USD 11.71 billion
Report ID: SQSG35A2083 | Region: Global | Published Date: December, 2022 | Pages: 157
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.
Global Market Size
USD 11.71 billion
Continuous Blood Glucose Monitoring Devices
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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.
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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.
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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.
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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.
|Market size value in 2021||USD 11.71 billion|
|Market size value in 2028||USD 19.94 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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