Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "United States Blood Glucose Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
As diabetes continues to impact the health of individuals nationwide, the market for blood glucose monitoring in the United States is undergoing significant growth. Innovation and technological advancements are propelling this market further, promising enhanced patient outcomes through improved monitoring capabilities.
Currently, the United States Blood Glucose Monitoring Market is estimated at a significant USD 12.60 billion for 2023. A new detailed analysis indicates that by 2028, the market size is expected to soar, reaching an impressive USD 23.21 billion. This notable surge amounts to a robust compound annual growth rate (CAGR) of approximately 13% over the forecast period of 2023-2028.
The rising prevalence of diabetes—exacerbated by the COVID-19 pandemic—is the primary driver for this market expansion. The pandemic highlighted the urgent need for effective management of hyperglycemia and hypoglycemia in hospital settings, as diabetic patients face increased risks of complications and hospitalization.
The significance of blood glucose monitoring extends beyond immediate concerns, aiding in preventing long-term complications such as renal, nerve, and ocular damage. The continuously updated glucose readings pave the way for patients and healthcare professionals to craft precise diabetes management strategies.
Within this burgeoning market, the Continuous Glucose Monitoring (CGM) segment is leading the charge, expected to register a growth rate of over 19% during the forecast period. Technological advancements in CGMs enhance patient control over glucose level management and offer comprehensive real-time tracking without the inconvenience of fingerstick blood draws. Innovative products like the latest Dexcom CGM are breaking new grounds with their increased accuracy and user-friendly design.
Key Factors Influencing the Blood Glucose Monitoring Market
- Increasing incidence of diabetes, bolstered by factors such as obesity and a sedentary lifestyle.
- Technological innovations in glucose meters, facilitating real-time monitoring and data sharing.
- Efforts by health organizations to promote better disease management and treatment accessibility.
- Advancements in sensor accuracy and convenience, improving adoption rates among diabetic individuals.
The growth trajectory of this market is further reinforced by a paradigm shift toward remote diabetes management programs and an emphasis on address social determinants of health (SDOH) that influence diabetic outcomes. These programs are poised to deliver critical support, particularly to Type 2 diabetes patients in need of continuous blood glucose monitoring.
The market landscape exhibits moderate fragmentation with several established and emerging players investing in R&D to innovate and capture the market share. Strategic alliances, such as mergers and acquisitions, are shaping the competitive dynamics, propelling the industry forward.
A selection of companies mentioned in this report includes
- Abbott Diabetes Care
- Roche Holding AG
- LifeScan
- Dexcom Inc.
- Medtronic PLC
- Arkray Inc.
- Ascensia Diabetes Care
- Agamatrix Inc.
- Bionime Corporation
- Acon Laboratories Inc.
- Trivida Functional Medicine
- Rossmax International Ltd.
- Senseonics
For more information about this report visit https://www.researchandmarkets.com/r/xcak03
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