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Americas Blood Glucose Monitoring Market- Forecast to 2030

ID: MRFR/MED/0139-HCR | 110 Pages | Author: Kinjoll Dey| April 2024

Americas Blood Glucose Monitoring Market Overview

The Americas blood glucose monitoring market size is projected to reach USD 1.64 billion by 2030, expanding at a CAGR of 6.40% between 2023 and 2030. The increased demand for Blood Glucose Monitoring Systems can be attributed in part to the rising incidence of diabetes in the general population. Due to reasons including an expanding pool of diabetic patients, greater patient education about the importance of regular blood sugar monitoring, and the launch of innovative monitoring devices by market leaders, the use of such systems is increasing rapidly.

Americas Blood Glucose Monitoring Market Trends

Technological Innovation to Drive the Blood Glucose Monitoring Sector

The increasing incidence of diabetes can be attributed to a number of causes, including rapid urbanization and the increased trend toward a sedentary lifestyle in both developing and industrialized nations. Self-management can be aided by the use of innovative technologies like digital health apps that show and summarize individual blood glucose measurements and incorporate other relevant data like insulin doses, meals/snacks, and physical activity. Patients with poorly managed diabetes can benefit from future improvements such as the integration of blood glucose monitoring with insulin calculators, automated insulin titration software, and remote coaching. It required further help to enhance key results, which would have improved market prospects in the long run.

Market participants' use of cutting-edge technology like CGM systems have made real-time monitoring possible for insulin-dependent patients. Furthermore, continuous glucose monitoring (CGM) systems have several benefits over self-monitoring blood glucose (SMBG) devices, including less discomfort, faster results, and more accurate readings. Therefore, one of the main causes altering the inclination of healthcare practitioners and patients toward the usage of CGM is the unique benefits provided by these devices. Supportive reimbursement policies for self-monitoring blood glucose (SMBG) and Continuous Glucose Monitoring (CGM) systems in many countries are also expected to increase the uptake of Blood Glucose Monitoring Systems, which will drive market expansion over the forecast period.

Lack of Awareness Among Population Driving Government Initiatives

Low-income sections of the population are more likely to experience financial difficulty because they lack health insurance. The general public's ignorance about issues like diabetes mellitus also contributes. Government and commercial organizations may be hampered by a lack of traditional processes, and a dearth of cutting-edge healthcare facilities. As a result, several nations in LATAM have established community-based health insurance, national health insurance, and targeted public health insurance to safeguard their citizens from high healthcare costs. Many different health insurance companies may be found in Mexico. Thus, it is anticipated that government actions would propel the industry forward.

Americas Blood Glucose Monitoring Market Segment Insights

Americas Blood Glucose Monitoring Type Insight

The market, based on type, is segmented into blood glucose meter, blood glucose testing strips, lancets, continuous glucose monitoring devices (CGM).

Americas Blood Glucose Monitoring Regional Insights

Based on the region, the market is segmented into North America (US and Canada), Latin America (Brazil, Columbia, Argentina, Rest of LATAM).

Because of the high incidence of diabetes caused by the region's sedentary lifestyle and the introduction of new medications, the insulin therapeutics industry is mostly concentrated in North America. Growth in the United States is projected to skyrocket over the next few years because of variables including the country's high obesity rate and rising consciousness about the need of diabetes treatment. The rising incidence of obesity and lifestyle changes in the last two decades have contributed significantly to the remarkable increase in the prevalence of diabetes in the United States. In the United States, diabetes is one of the chronic illnesses with the fastest growth rates.

Countries in the Latin American area have a high prevalence of diabetes due to the increasing incidence of Type-2 diabetes in the population. The rising prevalence of obesity, in conjunction with a genetic propensity to developing Type-2 diabetes, has been a major factor in this rise.

In order to combat risk factors like obesity, Brazil adopted a set of changes to better distribute doctors, establish new forms of service organization, introduce new finance models, and execute a variety of quality improvement efforts and regulatory frameworks. It also draws attention to spaces for further development of diabetes technologies and the delivery of diabetes care. The Ministry of Health (MOH) oversees the Brazilian health care system, which is administered at the state and municipal levels. In addition, collaborations with private groups are developed to expand access to PHC in many communities where the public sector falls short of residents' needs. 

Americas Blood Glucose Monitoring Key Market Players & Competitive Insights

In the Americas, only a small number of businesses, the top market players, have put significant resources towards developing and releasing non-invasive CGM systems. Thus, some of the significant trends seen in the market are the expanding use of CGM and the shift in emphasis among market participants toward non-invasive Blood Glucose Monitoring Systems.

Americas Blood Glucose Monitoring Industry Developments

February 2023: Afon has again teased its non-invasive glucose monitor in February 2023, this time with a rendered image of the sensor alongside adapted wearables and connected devices. In order to obtain blood samples for measurement, millions of diabetics must prick their digits with lancets up to ten times per day, resulting in tissue scarring and discomfort. The Afon Blood Glucose Sensor promises to be a painless and non-invasive alternative method. The production of the first widely approved fully non-invasive continuous glucose monitor (CGM) appears to be highly competitive, but it is crucial for any company involved in this type of development to ensure that their product is both safe and accurate, as it could provide potentially life-saving data to millions of users in the future.

February 2023: Zoetis has announced the United States release of the AlphaTrak 3 blood glucose monitoring system for diabetic cats and canines in February 2023. This model improves upon the original AlphaTrak by incorporating a new mobile app that enables seamless, simplified communication and sharing of a pet's glucose data and additional information in real-time with the veterinary practice for enhanced diabetic pet care. The innovative new AlphaTrak 3 blood glucose monitoring system provides veterinarians with accurate data to confidently administer optimal medical treatment.

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