PUBLISHER: The Business Research Company | PRODUCT CODE: 1270484
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270484
“Glucometer Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on glucometer market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for glucometer? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The glucometer market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the glucometer market are Abbott Laboratories, Medtronic plc., F. Hoffmann-La Roche Ltd., Bayer AG, Dexcom Inc., B Braun Melsungen AG, Johnson & Johnson Services Inc., Omron Corporation, Acon Laboratories Inc., Arkray Inc., NOVA, LifeScanInc., i-SENS Inc., Teromo Corporation, Hainice Medical Inc., Glucostratus Ltd.
The global glucometer market is expected to grow from $11.98 billion in 2022 to $13.12 billion in 2023 at a compound annual growth rate (CAGR) of 9.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The glucometer market is expected to reach $18.65 billion in 2027 at a CAGR of 9.2%.
The glucometer market consists of the sale of testing strips, lancing pens, lancets. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
A glucometer, also referred to as a glucose meter is a medical instrument for estimating the level of glucose in the blood. This compact portable instrument measures the quantity of glucose in the blood also known as the blood glucose level. This is a common tool used by people with diabetes to help them control their disease.
North America was the largest region in the glucometer market in 2022. The regions covered in the glucometer report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of glucometers are continuous glucose monitoring devices and self-monitoring blood glucose systems. Continuous glucose monitoring devices are medical devices that are automatically monitored by continuous glucose monitoring both throughout the day and at night. The various techniques are invasive and non-invasive that are distributed through institutional sales, hospitals, clinics, retail sales, hospital pharmacies, retail pharmacies and online pharmacies.
The increase in the prevalence of diabetes is driving the demand for the glucometer market going forward. Diabetes is a long-lasting metabolic condition. It is characterized by high blood glucose (also known as blood sugar) levels, which over time cause significant harm to the heart, blood vessels, eyes, kidneys, and nerves. People who are suffering from diabetes use a glucometer to monitor their blood glucose levels. Therefore, with an increase in diabetes among people, the demand for glucometers is also increasing. For instance, in December 2021, according to the statistics published by International Diabetes Federation, a Belgium-based, non-profit diabetes association, 537 million adults (20-79 years) recorded living with diabetes, and 6.7 million people died of diabetes in 2021. However, by 2030, it is anticipated that there will be 643 million people worldwide will have diabetes. Therefore, the increase in the prevalence of diabetes drives the glucometer market.
Product innovations are a key trend gaining popularity in the glucometer market. Major companies in the market are introducing various products to sustain their position in the market. For instance, in January 2022, Roche, a Switzerland-based healthcare company introduced a brand-new point-of-care blood glucose monitor for hospital staff, along with a companion device resembling a touchscreen smartphone that would run its apps. The unique features of this portable Cobas pulse device have a touchscreen, camera, and automated glucose test strip reader. It also has a hardened body that can be disinfected and is used for logging other diagnostic data.
In February 2022, Sorrento, a San Diego-based healthcare company acquired Virex Health for an undisclosed amount. With this acquisition, The patented Virex technology employs enzymatic and electrochemical amplification to detect picogram levels biological analytes, such as SARS-CoV-2 and its variations, Flu A/B, as well as indicators for liver cancer, inflammation, and hormone monitoring. Virex Health is a US-based company that develops glucometers.
The countries covered in the glucometer market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The glucometer market research report is one of a series of new reports from The Business Research Company that provides glucometer market statistics, including the glucometer industry's global market size, regional shares, competitors with a glucometer market share, detailed glucometer market segments, market trends and opportunities, and any further data you may need to thrive in the glucometer industry. This glucometer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.