Major players in the blood glucose meters market are Abbott, Roche, Medtronics, Ascensia and Dexcom. The global blood glucose meters market is expected to grow from $2. 92 billion in 2020 to $3.
New York, May 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Blood Glucose Meters Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067933/?utm_source=GNW
99 billion in 2021 at a compound annual growth rate (CAGR) of 36.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.96 billion in 2025 at a CAGR of 5.6%.
The blood glucose meters market consists of sales of blood glucose meters that are used to measure and display the amount of sugar (glucose) in the blood.
In October 2018, Platinum Equity, California-based private equity investment firm acquired LifeScan, Inc. from Johnson & Johnson for $2.1 billion. With this acquisition, Platinum Equity helps LifeScan to improve the quality of products. LifeScan, Inc., a diagnostic systems manufacturer with products focusing on the diabetes market, specifically blood glucose monitoring systems.
FDA regulates the blood glucose meters.FDA has released its guidance for the accuracy of blood glucose meters.
For blood glucose meters used in home by patients with diabetes, FDA states that 95% of the measured blood glucose levels should be within 15% of the lab tested value and 99% of the measured values should be within 20% of the lab tested value.For point of care blood glucose monitoring devices, 95% of the monitored values must be within the range of 12% for blood sugars more than 75mg/dl and must be within 12mg/dl for blood sugars less than 75mg/dl.
Also, 98% of the meter values must be within 15% of the range for blood sugars more than 75mg/dl and must be within 15mg/dl for blood sugars less than 75mg/dl.
Rising prevalence of diabetes is driving the blood glucose meters market.The changing lifestyle, increase in alcohol consumption, physical inactivity and unhealthy eating habits are leading to an increase in obesity across the globe.
Such exponential growth in obese people is causing a stern increase in the purchase of blood glucose meters.Due to obesity, fat tissues release more fat molecules into the blood affecting insulin responsive cells, which results in reduced insulin sensitivity, in turn, causing diabetes.
According to the study by the International Diabetes Federation (IDF), there will be a 48% increase in diabetes around the world by 2045. According to the International Diabetes Federation (IDF) in 2019, nearly 4.2 million deaths were caused by diabetes.
The blood glucose meters market growth is restricted due to lack of awareness of diabetes.Hypo unawareness is a common term used to describe the people who have diabetes, especially type 1 diabetes, it is very difficult to notice when they have low blood glucose, hypoglycemia.
Such lack of awareness of diabetes and its effects reduces the regular monitoring or check-ups relating to diabetes.For example, in 2019, 463 million adults had diabetes, but more than 1 in 4 did not know that they had the disease.
Also, in 2019, According to the International Diabetes Federation (IDF) One in two (50.1%) patients with diabetes do not recognize that they have diabetes.
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