Smart Glucose Meters - Canada

Canada

Highlights

Revenue in the Smart Glucose Meters market is projected to reach US$23.96m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.29%, resulting in a projected market volume of US$34.07m by 2029.
User penetration will be 1.78% in 2024 and is expected to hit 1.98% by 2029.
The average revenue per user (ARPU) is expected to amount to US$34.41.
In global comparison, most revenue will be generated China (US$727.60m in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Smart Glucose Meters market is experiencing significant growth due to increasing customer preferences for convenient and accurate glucose monitoring devices. Customer preferences: Customers are increasingly looking for glucose meters that are easy to use, portable, and provide accurate readings. They prefer devices that have features such as wireless connectivity, data tracking, and compatibility with smartphone apps. Additionally, customers are also seeking devices that are affordable and require minimal maintenance. Trends in the market: One of the key trends in the Smart Glucose Meters market is the integration of advanced technology. Many glucose meters now come with features such as Bluetooth connectivity, which allows users to sync their readings with mobile apps or other devices. This enables users to easily track their glucose levels and share the data with healthcare professionals. Another trend is the development of continuous glucose monitoring systems, which provide real-time glucose readings and alerts to users. Local special circumstances: In certain countries, there are specific regulations and guidelines for glucose meters. For example, some countries require glucose meters to meet certain accuracy standards before they can be approved for use. Additionally, in some regions, there may be a higher prevalence of diabetes, which drives the demand for glucose meters. Underlying macroeconomic factors: The increasing prevalence of diabetes globally is a major macroeconomic factor driving the growth of the Smart Glucose Meters market. According to the International Diabetes Federation, the number of people with diabetes is expected to reach 700 million by 2045. This growing diabetic population is creating a significant demand for glucose monitoring devices. Additionally, the rising healthcare expenditure and increasing awareness about the importance of diabetes management are also contributing to the market growth. In conclusion, the Smart Glucose Meters market is witnessing significant growth due to customer preferences for convenient and accurate glucose monitoring devices. The integration of advanced technology, such as wireless connectivity and continuous glucose monitoring, is a key trend in the market. Local regulations and the prevalence of diabetes in certain regions also impact the market. The underlying macroeconomic factors, including the increasing prevalence of diabetes and rising healthcare expenditure, are driving the market growth.

Data coverage:

The data encompasses B2C enterprises. Figures are based on revenues and user data of relevant mobile applications and consumer electronics companies.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market market. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, population, internet penetration, smartphone penetration, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.