The global Non-Invasive Blood Glucose Monitoring System Market market size was exhibited at USD 22.00 billion in 2022 and is projected to hit around USD 166.05 billion by 2032, growing at a CAGR of 22.4% during the forecast period 2023 to 2032.
Key Takeaways:
- Based on technology, the spectroscopy segment has captured the highest revenue share in 2022.
- Based on end users, the home care segment held the highest market share in 2022.
- Based on modality, the segment of non-wearable maintained a dominating status in the market.
- Based on modality the segment of the wearable is emerging at a faster rate and it's foreseen to become a larger market from 2023 to 2032.
- Based on distribution channels, the retail sales segment has emerged as a dominant market.
- Based on geography, The North America region accounted for the highest revenue share in 2022.
Non-Invasive Blood Glucose Monitoring System Market Market Report Scope
Key Market Drivers
Constant monitoring - A continuous monitoring system helps to evaluate the condition of the patient constantly and can be reevaluated for selecting the suitable line of treatment and diet. An increase in the number of diabetes patients which is mostly due to a change in their lifestyles and other environmental factors Will drive the market growth in the coming years period obesity is another reason which leads to diabetes which will in turn increase the need for monitoring devices. The number of deaths that have occurred recently, especially in the United States will lead to the growth of the market during the forecast period.
Easy application - The process of operating these techniques is extremely easy and comfortable which attracts potential consumers. The availability of devices that are easy to use will also help in the growth of the market. Constant research and development in this field will lead to the introduction of better and more efficient devices in the coming years period as many new products are being launched in the market the users of these products can easily access their products.
Key Market Challenges
High cost of technology - The expensive devices which are used for the procedure prove to be a major challenge for the key market players. The lack of disposable income available to the people hampers the growth of the market considerably. The development cost of these devices is high and the reimbursement policy is offered in the market are not favorable due to which the market growth will be hampered in the coming years. The supply of these blood glucose monitoring systems is also affected to a great extent. When it comes to the nations like India and China the use of these devices has increased but the high cost of these devices will hamper the growth of the market in the coming years. An increase in the number of expenses made by the consumers for these devices will put a major strain on the consumers especially when it comes to developing nations. In underdeveloped nations, the high cost of these devices will reduce their penetration and prove to be a challenge to enter these markets.
Key Market Opportunities
Increasing demand for advanced technology - Increasing awareness regarding the available facilities and advanced technologies for monitoring non-invasive blood glucose and controlling it has helped the market of non-invasive blood glucose monitoring systems to show tremendous growth. As many market players are engaged in providing innovative products and the availability of advanced technologies for these products will lead to the growth of the market and provide good opportunities in the coming years.
One of the leading technologies which are being used in this industry is electromagnetism. The availability of these devices in the form of wearable and non-wearable types will also provide good opportunities for the growth of this market.
Regional Insights
On the basis of geography, the huge number of people who are suffering from diabetes and non-invasive blood glucose disorders in the region of North America has proved to be a major factor that has made this region a dominant market and is foreseen to continue in a similar fashion during the future as well. As a result of the developed status of the country these sedentary lifestyle practices have increased to a great extent which results from the huge number of multinational companies would you demand long working hours. Hence the increasing amount of stress and lifestyle disorders have proved to be the causative factors for diabetes and other non-invasive blood glucose-related disorders. The demand for non-invasive blood glucose monitoring systems has seen a tremendous boost in this region which is supported by the high disposable income available to the people.
The next largest market which follows is the region of Europe which comprises a huge client base suffering from diabetes. The rapidly growing awareness regarding the management of diabetes among people has boosted the market size of non-invasive blood glucose monitoring systems. The region of Asia Pacific has emerged as the next sector which has shown considerable growth due to the increasing number of people suffering from diabetes and hence the demand and supply of non-invasive blood glucose monitoring systems have increased.
Recent Developments
- In February 2021 – Ascensia diabetes care holding AG acquired the distribution channel of Eversense XL, which is located in Germany, Spain, Italy, Netherlands, and Switzerland with a view to meet the increasing demands in the market of Europe.
- In March 2021 – F. Hoffmann- la Roche Co Introduced Accuchek instant product which connects directly to with mySugr app. This app provides the data for non-invasive blood glucose parameters in real-time.
Key Market Players
- Abbott Laboratories
- Medtronic plc
- F. Hoffmann-La Roche Ltd.
- Ascensia Diabetes Care
- Dexcom, Inc.
- Sanofi Novo Nordisk
- Insulet Corporation
- Ypsomed Holdings
- Glysens Incorporated
Segments Covered in the Report
By Technology
- Spectroscopy
- Electromagnetic
- Microwave
- Ultrasonic
- Thermal
- Others
By End User
- Hospitals
- Homecare
- Clinics
By Modality
- Non wearable
- Wearable
- Invasive
- Non-invasive
By Distribution Channel
- Retail sales
- Institutional sales
- By Geography
North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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