Australia Blood Glucose Monitor Market Overview, 2028

Australia Blood Glucose Monitor Market Overview, 2028

One of the main factors driving the need for blood glucose monitoring devices in Australia is the high and rising prevalence of diabetes. Effective monitoring systems are essential for managing diabetes, as the number of people with the diagnosis rises. Australia has an aging population, and diabetes is more prevalent among older individuals. As the population ages, there is an increased need for blood glucose monitoring devices to manage and monitor diabetes in this demographic. Increasing awareness among the Australian population about the importance of diabetes management and regular monitoring has led to greater demand for blood glucose monitoring devices. Education campaigns and public health initiatives contribute to this awareness. There is a growing trend toward patient empowerment and self-monitoring in healthcare. Blood glucose monitoring devices empower individuals with diabetes to actively participate in the management of their condition, leading to increased demand. Health insurance coverage in Australia supports the affordability and accessibility of medical devices, including blood glucose monitoring devices. Insurance coverage encourages individuals to regularly monitor their glucose levels as part of their diabetes management. Changes in lifestyle patterns, including sedentary behaviors and dietary habits, contribute to the rising incidence of diabetes in Australia. Blood glucose monitoring devices become essential tools for individuals at risk or diagnosed with diabetes to manage and monitor their condition effectively. Australia's economic stability contributes to the affordability of healthcare services and devices. Individuals with diabetes can access blood glucose monitoring devices, ensuring widespread adoption and usage.

According to the research report “Australia Blood Glucose Monitoring Devices Market Overview, 2028,"" published by Bonafide Research, the Australia Blood Glucose Monitoring Devices market is anticipated to add more than USD 90 Million from 2023 to 2028. Australia has a high prevalence of diabetes. In 2020, it was estimated that more than 2.5 million Australians had diabetes, or more than 10% of the population. BGMDs are available in a wide range of prices to cater to the needs of people with different budgets. Some BGMDs are as affordable as $10, while others can cost $200 or more. Australia's National Diabetes Services Scheme (NDSS) is a world-leading program that provides subsidies for BGMDs and test strips for people with diabetes. The NDSS is credited with significantly increasing the use of BGMDs in Australia, and it has been shown to improve glycemic control and reduce the risk of complications for people with diabetes. Australia has a strong network of diabetes educators who provide support and training to people with diabetes on how to use BGMDs effectively. These educators play a crucial role in helping people with diabetes get the most out of their BGMDs and improve their overall diabetes management. Blood glucose monitoring devices are increasingly integrated with digital health platforms and mobile applications. This integration allows users to track and manage their glucose levels digitally, often providing real-time data to healthcare professionals for remote monitoring. The adoption of telehealth services and remote patient monitoring has accelerated, especially in light of the COVID-19 pandemic. Blood glucose monitoring devices that support remote monitoring align with the trend toward virtual healthcare consultations and services. Blood glucose monitoring functionalities are being integrated into wearable devices such as smartwatches and fitness trackers. This trend aligns with the broader adoption of wearable technologies for health and fitness monitoring.

Self-monitoring devices and Continuous Blood Glucose Monitoring Devices are the two segments of the market based on product type. The Continuous Blood Glucose Monitoring (CGM) Devices segment is poised to exhibit the highest Compound Annual Growth Rate (CAGR) in the Australia Blood Glucose Monitoring Devices Market. The real-time monitoring capabilities of CGM devices, coupled with immediate alerts for high and low glucose levels, empower users to maintain better glycemic control. Importantly, CGM devices reduce the dependence on traditional fingerstick tests, offering a more convenient and continuous monitoring experience. Ongoing improvements in device design, wearability, and connectivity contribute to an enhanced user experience, making CGM devices increasingly attractive to individuals with diabetes. CGM devices find applications across diverse populations, including pediatric users, where continuous monitoring is particularly valuable. The customizable alerts and notifications feature of CGM devices enhances user engagement and adherence to monitoring schedules. Some devices also integrate with insulin delivery systems, enabling automatic or user-guided adjustments to insulin dosages based on real-time glucose data. Patient preference for advanced technologies that offer continuous monitoring over traditional intermittent methods is a notable factor driving the adoption of CGM devices. Positive clinical evidence supporting the efficacy and benefits of continuous glucose monitoring further influences both healthcare providers and individuals, contributing to the growing acceptance of CGM devices.

In terms of end user the market is segmented into Hospitals, Home Care, and Diagnostic Centers. The rising incidence of diabetes in the country has created a growing demand for convenient and accessible methods of monitoring blood glucose levels. The shift towards home care is driven by the increasing need for patient convenience and comfort, allowing individuals to monitor their glucose levels in the comfort of their homes. Technological advancements in monitoring devices have played a crucial role, providing user-friendly and accurate tools that require smaller blood samples. Moreover, the trend towards remote patient monitoring is contributing to the growth of the home care segment. Continuous monitoring at home enables healthcare providers to track patients' glucose levels remotely and intervene when necessary. This aligns with the broader shift towards value-based care and preventive healthcare. The cost-effectiveness of home care is another significant factor, as it reduces the economic burden associated with frequent hospital or clinic visits, particularly for chronic conditions like diabetes.

Considered in this report:
• Geography: Australia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• Australia Blood Glucose Monitoring Devices market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product
• Self-monitoring Devices
• Continuous Blood Glucose Monitoring Devices

By End User
• Hospitals
• Home Care
• Diagnostic Centers

By Indication
• Diabetes
• Pregnancy
• Cardiovascular Disorders & Hypertension
• Cancer
• Respiratory Diseases
• Movement Disorders
• Hearing Disorders
• Wound Care
• Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Blood Glucose Monitoring Devices industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.