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Global Blood Glucose Monitoring Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmented By Device Type, Application and Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Analysis from 2023 to 2028

Published: July, 2023
ID: 13979
Pages: 150
Formats: report pdf report excel report power bi report ppt

Blood Glucose Monitoring Market Size (2023 to 2028):

The blood glucose monitoring market size was valued at USD 16.36 Billion in 2022 and is expected to reach USD 26.74 Billion by 2028. The market size is projected to grow at a CAGR of 8.53 % during the forecast period 2023-2028.

Impact of Covid-19 on the Blood Glucose Monitoring Market:

Blood glucose, or blood sugar, is the main sugar found in your blood. It is your body's primary source of energy. It comes from the food you eat. Your body breaks down most of that food into glucose and releases it into your bloodstream. When your blood glucose goes up, it signals your pancreas to release insulin. A blood glucose test measures the level of glucose (sugar) in your blood. The test can involve a finger prick or a blood draw from your vein. Healthcare providers most commonly use blood glucose tests to screen for Type 2 diabetes, which is a common condition. Blood Glucose Monitoring Systems are used by individuals to measure the glucose levels in the blood. These devices are crucial for patients suffering from type 1 and type 2 diabetes.

Various medical facilities are impacted significantly by Covid-19. The Covid-19 pandemic positively impacted the blood glucose monitoring market growth. Several key players reported growth in their diabetes care revenue due to the outbreak of the pandemic. With the increasing number of covid-19 infections among diabetic patients. The focus is being placed on home use of monitoring devices to manage blood glucose levels at home. For instance, in December 2020, Abbott's diabetes segment reported a growth of 29.4% as compared to the previous year. Additionally, the COVID-19 pandemic brought new urgency to assess the feasibility of CGM in hospitals to monitor patients with diabetes continuously and to limit healthcare professionals' exposure. Due to this increased demand, in April 2020, the U.S. FDA issued guidance to expand the availability of remote monitoring devices, including CGMs, across healthcare settings in the U.S. Pandemic emergency has created a rise in remote care from both patients and providers and removed many long-standing regulatory barriers. Thus, the COVID-19 outbreak increased the blood glucose monitoring device market's growth globally. According to International Diabetes Federation, the adult diabetes population in 2021 is approximately 537 million, and this number is going to increase by 643 million in 2030. A rise in the diabetic population drives the market by increasing the use of blood glucose monitoring devices. Obesity is considered one of the major factors contributing to the disease, primarily Type 2 diabetes. Also, other factors, such as technological innovations and advancements, give many conveniences in measuring blood glucose levels.

Market Drivers:

The market for blood glucose monitoring is expected to grow as a result of the increasing prevalence of chronic diseases including cancer, cardiovascular diseases, Diabetes, etc., which are the primary drivers of the blood glucose monitoring industry. An unhealthy lifestyle, poor food, excessive alcohol consumption, and a lack of physical activity are all contributing factors to the rising prevalence of diabetes patients. Also, healthcare expenditure is increasing, which leads to an increase in spending on self-monitoring blood glucose devices. According to International Diabetes Federation (DD), an estimated 537 million adults have diabetes, which is further anticipated to grow to 641 million by 2030 and 583 million by 2045.

The demand for glucose monitoring devices is driven by the increasing usage of continuous monitoring systems and improving technological developments in blood glucose monitoring devices. In addition, the introduction of new products and raising consumer awareness of diabetes prevention strategies are accelerating market growth. Furthermore, the market for glucose monitoring devices is expected to grow as a result of rising disposable income in urban areas, the adoption of cutting-edge healthcare technologies, and a continued focus on creating novel methods that benefit end users. Increasing people who are taking insulin also drives the glucose monitoring devices market forward. Nearly 450 million people worldwide live with diabetes. Among them, over 70 million people are taking insulin. People suffering from type 1 and Type 2 diabetes use this insulin according to the dosage to recover. These people mana check their glucose levels in the blood to take the required amount of insulin to their bodies. For this reason, these people are now using these glucose monitoring devices at home to check their levels and take insulin according to the result. This device also helps these people take their daily food intake to stay healthy.

Market Restraints:

The presence of a large proportion of the undiagnosed diabetes population is one of the major factors resulting in the lower adoption of Blood Glucose Monitoring Systems, especially in emerging countries. The prevalence of delayed analysis is higher among countries such as China, India, South Africa, Brazil, and others, in comparison with developed countries. Also, due to the lack of awareness among the general population regarding chronic diseases such as diabetes mellitus. Also, the limited access to advanced healthcare infrastructure and the lack of conventional procedures by government or private organizations may hinder growth. However, the growing number of product recalls is a significant threat to market growth, and the market is anticipated to see a decline in its growth rate. Some of the main reasons for a product recall are manufacturing flaws or mistaken outcomes. The market for glucose monitoring devices is also constrained by the availability of continuous glucose monitors. Additionally, the expansion of the market for glucose monitoring devices is constrained over the anticipated period by insufficient reimbursement policies in underdeveloped nations and high maintenance expenses for the devices. Additionally, establishing glucose meter accuracy is a major obstacle for market participants. The market for glucose monitoring devices is being constrained by a dearth of experienced workers in hospitals and clinics.

Report Coverage:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

Segments Covered

By device type, application, and Region

Various Analyses Covered


Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter's Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
 

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the Blood Glucose Monitoring Market has been segmented and sub-segmented based on the device type, application, and region.

