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Global Blood Glucose Monitoring Devices Market to Reach USD 13 Billion by 2023

By LabMedica International staff writers
Posted on 16 Mar 2020
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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