Personal Use Self Monitoring Blood Glucose Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
Published date -30th Jan 2024
Formats -PDF, CSV
What is the Market Size & CAGR of Personal Use Self Monitoring Blood Glucose Market in 2021?
The market size of the Personal Use Self Monitoring Blood Glucose market in 2021 was estimated to be USD 8.5 billion. The compound annual growth rate (CAGR) for the market during the same year was 5.2%. This growth can be attributed to the increasing prevalence of diabetes worldwide, leading to a higher demand for self-monitoring blood glucose devices.
COVID-19 Impact on the Personal Use Self Monitoring Blood Glucose Market
The COVID-19 pandemic had a significant impact on the Personal Use Self Monitoring Blood Glucose market. As the healthcare system focused on managing the pandemic, there was a temporary disruption in the supply chain of blood glucose monitoring devices. However, the market quickly adapted to the new normal by increasing online sales channels and telehealth services for diabetes management.
Personal Use Self Monitoring Blood Glucose Dynamics
The Personal Use Self Monitoring Blood Glucose market is driven by factors such as the increasing prevalence of diabetes, rising awareness about the importance of self-monitoring for diabetes management, and technological advancements in blood glucose monitoring devices. Additionally, the market is witnessing a shift towards continuous glucose monitoring systems for real-time data analysis and improved diabetes control.
Segments and Related Analysis
The Personal Use Self Monitoring Blood Glucose market can be segmented based on product type, distribution channel, and region. Product types include self-monitoring blood glucose meters, test strips, lancets, and continuous glucose monitoring systems. The distribution channels include hospital pharmacies, retail pharmacies, online pharmacies, and diabetes clinics.
By Region Analysis
The Personal Use Self Monitoring Blood Glucose market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the largest market share due to the high prevalence of diabetes in the region and the presence of key market players. However, the Asia Pacific region is expected to witness the fastest growth due to the increasing awareness about diabetes management and improving healthcare infrastructure.
Key Market Players and Competitive Landscape
Key market players in the Personal Use Self Monitoring Blood Glucose market include Abbott Laboratories, Roche Diagnostics, Ascensia Diabetes Care, Medtronic, Dexcom, and Lifespan. These companies are focusing on new product launches, strategic partnerships, and acquisitions to strengthen their market presence and expand their product portfolio.
Recent Happenings in the Personal Use Self Monitoring Blood Glucose Market
In recent years, the Personal Use Self Monitoring Blood Glucose market has witnessed several developments, such as the introduction of smartphone-connected glucose meters, wearable continuous glucose monitoring devices, and artificial intelligence-powered diabetes management apps. These innovations are transforming the way people monitor and manage their diabetes, leading to improved outcomes and quality of life for patients.