Know Labs Rebrands, Ticker Changed

Know Labs, a non-invasive diagnostics technology developer, has changed its name and ticker. The company's platform uses spectroscopy to capture molecular signatures and is designed to integrate into wearable, mobile, or bench-top form factors. Its technology is focused on a non-invasive glucose monitor that provides real-time blood glucose level information. The company's sensor technology includes a hardware component with a sensor that sends and receives radio frequency signals.

The Saudi Arabia Blood Glucose Device Market is poised for significant growth, driven by rising diabetes prevalence, increased health awareness, and government initiatives supporting early diagnosis and self-monitoring. According to a recent report by ResearchAndMarkets.com, the market is anticipated to grow from US$ 143.96 million in 2024 to US$ 259.8 million by 2033, exhibiting a CAGR of 6.78% from 2025-2033 [1].

Growth Drivers

The primary growth drivers in the Saudi Arabia Blood Glucose Device Market include:

1. Increased Type 2 Diabetes Prevalence: Saudi Arabia has a high rate of diabetes, with Type 2 diabetes prevalent among most adults. Lifestyle factors such as inactivity, poor eating habits, and obesity contribute to this trend. Rising awareness and government emphasis on self-care are driving demand for blood glucose meters [1].

2. Technological Advancements: Modern blood glucose monitors, including Continuous Glucose Monitoring (CGM) systems and Bluetooth glucometers, are transforming diabetes management. These devices offer better accuracy, real-time monitoring, and smartphone connectivity, enhancing patient compliance and results [1].

3. Government Programs and Public Health Campaigns: The Saudi government's Vision 2030 health sector reform, along with various awareness campaigns and public health programs, is promoting early detection and frequent glucose monitoring. Subsidies for medical equipment and insurance coverage for diabetes care are further enhancing access to blood glucose devices [1].

Challenges

Despite the market's promising growth, several challenges need to be addressed:

1. Excessive Cost of Sophisticated Devices: The high cost of advanced blood glucose devices, such as CGMs and intelligent glucometers, is a barrier for many consumers. Limited insurance coverage and high premium pricing disproportionately affect low- and middle-income patients, limiting widespread adoption [1].

2. Limited Compliance and Awareness in Rural Regions: Urban areas like Riyadh and Jeddah have better healthcare facilities and awareness campaigns, but rural and remote regions lag behind. Poor compliance due to limited understanding and technical competence for newer devices hampers early diagnosis and disease management [1].

Key Players

Major players in the Saudi Arabia Blood Glucose Device Market include Abbott Laboratories, Medtronic, and Dexcom Inc. These companies offer state-of-the-art innovations, contributing to the market's growth and patient compliance [1].

Conclusion

The Saudi Arabia Blood Glucose Device Market is expected to experience robust growth due to rising diabetes prevalence, technological advancements, and government initiatives. However, challenges such as the high cost of advanced devices and limited compliance in rural regions need to be addressed to ensure widespread adoption and improved diabetes management.

References

[1] https://finance.yahoo.com/news/saudi-arabia-blood-glucose-device-132100152.html