Global Blood Glucose Monitoring Devices Market

Global Blood Glucose Monitoring Devices Market Size, Share, Growth Analysis, By Product (Self-Monitoring Devices, Continuous Blood Glucose Monitoring Devices), By Testing Site(Fingertip testing, Alternate Site Testing), By Patient Care Setting(Self/Home Care, Hospital & Clinics), By Modality(Wearables, Non-Wearables), By Distribution Channel(Retail Sales, Institutional Sales), By Application(Type 2 Diabetes, Type 1 Diabetes) - Industry Forecast 2022-2028


Report ID: SQSG35A2083 | Region: Global | Published Date: December, 2022 | Pages: 157

Global Blood Glucose Monitoring Devices Market Insights

Global Blood Glucose Monitoring Devices Market was valued at USD 11.71 billion in 2021, and it is expected to reach a value of USD 19.94 billion by 2028, at a CAGR of 7.9% over the forecast period (2022-2028).

Blood glucose monitoring involves using a glucose metre to track and measure the total amount of glucose present in the blood. For diabetic people, it is vitally necessary. Typically, a blood glucose test is performed by pricking the finger skin to obtain blood, then transferring the blood to a disposable test strip with chemical activity. Diabetic individuals who monitor their blood sugar can make daily management choices about their diet, insulin dosage, and activity. Self-monitoring blood glucose (SMBG) is a contemporary diabetes treatment technique that involves people using blood glucose metres to promptly check their glucose levels and offer an accurate measurement of capillary glucose concentration.

Diabetes patients can benefit from blood glucose monitoring (BGM) devices in four different ways. By allowing patients and physicians to quickly diagnose acute hypoglycemia or hyperglycemia and by empowering patients with more self-care, these devices enable therapeutic changes and patient protection. The use of technology makes it easier for patients to learn about diabetes and how to manage it, and it also motivates people to develop better behaviours.

Blood glucose metres come in a wide range of shapes, costs, testing intervals, and usability. To accomplish long-term glycemic management, SMBG technology employs test strips, lancets, and blood glucose metres. It is anticipated that greater consumer awareness of diabetes monitoring devices would create important prospects for the market's expansion. Furthermore, significant prospects for the expansion of the worldwide market for self-monitoring blood glucose devices are anticipated to arise in the near future due to high growth potential in underserved markets for diabetes monitoring devices.

Market snapshot

Global Market Size

USD 11.71 billion

Largest Segment

Self-Monitoring Devices

Fastest Growth

Continuous Blood Glucose Monitoring Devices

Growth Rate

7.9% CAGR

Global Blood Glucose Monitoring Devices Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Blood Glucose Monitoring Devices Market Size By Product Type, 2021-2028 ($ Bn)
Global Blood Glucose Monitoring Devices Market Size By Product Type, 2021-2028 (%)

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Global Blood Glucose Monitoring Devices Market Segmental Analysis

Global Blood Glucose Monitoring Devices Market is segmented based on the product, Testing Site, Patient Care Setting, Modality, Application, Distribution Channel and region. Based on product, the market is bifurcated into Self-Monitoring Devices and Continuous Blood Glucose Monitoring Devices. Based on testing site, the market is segmented into Fingertip testing and Alternate Site Testing. According to patient care setting it is segmented into self/home care and hospital & clinics. Based on modality, the market is bifurcated into wearables and non-wearables. According to distribution channel, it is categorized into retail sales and institutional sales. On the basis of application, it is segmented into Type 2 Diabetes, Type 1 Diabetes and Gestational Diabetes. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Analysis by Product

The self monitoring blood glucose devices segment held largest market share and accounted for approximately 65% of global revenue share in 2021. This can be attributed to its ease of use and low cost. SMBG is regarded as a crucial component of everyday diabetes care. Self-monitoring of blood sugar involves using a glucose metre to test a person's blood sugar levels. It is further divided into lancets, testing strips, and blood glucose metres. Due to its widespread usage and low cost, the testing strip category had the greatest sales share in 2021.

During the projected period, the continuous glucose monitoring system sector is anticipated to increase at the greatest CAGR. CBGM is an important diabetes treatment tool for type 1 diabetes patients, who are especially vulnerable to severe and sometimes fatal hypoglycemia. These devices' continuous and real-time blood sugar readings every five minutes aid in the analysis of the glucose level pattern. Sub-segments include sensors, insulin pumps, transmitters, and receivers. CGM is powered by a small sensor implanted beneath the skin. This sensor monitors the sugar level, and a wireless transmitter transmits the data to a monitor. The increasing use of less invasive techniques is the main cause of the continuous glucose monitoring system segment's rapid rise.

