According to our new research study on "Glucose Monitoring Devices Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, End User, and Geography," the glucose monitoring devices market is expected to grow from US$ 16,803.63 million in 2022 to US$ 39,530.75 million by 2030; it is estimated to register a CAGR of 11.3% during the forecast period. The rising incidence of diabetes, growing geriatric population, and the increasing prevalence of obesity are the major factors contributing to the market growth.

Rising Incidence of Diabetes

Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes—diabetes type-I (also known as diabetes insipidus) and diabetes type-II (also termed diabetes mellitus). The incidence and prevalence of diabetes are steadily increasing across the world. Type 2 diabetes is the most prevalent form of diabetes and has increased alongside cultural and societal changes. In high-income countries, up to 91% of adults with the disease have type 2 diabetes. According to International Diabetes Federation (IDF), approximately 537 million people were living with diabetes in 2021 and is expected to reach 738 million by 2045 globally.

Diabetes can lead to various complications in many parts of the body and can increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss, and nerve damage are the major complications of this disease.

Patients suffering from diabetes require frequent monitoring and external administration of insulin. The rising prevalence of diabetes across the globe is driving the growth of the glucose monitoring devices market.

Growing Medical Tourism In Developing Countries

The emerging markets in developing countries are the major factor that gives the major players a better opportunity to expand their business. These are a major reason for the market growth during the forecast period. Most market players focus on emerging markets due to the prevalence of diabetes and the increasing popularity of glucose monitoring devices in the region. In India, medical science has progressed rapidly over the past few decades. Several international patients visit India in the pursuit of incredibly affordable medical care. Health travelers who visit developing countries for medical reasons save 65–80% on health costs compared to the US. Due to existing exchange rates and several other factors, diabetes treatment in India has become extremely affordable compared to other countries. According to the Malaysia Healthcare Travel Council, in 2022, over 850,000 travelers visited Malaysia for healthcare purposes.

Government authorities in Asia Pacific countries are focusing on strengthening their medical tourism sector, thereby maximizing the flow of revenue. In May 2023, Malaysia Healthcare Travel Council (MHTC) strengthened its global presence by signing two strategic Memorandums of Understanding renowned medical tourism and healthcare facilitators, Passage Asia and Ezy Healthcare, to enhance its seamless healthcare experience. These collaborations mark a significant milestone in MHTC's quest to provide the best healthcare travel experience and extend its reach into the Oceania region. Moreover, Poland has slowly become a favorite medical tourism destination in Europe. For instance, in Poland, medical treatment costs are often lower by 60–80% compared to the same benefits in the rest of the EU countries. The major reason for the growth of tourism is Poland's recognition and acceptance of the European Union. The rising medical tourism in emerging nations such as Poland is anticipated to provide significant growth opportunities to the players operating in the market during the forecast period. Also, In November 2020, Abbott unveiled a do-it-yourself version of its continuous glucose-monitoring device in India, a decision prompted by the pandemic. The reader is a one-time cost to the consumer at US$66.61, while the sensor is a recurring cost of US$60.55, possibly every three months. The sensor gives continuous readings for 14 days and analytics cover a three-month period, mapping the sugar levels against diet, exercise, etc. The growing Indian market offers opportunities for international companies to increase their revenues owing to improving healthcare facilities in the country. Furthermore, in November 2022, Roche featured two new glucose meter products—ACCU-CHEK Instant Glucometer and ACCU-CHEK Guide Me Glucometer—and a new digital diabetes management platform at the China International Import Expo (CIIE) to provide patients with professional and easier diabetes management solutions.

B. Braun SE, F. Hoffmann-La Roche Ltd, LifeScan Inc, Medtronic Plc, Abbott Laboratories, Ypsomed Holding AG, Ascensia Diabetes Care Holdings AG, Nipro Corp, GE HealthCare Technologies Inc, Terumo Corp, and Senseonics Holdings Inc are among the leading companies operating in the glucose monitoring devices market.

Based on type, the glucose monitoring devices market is bifurcated into continuous glucose monitoring devices and self-glucose monitoring devices. The continuous glucose monitoring devices is further categorized into sensors, transmitters, and receivers. The self-glucose monitoring devices segment is further categorized into testing strips, glucose meters, lancets, and others. The self-glucose monitoring devices segment held a larger market share in 2022. The continuous glucose monitoring devices segment is expected to record a significant CAGR during 2022–2030. Based on application, the global glucose monitoring devices market is bifurcated into bifurcated into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment held a larger market share in 2022. However, the type 1 diabetes segment is anticipated to register a higher CAGR during the forecast period. In terms of testing site, the glucose monitoring devices market is bifurcated into fingertip testing and alternate site testing. The fingertip testing segment held a larger share of the market in 2022, and the same segment is anticipated to register a highest CAGR during the forecast period. By end user, the market is bifurcated into healthcare settings and self/homecare. The self/homecare segment held a larger share of the market in 2022, and the healthcare settings segment is anticipated to register a higher CAGR in the market during the forecast period. By geography, the glucose monitoring devices market is segmented into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of APAC), Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of MEA), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

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