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  • Published On : Dec 2022
  • Code : CMI5382
  • Industry : Medical Devices
  • Pages : 168
  • Formats :

The global blood glucose monitoring market was valued at US$ 18,466.3 Mn in 2021 and is forecast to reach a value of US$ 34,581.2 Mn by 2028 at a CAGR of 9.4% between 2022 and 2028. The global blood glucose monitoring market is experiencing strong growth due to the rise in prevalence or incidence of diabetes and increase in adoption of blood glucose monitoring devices across the globe. Moreover, rise in demand for self-monitoring blood glucose (SMBG) devices worldwide is expected to boost the market growth. However, factors such as high cost and poor reimbursement of blood glucose monitoring devices and stringent regulations for self-monitoring blood glucose devices are expected to hamper growth of the global blood glucose monitoring market.

Global Blood Glucose Monitoring Market: Regional Insights

Based on geography, the blood glucose monitoring market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period owing to the rise in incidence of diabetes increasing and growing geriatric population in the region, especially in the United States. For instance, diabetes is a serious disease, and affects many older adults, as geriatric population is more prone to diabetes. According to the American Diabetes Association, more than 1.5 million people in the United States will be diagnosed with diabetes in 2022. In 2019, 37.3 million Americans, or 11.3% of the population, had diabetes. This in turn is expected to increase demand for blood glucose monitoring devices.

Asia Pacific is also expected to witness significant growth in the global blood glucose monitoring market owing to the increase in prevalence of diabetes and increase in demand for blood glucose monitoring devices in the region. For instance, in November 2020, Abbott announced the launch of continuous glucose monitoring (CGM) technology, FreeStyle Libre system, in India. The device is now available for adults and children (above the age of four) living with diabetes in India and women with gestational diabetes (diabetes during pregnancy), offering them the choice to check glucose levels anytime and anywhere, ultimately improving glucose control.

Figure 1. Global Blood Glucose Monitoring Market Share (%), by Region, 2022

Blood Glucose Monitoring  | Coherent Market Insights

Global Blood Glucose Monitoring Market Drivers:

Rise in prevalence/incidence of diabetes across the globe is expected to augment the growth of the global blood glucose monitoring market over the forecast period. For instance, the prevalence of diabetes has been rising more rapidly in low- and middle-income countries than in high-income countries. According to the International Diabetes Federation (IDF), in 2021, around 537 million adults (20-79 years) were living with diabetes, and the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. This in turn is expected to aid in the growth of the global blood glucose monitoring market.

Increase in adoption of blood glucose monitoring devices worldwide is expected to boost growth of the global blood glucose monitoring market during the forecast period. For instance, with the increase in awareness among people about diabetes, the use of blood glucose monitoring devices is also increasing rapidly. In August 2021, Smart Meter announced the availability of its iGlucose monitor for managing gestational diabetes. iGlucose provides those with gestational diabetes an easy and reliable way to test, monitor and manage their blood glucose levels, ensuring that all care providers have immediate access to testing results.

Global Blood Glucose Monitoring Market Opportunities:

Increase in research and development is expected to provide significant growth opportunities for players in the global blood glucose monitoring market. For instance, with the rapid development of technology, blood glucose monitoring is becoming more robust, affordable, and efficient. In October 2022, Dexcom launched its next-generation continuous glucose monitor (CGM), Dexcom G7, for people with diabetes aged two years and older. The monitor uses a sensor that attaches to the wearer’s arm for up to ten days and measures glucose levels, allowing those with diabetes to keep track of their glucose levels without having to scan or take a finger prick test.

Outbreak of COVID-19 (pandemic) is expected to offer lucrative growth opportunities for players in the blood glucose monitoring market. For instance, the pandemic has opened new opportunities for blood glucose monitoring devices and these devices gained more popularity in the diabetic care market. The U.S Food and Drug Administration (FDA) recognized that home-use blood glucose meters can be used by patients with diabetes who are hospitalized due to COVID-19 or by those who reside in long-term care facilities to check the blood glucose levels and provide the readings to the health care personnel caring for them.

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Blood Glucose Monitoring Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 18,466.3 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2028
Forecast Period 2022 to 2028 CAGR: 9.4% 2028 Value Projection: US$ 34,581.2 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Type: Self-monitoring blood glucose devices and Continuous glucose monitoring devices
  • By Component: Glucometer devices, Test strips, Lancets, Sensors, and Durables
Companies covered:

Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd., among others.

Growth Drivers:
  • Rise in prevalence/incidence of diabetes
  • Increase in adoption of blood glucose monitoring devices
Restraints & Challenges:
  • High cost and poor reimbursement of blood glucose monitoring devices
  • Stringent regulations for self-monitoring blood glucose devices

Global Blood Glucose Monitoring Market Trends:

There is an increase in demand for self-monitoring blood glucose (SMBG) devices worldwide as SMBG is the most preferred device by the patients due to its affordability and less sophisticated usage when compared to continuous glucose monitoring (CGM). The SMBG provides a means for the diabetic person to differentiate between fasting, pre-meal, and post-meal blood glucose levels, allowing them to monitor the immediate effects of drugs, physical activity, and food on glycemic management. This trend is expected to continue over the forecast period.

