Glucose Monitoring Device Market Analysis

Market Size & CAGR of Glucose Monitoring Device Market in 2021

The global glucose monitoring device market is expected to have a growth rate of 5.8% CAGR from 2021 to 2030. The market size is anticipated to reach USD 11.5 billion by 2028.

COVID-19 Impact on the Glucose Monitoring Device Market

The COVID-19 pandemic had a significant impact on the glucose monitoring device market. With increased focus on healthcare and monitoring, the market witnessed a surge in demand for glucose monitoring devices. Companies also shifted their production focus to meet the increased requirements during the pandemic.

Glucose Monitoring Device Dynamics

The glucose monitoring device market is driven by factors such as the rising prevalence of diabetes, technological advancements in monitoring devices, and increasing awareness about self-care management among diabetic patients. However, challenges such as reimbursement issues and high costs of devices hinder market growth.

Segments and Related Analysis

The glucose monitoring device market is segmented based on type into continuous glucose monitoring devices, self-monitoring blood glucose devices, and others. Continuous glucose monitoring devices held the largest market share in 2021 due to their real-time monitoring capabilities.

By Region Analysis

The North American glucose monitoring device market accounted for the highest market share in 2021, attributed to the high prevalence of diabetes in the region. Europe and Asia Pacific followed closely in market share, driven by the increasing adoption of advanced healthcare technologies.

Key Market Players and Competitive Landscape

Key market players in the glucose monitoring device market include Abbott Laboratories, Dexcom Inc., Medtronic plc, F. Hoffmann-La Roche Ltd, and others. These companies focus on product innovation and strategic partnerships to maintain their competitive edge in the market.

Recent Happenings in the Glucose Monitoring Device Market

In recent developments, Dexcom Inc. launched a new continuous glucose monitoring device with enhanced accuracy features. Abbott Laboratories introduced a mobile app to integrate glucose monitoring data with personalized coaching for diabetes management.