By Device type:

  • Continuous wearable device
  • Self-Monitoring Device

Among these, continuous wearable devices dominated the blood glucose monitoring market in 2022. This is due to the increase in adoption of continuous in developed and emerging countries due to their ability to monitor a patient’s blood glucose levels regularly. For instance, a 2021 article by John Wiley & Sons, Inc. noted that CGM systems were proven to be more effective than SMBG in controlling type 1 diabetes because of its simplicity of use, speed of results, and minimally invasive approach. Patients can control their diet, activity, and medicine consumption thanks to the findings of continuous glucose monitoring. The gadget has sensors that can measure the interstitial fluid's glucose levels. The sensor has an allocated time for use before needing to be replaced. With the help of this device, which continuously measures glucose levels, patients can recognize dangerously low and high sugar levels.

The Self-monitoring devices segment also had a considerable share of the global market in 2022. This is due to the increased awareness of healthy life, fewer hospital check-ups due to the pandemic, and an easy way to check glucose levels independently. This self-monitoring glucose is a procedure in which a person with diabetes can check their blood sugar using glucose meters. These self-monitoring devices are portable that can be carried out anywhere. The doctor preferred these devices to the diabetes patients to check their glucose level twice a week for good health. These devices are primarily used for older people who cannot walk or move from one place to another without anyone's support. These devices are also used by people who are suffering from chronic diseases to know the severity of the diseases. Because of all these factors, the segment is estimated to grow steadily during the forecast period.

By Application:

  • Hospitals
  • Clinics and diagnostic
  • Home settings
  • Ambulatory Settings

Among these, the hospital segment dominated the blood glucose monitoring market in 2022. This is because enhanced infrastructure and an increase in the use of technologically advanced medical equipment in hospitals are driving the segment's expansion. To check a patient's blood glucose level, these glucose monitoring gadgets are utilized in hospitals. Additionally, less blood must be drawn, there is less pain, and the procedure takes less time, all of which promote the utilization of these devices in hospitals and propel the market.

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

It is expected that the North American blood glucose monitoring market would hold the largest share of the global blood glucose monitoring market during the forecast period. The market is expanding in North America as a result of elements including the rising prevalence of diabetes and the implementation of cutting-edge technology systems. The market for glucose monitoring devices in this region is also growing as a result of rising healthcare spending and increased public awareness of the need to control diabetes. In recent years, the management of diabetes for many Canadians has become more dependent on medical technologies like insulin pumps and blood glucose monitors. To assist people with diabetes, the Canadian government funds research and development of glucose monitoring equipment. The Canadian government has run several awareness campaigns on the signs of diabetes and implementing preventative measures.

In 2022, the global market for glucose monitoring devices was significantly dominated by Europe. The growing elderly population and investment spending in the healthcare sector both support market expansion in this area. Additionally, the market expansion in Europe is attributed to the rising frequency of companies releasing novel items that benefit consumers. The market for glucose monitoring devices in Europe is driven by the rising prevalence of overweight and obesity there. Obesity and overweight are the primary causes of blood sugar levels.

The global market for glucose monitoring devices is expected to grow at the quickest rate in the Asia Pacific. The market in this region is primarily driven by the patient pool's increased prevalence of diabetes. Additionally, the rise in the elderly population and public awareness of diabatic management control are fueling market expansion throughout the anticipated time. The senior population in the Asia Pacific area is quickly growing due to increasing life expectancies and falling fertility rates.

Latin America holds a substantial market share for glucose monitoring equipment. The largest market share is held by Brazil. Brazil uses modern technology to treat diabetes. Technology-advanced glucose monitoring devices are produced by many major businesses. Brazilians with diabetes utilize sensor-based glucose monitoring devices, which is driving the market ahead in this country. Throughout the forecasting period, it is expected that the market for glucose monitoring devices in the Middle East and Africa will account for a little portion of the global market. The demand for glucose monitoring devices is rising as a result of factors like rising diabetes rates and increased public knowledge of diabetic management.

Key Market Players:

Some of the major participants in the blood glucose monitoring market are Roche Diagnostic, LifeScan, Bayer Healthcare, Abbott Diabetes, Medtronic, AgaMatrix Inc, Nova Biomedical Corporation, Dexcom Inc, and Sanofi.

Recent Market Happenings:

  • In June 2022, Abbott announced that it's developing a new bio-wearable that will continuously monitor glucose and ketone levels in one sensor. The system has secured breakthrough device designation from the U.S. Food and Drug Administration, which is designed to expedite the review of innovative technologies that can improve the lives of people with life-threatening or irreversibly debilitating diseases or conditions.
  • In March 2022, DexCom announced the receipt of a CE Mark for its G7 CGM system in Europe, intended for people who have diabetes and are two years and older, including pregnant women. With this approval, the highly popular and best-selling real-time CGM in the world is now more powerful and easier to use with a small, all-in-one wearable and completely redesigned mobile app.

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FAQ's

Which Region holds the largest revenue share during the forecast period in the blood glucose monitoring market ?

The North American blood glucose monitoring market is expected to grow significantly and hold the largest revenue share during the forecast period.

who are the key players of the blood glucose monitoring market ?

Roche Diagnostic, LifeScan, Bayer Healthcare, Abbott Diabetes, Medtronic, AgaMatrix Inc, Nova Biomedical Corporation, Dexcom Inc, and Sanofi are some of the key players of the blood glucose monitoring market.

what is the compound annual growth rate (CAGR%) of the global blood glucose monitoring market during the forecast period?

The global blood glucose monitoring market is expected to grow at a CAGR of 8.53% during the forecast period.

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