Blood Glucose Testing Market Scope
Blood glucose testing is the process of measuring the concentration of glucose (sugar) in a person's blood. It is commonly performed by individuals with diabetes to monitor their blood sugar levels and make informed decisions about their diabetes management, including medication, diet, and lifestyle adjustments. It can be carried out anywhere at home using a blood glucose meter. The blood glucose testing market is expanding in emerging markets, driven by the increasing prevalence of diabetes, improving healthcare infrastructure.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Medtronic (Ireland), Menarini Diagnostics (Italy), Abaxis (United States), Abbott Laboratories (United States), ACON Laboratories, Inc. (United States), AgaMatrix (Germany), Bayer (Germany), Bio-Rad (United States), Roche (Switzerland) and LifeScan (United States) |
CAGR | % |
The global blood glucose testing market is highly competitive and consists of some key players. In terms of market share, few of the key players presently dominate the global market. These market players are leveraging on strategic collaborative creativities to intensify their market share and escalation their profitability. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Blood Glucose Testing market throughout the predicted period.
Medtronic (Ireland), Menarini Diagnostics (Italy), Abaxis (United States), Abbott Laboratories (United States), ACON Laboratories, Inc. (United States), AgaMatrix (Germany), Bayer (Germany), Bio-Rad (United States), Roche (Switzerland) and LifeScan (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Ascensia (Switzerland), Dexcom (United States), Ypsomed (Switzerland) and B. Braun (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Blood Glucose Testing market by Type and Region with country level break-up.
On the basis of geography, the market of Blood Glucose Testing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In May 2019, LifeScan, a blood glucose monitoring and maker of the iconic OneTouch® brand, announced it has entered into an agreement with Sanvita Medical, LLC, to market continuous glucose monitoring (CGM) sensors. Through this collaboration, the companies plan to launch CGM systems in North America and select countries in Europe as early as mid-next year and then expand into other markets around the world.
In April 2023, FDA Approves Medtronic MiniMed™ 780G System - World's First Insulin Pump with Meal Detection Technology* that provides automatic adjustments and corrections to sugar levels every 5 minutes and In November 2020, Abbott announced the FreeStyle Libre system, a continuous glucose monitoring (CGM) technology. It can be used by adults and children (above the age of four) as well as women with gestational diabetes (diabetes during pregnancy).
In the United States, the Food and Drug Administration (FDA) is responsible for regulating medical devices, including blood glucose testing devices. The FDA ensures that these devices meet safety and effectiveness standards before they can be marketed and sold in the country. The FDA classifies blood glucose testing equipment as a medical device and evaluates its functionality, labeling, and production methods.
Influencing Trend:
Technology Advancement in Glucose Monitoring Devices
Market Growth Drivers:
Growing Prevalence of Diabetes and Increasing Aging Population with Diabetes
Challenges:
Blood Glucose Testing Devices are Subject to Stringent Regulatory Requirements to Ensure Their Safety, Accuracy, and Reliability
Restraints:
High Cost Associated with Blood GlucoseTesting Devices
Opportunities:
Rise in Diabetic Population Presents an Opportunity for Manufacturers to Develop and Market Innovative Testing Devices
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Blood Glucose Testing Service Providers, Raw Material Suppliers, Government Regulatory and Research Organizations and End-Use Industries