Analysis by Patient Care Setting

The hospital segment held the dominant market share and amounted for approximately 40% of global revenue share during 2021. This segment is expected to maintain its dominance during the forecast period owing to the expansion of the healthcare system and rising hospital costs. Furthermore, because of the accurate data they provide practitioners in a matter of seconds and the improvement in patients' quality of life, BGM devices are increasingly being used in outpatient and inpatient hospital settings. Hospitals have extra systems in place to transport and maintain patient data.

During the projected period, the home care segment is anticipated to develop at the quickest rate. Self-monitoring of blood glucose has revolutionized home-based glucose monitoring, which is the most used short-term glucose monitoring technique globally. People with or without diabetes can assess their blood sugar levels at home using the self-monitoring blood glucose (SMBG) method. The patient may assess the results of their treatment, including food, insulin, exercise, and stress management, based on the reading.

Global Blood Glucose Monitoring Devices Market By Product type, 2021 (%)

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Global Blood Glucose Monitoring Devices Market Regional Insights

North America dominated the Global Blood Glucose Monitoring Devices Market and accounted for a global revenue share of approximately 35% in 2021. This is caused due to its extensive healthcare industry. The regional market is also anticipated to be driven by the rising incidence of obesity, high treatment costs, technological developments, and new product releases. There are several important variables that are primarily responsible for the region's leading market position, including the rising prevalence of diabetic patients, the expanding use of technologically sophisticated medical equipment, and rising per capita medical costs.

Asia Pacific blood glucose monitoring devices market is expected to grow the fastest during the forecast period. The development of healthcare infrastructure and reimbursement practises in emerging nations are important drivers of this region's development. Due to its sizable diabetic population and strong economic expansion, China led the APAC market in 2021. Additionally, the market is growing as a result of rising awareness of diabetes preventative care. Furthermore, the market in this region is being helped by the rising frequency of insulin-dependent diabetes and the rising number of elderly people living here. Also, diabetic individuals in nations like Australia and Japan have a keen interest in having their blood glucose levels regularly and timely monitored. This is in addition to the increased focus on building important players' direct presence in emerging nations is responsible for the market expansion.

Global Blood Glucose Monitoring Devices Market By Geography, 2021-2028
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Global Blood Glucose Monitoring Devices Market Dynamics

Driver

  • Rising prevalence of diabetes and the growing number of elderly people at risk for the disease are the main market drivers. The market expansion is also aided by new product introductions and rising awareness of diabetes preventive care.
  • The increased incidence of diabetes is largely caused by a number of reasons, including rapid urbanisation and the rising trend toward a sedentary lifestyle in developing and industrialised nations. For instance, the International Diabetes Federation reported that in 2021, there were an expected 537 million adults worldwide who had diabetes, with China, India, the United States, Brazil, and Mexico accounting for an estimated 51.6% of those individuals. These factors are driving the market growth.
  • Additionally, there has been a sharp rise in the number of people with type 1 or type 2 diabetes who are insulin-dependent, which has contributed to the rapid adoption of these systems across the world.

Restraint

  • High cost and inadequate reimbursements of blood glucose monitoring devices and supplies to hamper market growth. For example, in developing countries such as China and India, patients pay for blood glucose monitors and test strips. Furthermore, in developed countries such as Canada and several European countries, the number of testing strips provided annually per patient is limited based on the patient's treatment plan.

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Global Blood Glucose Monitoring Devices Market Competitive Landscape

Global Blood Glucose Monitoring Devices Market is highly competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include Abbott Diabetes Care, Roche Holding AG, Medtronic PLC, Dexcom Inc. and LifeScan among others. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Top Player's Company Profiles

  • F. Hoffmann-La Roche Ltd.
  • Ascensia Diabetes Care
  • Sanofi
  • Novo Nordisk
  • Insulet Corporation
  • Ypsomed Holdings
  • Glysens Incorporated
  • B. Braun Melsungen AG
  • Terumo Corporation
  • Senseonics
  • Phc Holdings Corporation
  • Trividia Health, Inc
  • Ypsomed Holding Ag

Recent Developments

  • In June 2022, Abbott announced that it is creating a new bio-wearable that combines a sensor to continually monitor both glucose and ketone levels. The system has received the U.S. Food and Drug Administration's breakthrough device designation, which is intended to speed up the examination of novel technologies that can enhance the lives of patients with life-threatening or permanently disabling diseases or disorders.
  • In March 2022, DexCom announced that its G7 CGM system, intended for patients with diabetes two years of age and older, including pregnant women, has received the CE Mark in Europe. With this certification, the most widely used real-time CGM in the world is now more powerful and user-friendly thanks to a compact, all-in-one wearable and a newly revamped mobile app.

