USD 11.71 billion
Blood Glucose Monitoring Devices Market Size, Share, Growth Analysis, By Product(Blood Glucose Monitors, Glucose Monitoring Strips, Lancets), By Application(Hospitals and Clinics, Diagnostic Centers, Home Settings), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2338 |
Region:
Global |
Published Date: October, 2024
Pages:
242
|Tables:
166
|Figures:
79
Blood Glucose Monitoring Devices Market Insights
Global Blood Glucose Monitoring Devices Market size was valued at USD 12.50 billion in 2022 and is poised to grow from USD 13.54 billion in 2023 to USD 23.77 billion by 2031, growing at a CAGR of 8.30% during the forecast period (2024-2031).
There is a high demand for accurate and reliable devices for measuring blood glucose levels owing to the increase in the number of diabetes patients all over the world. The rise in the number of technologically advanced devices such as insulin pens, syringes, and continuous glucose monitoring systems has also enhanced the functionality of the devices and improved patient outcomes. Indeed, hospital end-use equipment supports in-patient monitoring, while the home healthcare sector offers equipment for easy monitoring of glucose levels. Additionally, unlike many medical devices and treatments that are not, glucose monitoring devices are covered in some of the healthcare systems making it easy for patients to access the important devices for managing diabetes.
The surging incidence and prevalence of diabetes across the globe is one of the key factors supporting the global blood glucose monitoring devices market growth in this area. The growing prevalence of diabetes globally is one of the most emphasized reasons for the market growth. Diabetes is a long-term illness characterized by high levels of sugar in the blood experienced by millions of people round the world. To keep track of the blood sugar levels and the change, if necessary, in their treatment, the diabetics use blood glucose meters. Awareness about the importance of achieving and maintaining proper glycaemic control in the management of diabetes and its complications such as blindness, heart disease and even kidney problems is increasing among patients and healthcare providers. As blood glucose meters make reliable and frequent blood glucose monitoring possible, their use is growing.
US Blood Glucose Monitoring Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Self-Monitoring Devices
Fastest Growth
Continuous Blood Glucose Monitoring Devices
Growth Rate
8% CAGR
Global Blood Glucose Monitoring Devices Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Blood Glucose Monitoring Devices Market Segmental Analysis
Global Blood Glucose Monitoring Devices Market is segmented by Product, Application, and region. Based on Product, the market is segmented into Blood Glucose Monitors, Glucose Monitoring Strips, and Lancets. Based on Application, the market is segmented into Hospitals and Clinics, Diagnostic Centers, and Home Settings. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
The global blood glucose monitoring devices market is segmented based on product, application, type, and region. In terms of product, the market is segmented into blood glucose monitors, glucose monitoring strips, and lancets. Based on application, the market is trifurcated into hospitals & clinics, diagnostic centers, and home settings. Based on the type, the market is divided into invasive, and non-invasive. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and the Middle East & Africa.
Analysis by Product
As per categorization by offering, the market is classified as blood glucose monitors, glucose monitoring strips, and lancets. Among these, glucose monitoring strips earned the largest share and continue to hold the dominant global blood glucose monitoring devices market share. The global blood glucose monitoring devices market remains dominated by glucose monitoring strips due to their low cost, portable nature, and simple usability. Modern technologies are aimed at improving accuracy and miniaturizing the blood sample size, while providing the correct glucose level readings with the help of connecting the device to the internet. Their easy access and ability to let individuals conduct frequent and at-home tests make them a must in managing diabetes especially in developing countries where practical and low-cost solutions are sought for and increased adoption and market growth is experienced.
Blood glucose monitors are set to be the fastest-growing segment in the global blood glucose monitoring devices market, driven by rising diabetes prevalence, increasing health awareness, and advancements in technology. In recent times, upgraded designs feature continuous glucose monitoring (CGM) functions, integration with mobile phones without wires, and up-to-the-minute data collection, which gives patients and clinicians immediate information and feedback. Also, the rising demand for such products can be attributed to the fact that there is a shift towards more personal and preventive health care, whereby people want to self-manage using easy and accurate devices. In addition, government campaigns on diabetes control and encouragement on routine checks, as well as interest in digital health, escalate the upward trend of the market.
Analysis by Application
The home settings in the blood glucose monitoring devices market are gaining momentum globally, driven by innovations that make self-monitoring easy, accurate, and accessible. New age machines are fitted with Bluetooth technology, smartphone applications and easy to carry out tests enabling the users to monitor their glucose levels conveniently from their homes. This movement seems to be inspired by the quest for effective and inexpensive diabetic care as the cost of healthcare rises and the number of aging persons increases. Self-monitoring has taken a significant share of the market since it enables continuous monitoring without making hospital visits which therefore improves patient independence, adherence and control of health care which is very critical in the management of chronic diseases such diabetes.
Hospitals and clinics are expected to be the fastest-growing segment in the global blood glucose monitoring devices market due to the rising demand for accurate and continuous glucose monitoring in clinical settings. Modern innovations such as continuous glucose monitors (CGMs) development and integration of data with electronic health records (EHRs) enable real time monitoring and help in diabetes management better. The mounting cases of diabetes-related hospital admissions coupled with the need for efficient monitoring while in critical care push the usage of these systems in the health care centers. Moreover, government-sponsored health initiatives coupled with stressing the need for early diagnosis and management of diabetes ensures the monitoring solutions in hospitals and clinics across the globe grow.
Global Blood Glucose Monitoring Devices Market By Product type, 2021 (%)
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Blood Glucose Monitoring Devices Market Regional Insights
North America leads the global blood glucose monitoring devices market, driven by a high prevalence of diabetes, strong healthcare infrastructure, and widespread awareness of diabetes management. The high-tech region facilitates the quick incorporation of innovations such as continuous glucose monitoring (CGM) systems and mobile devices geared toward these systems. Moreover, the government’s policies and reimbursement levels enhance the availability of such devices to patients. The presence of major players, vast amounts of investment in research and development, as well as the need for a self-monitoring solution, outperforming the rest of the world, is an added advantage to the market supremacy of North America. The Region’s focus on preventive medicine and routine check-ups is in itself a pointer to the continued rise in the demand for blood glucose monitoring devices.
Asia Pacific is the fastest-growing region in the global blood glucose monitoring devices market, fueled by a rising incidence of diabetes, increasing health awareness, and improved access to healthcare technologies. There has been a rise in the number of cases of diabetes because of urbanization and changes in lifestyle patterns especially in countries such as China and India. Here, government policies endorsing diabetes care and development of healthcare systems have created a need for cheap, easy to use, and efficient monitoring products. Moreover, an expanding middle-class population and growing telemedicine are enabling easier access to both at-home and continuous glucose monitoring, which, in turn, is made affordable by local production and innovation to cater to health care demands of the region.
Global Blood Glucose Monitoring Devices Market By Geography, 2021-2028
- Largest
- Fastest
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Blood Glucose Monitoring Devices Market Dynamics
Blood Glucose Monitoring Devices Market Driver
Rising Diabetes Prevalence
- The rise in the number of diabetics worldwide is one of the major factors responsible for the growth of the global blood glucose monitoring devices market. The growing prevalence of both type 1 and type 2 diabetes due to the elderly population, changing lifestyles and dietary habits is accelerating the need for focus on regular glucose monitoring systems in order to control or avoid the complications.
Innovative Advancements in Blood Glucose Monitoring
- The continuous development of blood glucose monitoring devices such as continuous glucose monitoring (CGM) systems, smartphone connectivity and data analytics, is positively influencing the market trends. These developments offer enhanced comfort, precision, and dynamic information which are appealing to the patients and health care professionals that are dedicated to maximizing diabetes management and preventive care services across the globe.
Blood Glucose Monitoring Devices Market Restraints
High Device Costs
- The expensive nature of advanced blood glucose monitoring devices, especially continuous glucose monitoring (CGM) systems, can affect the accessibility of most patients. In regions where there are no health care subsidies or reimbursement alternatives in place, the cost hampers the uptake of the technology most in low-income segments of the market which shrinks the growth of the market as a whole.
Lack of Awareness and Accessibility
- Insufficient knowledge regarding diabetes control coupled with limited reach of devices for monitoring in the rural and the low-income regions of the countries limit the growth of the market. In developing countries, their health care systems are poorly developed and there are not many patients who understand the need for frequent glucose measurements, hindering the acceptance and subsequent management of diabetes.
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Blood Glucose Monitoring Devices Market Competitive Landscape
The global blood glucose monitoring devices market is highly competitive with major players emphasizing on innovation, product development and expanding the market. Major companies include Abbott Laboratories, Medtronic, Roche, Dexcom, and Johnson & Johnson, which provide sophisticated solutions like continuous glucose monitoring (CGM) systems and smart glucose meters. These companies are involved in competition by optimizing device accuracy, lowering the cost of devices and as well melding mobile health with diabetes management to better care for patients around the world.
Blood Glucose Monitoring Devices Market Top Player's Company Profiles
- Abbott (US)
- Medtronic plc (Ireland)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- Dexcom, Inc. (US)
- Sanofi (France)
- Novo Nordisk (Denmark)
- Insulet Corporation (US)
- Ypsomed Holdings (Switzerland)
- Glysens Incorporated
- ARKRAY, Inc. (Japan)
- Bayer AG (Germany)
- AgaMatrix, Inc. (US)
- Trividia Health, Inc. (US)
- MediWise Ltd. (UK)
- DiaMonTech AG (Germany)
- B. Braun Melsungen AG (Germany)
- Sinocare, Inc. (China)
- Nipro Corporation (Japan)
- Menarini Diagnostics (Italy)
- Beurer GmbH (Germany)
- Prodigy Diabetes Care, LLC (US)
- Omron Healthcare, Inc. (Japan)
Blood Glucose Monitoring Devices Market Recent Developments
- In October 2024, Abbott successfully introduced the FreeStyle Libre 3 system to numerous countries around the world. This inventive device for continuous glucose monitoring (CGM) allows access to real time glucose reading through a direct and tiny sensor assisting in effective management of the diabetic patients' conditions thus equipping them with better control of their illnesses.
- In September 2024, Dexcom's G7 continuous glucose monitoring system has been recently launched by the company. The system itself is tinier, more efficient, and more accurate than ever before. It also connects with different sources of digital health, enabling the users to monitor their glucose levels on their cellphone fully complementing their experience and care for the patients.
- In August 2024, Medtronic launched its MiniMed 780G insulin pump system, which incorporates sophisticated automated insulin delivery and glucose monitoring functions. This progress allows for personalized management of insulin since it automatically changes insulin delivery to maintain glucose levels within the preset range which in turn enhances diabetic patients’ lives.
Blood Glucose Monitoring Devices Key Market Trends
- Shift Towards Continuous Glucose Monitoring (CGM) Systems: A prominent trend in the market is the rise in the use of continuous glucose monitoring devices. Such systems provide real time glucose readings and enhance the management of diabetic patients by offering more accuracy, usability and a more design-oriented approach to care, hence, driving the rapid penetration of this device in homes and even institutions.
- Integration with Digital Health Platforms: The global blood glucose monitoring devices market forecast suggests an upsurge in the incorporation of blood sugar monitoring device’s components with digital health platforms and applications. Such connectivity enables the users to monitor their glucose levels with ease along with getting personalized information and sharing the information with healthcare providers, hence boosting diabetes management and patient participation further.
Blood Glucose Monitoring Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the expansion of the global blood glucose monitoring devices industry can be attributed to the rising incidence of diabetes, the emergence of advanced technologies, as well as the need for convenient and precise monitoring devices. Key market segments such as glucose monitoring strips, continuous glucose monitoring systems, and home healthcare devices are driving this growth.
Market innovations targeted at improving user experience and healthcare results are also contributing to the growth of the market. Furthermore, geographical trends, specifically that of North America and Asia Pacific regions, include the need for effective solutions for diabetes management that are reliable, easy to use and affordable for the different people.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 12.50 billion |
| Market size value in 2031 | USD 23.77 billion |
| Growth Rate | 8.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Blood Glucose Monitoring Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Blood Glucose Monitoring Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Blood Glucose Monitoring Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Blood Glucose Monitoring Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Blood Glucose Monitoring Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Blood Glucose Monitoring Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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