Market Size of Spain Self-Monitoring Blood Glucose Devices Industry
Study Period | 2018 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 290 Million |
Market Size (2029) | USD 381 Million |
CAGR (2024 - 2029) | 6.70 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
Spain Self-Monitoring Blood Glucose Devices Market Analysis
The Spain Self-Monitoring Blood Glucose Devices Market size is estimated at USD 290 million in 2024, and is expected to reach USD 381 million by 2029, growing at a CAGR of 6.70% during the forecast period (2024-2029).
Diabetes was quickly recognized as a risk factor for bad results during the COVID-19 pandemic. This risk was influenced by several variables frequently present in diabetes mellitus, such as advanced age, a proinflammatory and hypercoagulable condition, hyperglycemia, and underlying comorbidities (hypertension, cardiovascular disease, chronic kidney disease, and obesity). That's why managing or delaying cases of diabetes became more important. The use of telemedicine or self-monitoring blood glucose helped improve glycemic control during the COVID-19 pandemic.
Blood glucose monitoring increases patients' awareness of glucose values, which supports healthy lifestyle choices. Blood glucose monitoring values help provide feedback and guidance on making health behavior changes when needed. Continued elevation in blood glucose levels in diabetes patients can contribute to progressive complications such as renal, nerve, and ocular damage. Appropriate and timely monitoring of blood glucose allows the successful management of out-of-range blood glucose levels, minimizing diabetic-related health complications.
Innovative technologies, such as digital health apps that display and summarize individual blood glucose measurements and incorporate additional relevant data such as insulin doses, meals, and physical activity, can further support self-management while decreasing disease burden and benefiting overall diabetes care. Integration of blood glucose monitoring with insulin calculators, automated insulin titration software, and remote coaching are further developments that provide patients with poorly controlled diabetes with the additional support needed to improve critical outcomes, thereby enhancing market prospects in the years to come.
Spain Self-Monitoring Blood Glucose Devices Industry Segmentation
Self-monitoring of blood glucose is an approach used by diabetic patients to measure their blood sugar level themselves using a glucometer, test strips, and lancets. Based on the readings, patients can adjust or check the effect of their treatment. The Spanish self-monitoring blood glucose device market is segmented by components. The report offers the value (in USD) and volume (in units) for the above segments.
Component | |
Glucometer Devices | |
Test Strips | |
Lancets |
Spain Self-Monitoring Blood Glucose Devices Market Size Summary
The Spain self-monitoring blood glucose devices market is poised for significant growth over the forecast period, driven by the increasing prevalence of diabetes and the rising demand for effective management solutions. The market is characterized by the adoption of innovative technologies, such as digital health apps and integrated monitoring systems, which enhance self-management and reduce the disease burden. These advancements are crucial as they support patients in making informed lifestyle choices and managing out-of-range blood glucose levels, thereby minimizing the risk of complications like renal, nerve, and ocular damage. The COVID-19 pandemic underscored the importance of diabetes management, as individuals with diabetes faced heightened risks, prompting a shift towards telemedicine and self-monitoring solutions to improve glycemic control.
In Spain, the diabetes population is expected to grow, with a significant portion of the population undiagnosed, leading to increased healthcare costs and reduced quality of life. The market is moderately fragmented, with key players like Abbott, LifeScan, and Roche Diabetes Care holding substantial shares. The test strip segment dominates the market due to its recurring use and essential role in blood glucose testing. Recent developments, such as the approval of Flash systems for type-2 diabetes management and the launch of connected point-of-care solutions, highlight the ongoing advancements in diabetes care. These factors, combined with the need for comprehensive diabetes management and prevention strategies, are anticipated to drive the market's expansion in the coming years.
Spain Self-Monitoring Blood Glucose Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Component
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2.1.1 Glucometer Devices
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2.1.2 Test Strips
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2.1.3 Lancets
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Spain Self-Monitoring Blood Glucose Devices Market Size FAQs
How big is the Spain Self-Monitoring Blood Glucose Devices Market?
The Spain Self-Monitoring Blood Glucose Devices Market size is expected to reach USD 290 million in 2024 and grow at a CAGR of 6.70% to reach USD 381 million by 2029.
What is the current Spain Self-Monitoring Blood Glucose Devices Market size?
In 2024, the Spain Self-Monitoring Blood Glucose Devices Market size is expected to reach USD 290 million.