The global blood glucose meter market is witnessing significant growth, driven by the rising prevalence of diabetes, technological advancements, and increasing awareness about self-monitoring of blood glucose levels. As the demand for effective diabetes management solutions escalates, the market is poised for substantial expansion in the coming years.
The global blood glucose meter market size was USD 7,419.0 million in 2018 and is expected to reach USD 15,415.6 million by 2026, growing at a CAGR of 9.6% during the forecast period. North America accounted for USD 7,419 million of the market share in 2018.
In this report, Fortune Business Insights has indicated that the market will grow in the near future due to the increasing demand and the subsequently rising uptake of blood glucose meters. Increasing incidence of diabetes has been a leading factor that is responsible for the surge in demand of blood glucose meters. According to the International Diabetes Federation (IDF), in 2017, around 425 million people suffered from diabetes, worldwide. Furthermore, it also states that this number is likely to reach 629 million by the year 2045. High prevalence of diabetes, combined with the accuracy of digital blood glucose meters in detecting blood pressure and sugar levels are driving the global blood glucose meters market.
Leading players contributing to innovation and expansion in the blood glucose meter industry include: