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The Global Non-Invasive Glucose Monitoring Devices market size is estimated to grow by USD 25.98 million at a CAGR of 15.46% between 2023 and 2028.
There has been an increasing demand for non-invasive procedures across the globe. In addition, the demand for non-invasive monitoring and diagnostic procedures is increasing due to their ease of operation, fewer side effects, and minimum discomfort. Moreover, non-invasive glucose monitoring devices are used for monitoring glucose levels. Furthermore, they are used as alternatives to conventional blood glucose monitoring devices as the latter method causes pain and discomfort to patients. Hence, such factors are positively impacting the market.
Technavio has segmented the market into Product, End-user, and Geography
It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The wearable segment is estimated to witness significant growth during the forecast period. In this segment, several start-ups are increasing their efforts by coming up with an innovative product pipeline, which is likely to spur the growth of the segment. Therefore, a strong product pipeline by new companies, continuous technological advancements by key companies, and the growing demand for non-invasive monitoring of glucose levels is likely to augment the demand for wearable non-invasive glucose monitoring devices, which, in turn, will contribute to the market growth.
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The wearable segment was the largest segment and was valued at USD 8.47 million in 2018. Moreover, wearable non-invasive glucose monitoring devices comprise transdermal sensors that pass a near-infrared (NI) light through the skin layer to measure glucose levels using optical approaches. In addition, the wearable product segment accounts for the largest market share in the global non-invasive glucose monitoring devices market which is fuelled by factors such as the increasing prevalence of diabetes, technological advancements, the presence of strong companies, and new product launches that will fuel the growth of the segment during the forecast period.
In a home setting segment, non-invasive devices can help minimize the risk of infections associated with invasive monitoring techniques, thereby promoting a safer environment for individuals managing their health at home. In addition, regular monitoring of glucose levels at home enables better disease management. Moreover, patients can make informed decisions about their diet, exercise, and medication based on real-time data, leading to improved control of their condition. Furthermore, non-invasive glucose monitoring devices that are user-friendly and less intrusive can encourage better patient engagement and compliance in the homecare setting. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
The hospitals segment comprises multi-specialty hospitals and private hospital groups, which function through sponsorships from governments or private entities. In addition, these hospitals have around 500 hospital beds with both inpatient and outpatient services. Moreover, they purchase medical equipment and consumables in bulk and work closely with suppliers and government bodies. Furthermore, they also have a well-equipped medical infrastructure to cater to the needs of patients. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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North America is estimated to contribute 48% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The non-invasive glucose monitoring devices market in North America will grow at a moderate rate due to factors such as the increasing prevalence of diabetes, the rising number of product launches, the growing presence of regional and global vendors, and initiatives by government and non-profit organizations to create awareness about diabetes prevention and management. Moreover, patients with diabetes require glucose meters to monitor their glucose levels. Furthermore, the rising prevalence of diabetes will increase the need for glucose meters, which, in turn, will augment the adoption of non-invasive glucose monitoring devices during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Abbott Laboratories: The company offers non-invasive glucose devices such as freestyle libre 2 continuous.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of diabetes and the growing number of government programs for non-invasive treatments are the key factors driving the market growth. The growing geriatric population is also a significant contributor to the diabetic population worldwide. In addition, individuals in these age groups are sensitive to invasive diagnostic or monitoring procedures. Furthermore, these factors are significantly increasing the sales of non-invasive devices to monitor blood glucose levels.
Moreover, sedentary lifestyles such as physical inactivity and obesity are other factors responsible for the increasing prevalence of diabetes. In addition, companies are also launching new products to expand their product portfolios and improve their market visibility. Furthermore, the growing number of awareness programs to create awareness about preventive care and the regular monitoring of glucose levels for diabetes management will drive market growth during the forecast period.
The integration of AI and RADAR technology in glucose monitoring will fuel the market growth. The integration of data received from digital medical devices with mobile applications enables end-users to easily monitor body parameters, such as changes in glucose levels. In addition, universities across the world are focusing on integrating AI and RADAR systems for monitoring and diagnosis of chronic diseases such as diabetes. Furthermore, researchers are developing non-invasive glucose monitoring devices by combining RADAR and AI technologies, which would enable people with diabetes to monitor their blood glucose levels.
Moreover, with the advent of technologies, such as AI and RADAR technology, many companies are considering incorporating blood glucose monitoring devices with these technologies. In addition, companies are collaborating with IT companies for data management and the development of tools and software for easier diabetes management. Furthermore, technologies will eliminate the need for finger pricking. Also, end-users can easily retrieve data. Hence, the integration of AI and RADAR technology in glucose monitoring devices is one of the key non-invasive blood glucose monitoring devices market trends fuelling the market growth during the forecast period.
High costs associated with non-invasive glucose monitoring devices are a major challenge for market growth. The costs associated with non-invasive glucose monitoring are higher when compared to conventional blood glucose monitoring devices. As a result, this can increase the cost burden on patients. Furthermore, the average annual cost of non-invasive glucose monitoring devices ranges between USD 1,200 and USD 2,300, depending on the new technology and brand preference.
Moreover, they also need software tools that can capture data and send it to end users. In addition, this increases the overall cost of the complete system. Furthermore, the high costs associated with non-invasive glucose monitoring devices impact their adoption and coverage, especially in developing countries. Hence, the high cost of non-invasive glucose monitoring devices compared with conventional finger-pricking glucometers is a major hindering factor for the market growth during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Non-invasive Glucose Monitoring Devices Market Customer Landscape
The non-invasive glucose monitoring devices market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Non-invasive Glucose Monitoring Devices Market Scope |
|
Report Coverage |
Details |
Page number |
158 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.46% |
Market Growth 2024-2028 |
USD 25.98 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
15.07 |
Regional analysis |
North America, Europe, Asia, and the Rest of the World (ROW) |
Performing market contribution |
North America at 48% |
Key countries |
US, Germany, UK, India, and China |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Ascensia Diabetes Care Holdings AG, BlueSemi, BoydSense SAS, Cnoga, Dexcom Inc., DiaMonTech AG, Eser Co., Gluco Rx Ltd., Glucowise, F. Hoffmann La Roche Ltd., Informed Data Systems Inc. and One Drop., Medtronic Plc, Meta Materials Inc., Nemaura Medical Inc., Platinum Equity Advisors LLC, Rite Aid Corp., Taiwan Biophotonic Co., Tandem Diabetes Care Inc., and Walgreens Boots Alliance Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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