As per Future Market Insights, the wearable glucometers market is anticipated to attain a value pool of US$ 125 million by 2023-end. Global demand for wearable glucometers is expected to rise at a CAGR of 7.2% to US$ 250 million in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 125 million |
| Projected Market Value in 2033 | US$ 250 million |
| Growth Rate (2023 to 2033) | 7.2% CAGR |
The wearable glucometers market is a rapidly developing segment of the medical device industry that has seen tremendous growth in recent years. This growth is being driven by numerous factors, including the growing demand for non-invasive and continuous glucose monitoring.
Opportunities for growth in the wearable glucometers market include the development of new technologies, the expansion of the market to developing countries, and the increasing use of wearable glucometers in clinical trials.
Modern lifestyle and obesity are triggering a rise in the number of diabetic cases which has led to the growth of the wearable glucometers market. The complex process of diabetes supervision often needs an effective approach to help control blood sugar level.
The diabetes epidemic is creating many opportunities to develop devices that can automatically monitor blood glucose and deliver insulin doses. The major trend is developing wearable glucometers. The continuous glucose monitoring device has been the most popular type of wearable devices in the market uptill now. Wearable glucometers not only measure the blood glucose level, but also detect the condition ahead of time.
Wearable glucometershas eased the management of blood sugar level testing. Patients can easily know their blood glucose levels. It sticks to the skin to continuously monitor blood sugar level 24/7. Pandemic coronavirus has caused a disturbance in almost all the industries. The novel coronavirus has also affected the wearable glucometers market.
It has been observed that people with diabetes are more vulnerable to coronavirus disease, it has led to an increase in the demand to manage diabetes disorder which in turn is developing opportunities for wearable glucometers market.
Increasing prevalence ofdiabetic and obesity patients is expected to drive the wearable glucometers market. The rise in the number of diabetic cases is due to an unhealthy lifestyle, excess alcohol consumption, poor diet and also lack of physical exercise.
Increasing awareness about glucose monitoring among the people is expected to drive the growth of the wearable glucometers market. The increasing number of wearable glucometers device users is expected to drive the wearable glucometers market.
However, wearable glucometers market also face loses due to the manufacturing defect in the devices. Poor access and quality and low levels of digitalization have negative impact on wearable glucometers market.
Based on the product type, Smart watches segment is growing and is expected to be the most popular device in the wearable glucometers market followed by wristbands. Based on the application, diabetes treatment is expected to have the largest share of wearable glucometers market. Based on the end user, home care settings are expected to be the most profitable segment in the global wearable glucometers market. Over the last several decades, the management of diabetes has improved.
The market for wearable glucometers is getting more crowded as technologies advance and gain wider acceptance. Researchers are putting efforts to lower the risks of proven diabetic diseases such as blindness, kidney failure, strokes and heart attacks.
This would help to bring out the incidence as well as the mortality associated with diabetes. Many companies are focusing to make contact lenses embedded with a small chip that can monitor blood glucose level in tears.
North America and Europe are expected to dominate the global wearable glucometers market, owing to the prominent technological advancements, innovations. High prevalence rates of diabetic and obese patients diagnosing and treatment is expected to increase the growth of the wearable glucometers market in these regions.
Increase in healthcare expenditure and also increasing prevalence of obesity in the developing region like Asia-Pacific is expected to further push the global wearable glucometers market growth for over the forecast period.
Some of the market participants in the global wearable glucometers market identified across the value chain include:
Pandemic coronavirus has caused a disturbance in almost all the industries.The novel coronavirus has also affected the wearable glucometers market.
It has been observed that people with diabetes are more vulnerable to coronavirus disease, it has led to an increase in the demand to manage diabetes disorder which in turn is developing opportunities for wearable glucometers market.
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Wearable Glucometers Market
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