Smart Blood Glucose Meters Market : Global Demand Analysis & Opportunity Outlook 2024
Smart Blood Glucose Meters Market : Global Demand Analysis & Opportunity Outlook 2024
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Smart Blood Glucose Meters Market : Global Demand Analysis & Opportunity Outlook 2024
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Smart blood glucose meter is referred to a device that determines the concentration of sugar in the blood. These devices are connected to the smart phone either by plugging or by connecting through bluetooth. Smart blood glucose meter is very easy and convenient way to check blood glucose level. Further, it receives the blood glucose reading within 6 seconds and it automatically saves the readings.
The global smart blood glucose meters market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Smart blood glucose meters market is driven by various factors such as growing health concerns and rising personal disposable income.
In terms of geography, the most prominent regional markets are North America and Europe. North America region is expected to dominate the market during the forecast period aided by U.S. Further, wide use of these compact devices for the measurement of blood glucose level and rapid urbanization are believed to flourish the growth of smart blood glucose meters market in this region. Moreover, presence of major key players in North America region is also predicted to bolster the growth of smart blood glucose meters market over the forecast period.CLICK TO DOWNLOAD FREE SAMPLE REPORT
Europe holds the second largest market of smart blood glucose meters in terms of revenue. Further, the factors propelling the growth of smart blood glucose meters in Europe region are increasing diabetic patients and rising government healthcare investment. The major countries witnessing the augmented demand for smart blood glucose meters are U.K. and France. Additionally, increased connectivity and a greater demand for glucose monitoring devices are envisioned to foster the growth of smart blood glucose meters market in the Europe region. Asia-Pacific is also expected to witness a robust growth over the forecast period. Moreover, rising personal disposable income and increase number of diabetic patients in this region are expected to bolster the growth of smart blood glucose meters market. China and Japan are leading countries of smart blood glucose meters market in this region.
Our in-depth analysis segmented the global smart blood glucose meters market in the following segments:
Global smart blood glucose meters market is further classified on the basis of region as follows:
Rising demand for the accurate measurement of the blood glucose level and rising awareness about blood glucose meters are anticipated to be the dynamic factor behind the rapid growth of smart blood glucose meters market across the globe. Further, growing governmental healthcare expenditure is also expected to flourish the growth of smart blood glucose meters market by the end of 2024.
Moreover, availability of innovative technology and rising aging population are believed to fuel the demand for smart blood glucose meters market. Additionally, rising healthcare per capita income and growing adoption of smart healthcare gadgets by hospitals, clinics and others are envisioned to flourish the growth of smart blood glucose meters market globally.
However, high cost of smart blood glucose meters is expected to hinder the growth of smart blood glucose meters market. Further, less adoption of smart gadgets by developing and underdeveloped nations is also believed to dampen the growth of smart blood glucose meters market.
The major key players for smart blood glucose meters market are as follows
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