Global Blood Glucose Monitoring Devices Key Market Trends

  • The role of medical device businesses in the current, technologically advanced healthcare system has changed from that of gadget manufacturers to that of problem solvers. In practice, medical device manufacturers are now making use of the cloud and the Internet of Things (IoT) to enhance clinical workflow, support doctors in remotely monitoring patients with real-time data and analytics tools, and implement cutting-edge procedures to reduce costs and enhance outcomes. For instance, cutting-edge wearable monitoring gadgets using IoT technology may connect to smartphones and convey important data to the appropriate applications. Blood sugar Monitoring device are developing with time. Manufacturers are not trying to create non-invasive type of blood sugar monitoring devices. While some use radio frequency and multi-sensor technology to measure blood glucose levels and in others a camera then records the view from the other side when light is passed across the human skin to determine the glucose concentration by analyzing the fluctuating amount of light absorbed by blood flowing through the arteries. These innovations are expected to drive the blood glucose monitoring device market in the coming years.

Global 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, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Global Blood Glucose Monitoring Devices Market analysis, these systems are being adopted at a quicker rate as a result of variables including the growing number of diabetic patients, patients' increased knowledge of the need for blood sugar monitoring, and the launch of cutting-edge monitoring equipment by major companies. This is anticipated to further encourage the use of these devices and will, in turn, spur the market's growth. Access to favourable reimbursement policies for continuous glucose monitoring systems (CGM) and self-monitoring blood glucose (SMBG) is also anticipated to help this.

Report Metric Details
Market size value in 2021 USD 11.71 billion
Market size value in 2028 USD 19.94 billion
Growth Rate 7.9%
Base year 2021
Forecast period 2022-2028
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Self-Monitoring Devices, Continuous Blood Glucose Monitoring Devices
  • Testing Site
    • Fingertip testing, Alternate Site Testing
  • Patient Care Setting
    • Self/Home Care, Hospital & Clinics
  • Modality
    • Wearables, Non-Wearables
  • Distribution Channel
    • Retail Sales, Institutional Sales
  • Application
    • Type 2 Diabetes, Type 1 Diabetes, Gestational Diabetes
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
  • F. Hoffmann-La Roche Ltd.
  • Ascensia Diabetes Care
  • Sanofi
  • Novo Nordisk
  • Insulet Corporation
  • Ypsomed Holdings
  • Glysens Incorporated
  • B. Braun Melsungen AG
  • Terumo Corporation
  • Senseonics
  • Phc Holdings Corporation
  • Trividia Health, Inc
  • Ypsomed Holding Ag
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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 Global 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
  • 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 Global 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
  • 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
  • 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(%)

Methodology

For the Global 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 Global 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 Global 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 Global 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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FAQ's

Global Blood Glucose Monitoring Devices Market was valued at USD 11.71 billion in 2021, and it is expected to reach a value of USD 19.94 billion by 2028, at a CAGR of 7.9% over the forecast period (2022-2028).

Global Blood Glucose Monitoring Devices Market is highly competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include Abbott Diabetes Care, Roche Holding AG, Medtronic PLC, Dexcom Inc. and LifeScan among others. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.'F. Hoffmann-La Roche Ltd.','Ascensia Diabetes Care','Sanofi','Novo Nordisk','Insulet Corporation','Ypsomed Holdings','Glysens Incorporated','B. Braun Melsungen AG','Terumo Corporation','Senseonics','Phc Holdings Corporation','Trividia Health, Inc','Ypsomed Holding Ag'

Rising prevalence of diabetes and the growing number of elderly people at risk for the disease are the main market drivers. The market expansion is also aided by new product introductions and rising awareness of diabetes preventive care.

The role of medical device businesses in the current, technologically advanced healthcare system has changed from that of gadget manufacturers to that of problem solvers. In practice, medical device manufacturers are now making use of the cloud and the Internet of Things (IoT) to enhance clinical workflow, support doctors in remotely monitoring patients with real-time data and analytics tools, and implement cutting-edge procedures to reduce costs and enhance outcomes. For instance, cutting-edge wearable monitoring gadgets using IoT technology may connect to smartphones and convey important data to the appropriate applications. Blood sugar Monitoring device are developing with time. Manufacturers are not trying to create non-invasive type of blood sugar monitoring devices. While some use radio frequency and multi-sensor technology to measure blood glucose levels and in others a camera then records the view from the other side when light is passed across the human skin to determine the glucose concentration by analyzing the fluctuating amount of light absorbed by blood flowing through the arteries. These innovations are expected to drive the blood glucose monitoring device market in the coming years.

North America dominated the Global Blood Glucose Monitoring Devices Market and accounted for a global revenue share of approximately 35% in 2021. This is caused due to its extensive healthcare industry. The regional market is also anticipated to be driven by the rising incidence of obesity, high treatment costs, technological developments, and new product releases. There are several important variables that are primarily responsible for the region's leading market position, including the rising prevalence of diabetic patients, the expanding use of technologically sophisticated medical equipment, and rising per capita medical costs.

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