is projected to grow at a fast-paced CAGR of approximately 11% to reach USD 13 billion by 2023, driven by the phenomenal sales growth of new revolutionary continuous glucose monitoring systems (CGMs). However, the growth of CGMs will be offset by a steady decline in the blood glucose meters (BGMs) segment due to continued extreme price competition/downward pricing pressure, lowered test-strip reimbursement, and market saturation of lower-cost meters, among other factors.
These are the latest findings of Research and Markets (Dublin, Ireland), a leading market research store.
The overall BGMDs market is being driven by several positive factors, including a strong demand for discreet, accurate CGM devices that provide convenient blood glucose monitoring 24/7 and eliminate frequent/cumbersome and painful fingersticks; steadily increasing awareness and adoption of new, next-generation CGMs on the back of strong sales/marketing/advertising and physician referrals; solid clinical outcomes due to the ability to improve the accuracy of insulin delivery and improve glycemic control or time-in-range (TIR) via continuous (24/7) glucose monitoring; the ability to integrate lucrative CGM sensors into fast-growing next-generation hybrid closed-loop insulin pump systems, better patient awareness and physician understanding of glucose trends and impact of diet/medication/exercise/lifestyle factors due to the use of smartphone-driven digital health coaching apps, resulting in improved diabetes management; ability to lower overall healthcare costs; solid reimbursement; low CGM market penetration (due to newness of technology), leaving much room for market growth in a large and expanding diabetes population; and sales of lucrative recurring CGM disposables (sensors) and accessories.
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These are the latest findings of Research and Markets (Dublin, Ireland), a leading market research store.
The overall BGMDs market is being driven by several positive factors, including a strong demand for discreet, accurate CGM devices that provide convenient blood glucose monitoring 24/7 and eliminate frequent/cumbersome and painful fingersticks; steadily increasing awareness and adoption of new, next-generation CGMs on the back of strong sales/marketing/advertising and physician referrals; solid clinical outcomes due to the ability to improve the accuracy of insulin delivery and improve glycemic control or time-in-range (TIR) via continuous (24/7) glucose monitoring; the ability to integrate lucrative CGM sensors into fast-growing next-generation hybrid closed-loop insulin pump systems, better patient awareness and physician understanding of glucose trends and impact of diet/medication/exercise/lifestyle factors due to the use of smartphone-driven digital health coaching apps, resulting in improved diabetes management; ability to lower overall healthcare costs; solid reimbursement; low CGM market penetration (due to newness of technology), leaving much room for market growth in a large and expanding diabetes population; and sales of lucrative recurring CGM disposables (sensors) and accessories.
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