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Global Glucose Monitoring Device Market Size, Share, Trends, COVID-19 impact, Growth Analysis Report – Segmented By Device Type, Self-Monitoring Devices, Application & Region - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 567
Pages: 179
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Global Glucose Monitoring Device Market Size (2022 to 2027)

the global glucose monitoring device market is a fast-growing market and is expected to be worth USD 2.79 billion by 2027 from USD 2.06 billion in 2022, at a CAGR of 6.24% from 2022 to 2027.

Glucose monitoring devices are used to detect the sugar level in our blood and are of several kinds, including glucose meter, testing strips, and lancets. The device offers the facility of self-testing by using a single glucose meter and different strips. The usage of these devices consumes less time than glucose testing by customary methods in laboratories. These devices can be easily handled and potable, so they allow the test to be performed by the patient as per their convenience at their home, which makes them popular. It offers the services of monitoring glucose levels in our blood as it tests quantitatively.

Impact of COVID-19 On glucose monitoring devices market:

COVID-19 is a deadly disease that disrupted all sectors unexpectedly. The pandemic has negatively impacted every sector economically except in the case of pharmaceutical industries. COVID-19 shows adverse effects on people who have diabetes, so people need to take care of simply sitting at home. An increasing number of COVID-19 cases among diabetic patients is a major factor for growth during this period. A glucose monitoring device helps monitor the glucose levels continuously and sends the data to the healthcare provider to not check the patient by contacting directly. This factor has helped them in treating the COVID-19 patients effectively. There is an increased demand for these devices across the world due to the COVID-19 outbreak.

MARKET DRIVERS:

The increase in the number of diabetes patients is one of the key drivers supporting the growth of the global glucose monitoring device market. The increasing prevalence of diabetes cases is due to an unhealthy lifestyle, low diet, excess alcohol consumption, and lack of physical activity. Also, healthcare expenditure is increasing, which leads to an increase in spending on self-monitoring blood glucose devices.

Additionally, the increasing geriatric population and high prevalence of population suffering from people with diabetes are considered the major driving factors for glucose monitoring devices market demand. The rising adoption of continuous monitoring systems and improving technological advancements in blood glucose monitoring devices propel the demand for glucose monitoring devices. Moreover, increasing awareness among the people about diabetes preventive care methods and introducing new products are accelerating the market demand. Adoption of the latest technologies in healthcare and increasing disposable income in urban areas are likely to propel the demand of the market. The rising focus on developing innovative techniques in favor of the end-users is promoting the growth of the market.

Furthermore, there are many other factors like a considerable number of patients, population increase access to health services, rising knowledge about the point of care testing, and increasing government healthcare expenditure in developing countries that provide immense global glucose monitoring device market growth opportunities. In addition, high capacity in used markets in existing economies is regarded to produce many opportunities for the global glucose monitoring device market growth in the future.     

MARKET RESTRAINTS:

However, this market faces specific losses due to some manufacturing defect or error in results. Also, the accessibility of Continuous Glucose Monitors (CGM) hinders the growth of the market. Furthermore, inadequate reimbursement policies in the undeveloped countries and high costs for maintaining the devices restrict the glucose monitoring devices market growth over the forecast period. In addition, establishing the accuracy of glucose meters is a major challenging factor for the market players. Lack of skilled people in the hospitals and clinics is also hindering the demand of the glucose monitoring device market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Device Type, Application, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

This market research report on the global glucose monitoring device market has been segmented and sub-segmented based on device type, application, and region.

Glucose Monitoring Device Market - By Device Type:

  • Continuous Wearable Devices
  • Self-Monitoring Devices

The continuous glucose monitoring results help patients regulate their food intake, exercise, and medications based on device type based on device type. The device contains sensors for checking the glucose levels from the interstitial fluid. The sensor has a time span where it can be used in one place and then replaced. This device monitors the glucose levels over time, allowing the patients to identify low and high sugar levels, which are more dangerous. For the self-monitoring devices, people have to test, and it monitors the level at that particular time and not before that.

Glucose Monitoring Device Market - By Application:   

  • Hospitals
  • Clinics and Diagnostic Centers
  • Home Setting
  • Ambulatory Settings

Glucose Monitoring Device Market - By Region:

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

Geographically, North America is considered one of the largest shareholding countries in the Glucose monitoring market. North America generated a revenue of USD 4.10 Billion in 2018 and is estimated to increase the market growth of glucose monitoring devices during the market forecast period. Factors such as an increase in the prevalence of diabetes and the adoption of advanced technology systems are dominating the market growth. Moreover, increasing expenditure on the healthcare industry and awareness among the people about the management of diabetes are propelling the market growth of the glucose monitoring devices market in this region. The U.S. occupies the most extensive consumer base globally, and the Asia Pacific has become the fastest growing market in 2019.

Following North America, Europe is ruling with the highest shares of the market. The increasing geriatric population and investment expenditure in the healthcare industry contributes to the market growth in this region. Also, increasing prevalence to launch innovative products in favor of the consumers is ascribed to propel the market's demand. UK and Germany are major countries contributing the highest shares for the market.

The Asia Pacific recorded the largest shares in the glucose monitoring devices market, and it is expected to register the highest CAGR in the near future. The rising prevalence of diabetes patient pool is majorly fuelling the demand of the market. According to the reports, it was estimated that 7.1% of the population of India was suffering from diabetes in 2019. The increasing geriatric population and raising public awareness on diabatic management control are fulfilling the market growth during the market growth over the forecast period. In many evolving markets, such as China & India, governmental funding for health care & health insurance is improving and becoming more prevalent.

Middle East Africa is anticipated to register a large market share in the glucose monitoring devices market over the forecast period. The factors such as increasing diabetes and awareness among the people about diabetic management are expanding the demand for the glucose monitoring device market.

KEY MARKET PARTICIPANTS:

Some of the most promising companies leading the Global Glucose Monitoring Device Market profiled in this report are Roche Diagnostics, LifeScan, Bayer Health care, Abbott Diabetes care Inc, AgaMatrix Inc, Arkray Inc, Medtronic, DexCom Inc, Nova Biomedical Corporation, and Terumo Europe NV.

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