Moreover, players in the market are adopting various inorganic strategies, such as partnership and collaboration, to develop novel devices. Players are also focusing on developing technologically advanced blood glucose monitoring devices. With technologies, such as IoT, glucose monitoring devices can play a vital role in managing this chronic disease. This is likely to drive growth of the market and this trend is expected to continue during the forecast period.

Global Blood Glucose Monitoring Market Restraints:

High cost and poor reimbursement of blood glucose monitoring devices is expected to hamper the growth of the global blood glucose monitoring market. For instance, due to high cost of equipment and lack of proper reimbursement, patients are forced to spend out of their own pocket. Without insurance, the annual cost of using a continuous glucose monitor ranges from nearly US$ 1,000 to US$ 3,000. Moreover, Medicare does not cover non-therapeutic CGM.

Stringent regulations for self-monitoring blood glucose devices are expected to hinder growth of the global blood glucose monitoring market. For instance, FDA recommends manufacturers to conduct appropriate performance studies and prepare 510(k) submissions for SMBG devices. An updated FDA guidance published in October 2016 recommended that 95% of all BGMS results should be within ±15%, and 99% of all BGMS results should be within ±20% of the reference laboratory method across the entire claimed measuring range of the BGMS.

Figure 2. Global Blood Glucose Monitoring Market Share (%), by Type, 2022

Blood Glucose Monitoring  | Coherent Market Insights

Global Blood Glucose Monitoring Market Segmentation:

The global blood glucose monitoring market report is segmented into Type, Component, and Geography.

Based on Type, the blood glucose monitoring market is segmented into Self-monitoring blood glucose devices and Continuous glucose monitoring devices. Of which, Self-Monitoring Blood Glucose Devices Segment is expected to dominate the blood glucose monitoring market over the forecast period and this is attributed to the rise in demand for SMBG devices. SMBG is the most preferred device due to its affordability and less sophisticated usage compared to CGM.

Based on Component, the market is segmented into Glucometer devices, Test strips, Lancets, Sensors, and Durables. Out of which, Glucometer Devices Segment is expected to dominate the market during the forecast period and this is attributed to the increase in adoption of glucometer devices across the globe. A blood glucose meter is a small, portable device; people with diabetes often use a blood glucose meter to help them manage their condition.

Test Strips Segment is also expected to witness significant growth in the near future and this is owing to the increase in usage of test strips. These strips can be used at home by diabetic people to test for or monitor some diseases or health conditions, such as diabetes.

Global Blood Glucose Monitoring Market: Key Developments

In May 2022, Bigfoot collaborated with Abbott and received clearance from the U.S. Food and Drug Administration (FDA) for the Bigfoot Unity Diabetes Management system. This first-of-its-kind system can be used by people with diabetes to inject insulin, which integrates with Abbott's world-leading FreeStyle Libre 2 technology.

In April 2022, Abbott, CamDiab, and Ypsomed collaborated to develop and commercialize an integrated automated insulin delivery (AID) system in European countries. The connected, smart wearable solution is designed to monitor a person's glucose levels continuously and automatically adjust and deliver the right amount of insulin at the right time.

In May 2021, Roche Diabetes Care Canada and Ellerca Health launched Accu-Chek + 360Care, combining Roche's Accu-Chek Guide blood glucose meter, customized home delivery of testing strips and Ellerca's self-management digital program, 360Care, which empowers patients to be in control of their own treatment schedule with access to a team of health coaches.

Global Blood Glucose Monitoring Market: Key Companies Insights

The global blood glucose monitoring market is highly competitive. This is attributed to the increase in cases of diabetes and growing geriatric population, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global blood glucose monitoring market are Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd., among others.

*Definition: Blood glucose monitoring is the use of a glucose meter to test the concentration of glucose in the blood. Self-monitoring of blood glucose (SMBG) devices play an important role in managing diabetes. Whereas, continuous glucose monitoring devices tracks blood glucose levels, also called blood sugar, throughout the day and night.

Regular blood glucose monitoring is essential for diabetes management. It is the most important thing people with diabetes can do to manage Type 1 or Type 2 diabetes. Blood glucose monitoring is the use of a glucose meter to test the concentration of glucose in the blood. Self-monitoring of blood glucose (SMBG) devices are handheld devices used by patients at home to check their blood glucose levels. While, continuous glucose monitoring (CGM) devices help people manage Type 1 or Type 2 diabetes with fewer fingerstick tests. Thus, with the increase in prevalence of diabetes, the demand for blood glucose monitoring is also increasing rapidly.

Market Dynamics:

Rise in prevalence or incidence of diabetes, increase in awareness among people about diabetes management, increase in adoption of blood glucose monitoring devices, increase in research and development, increase in number of product launches, and favorable government initiatives are major factors expected to drive growth of the global blood glucose monitoring market.

For instance, in March 2021, Roche announced the launch of the new Accu-Chek Instant system, a new connected blood glucose monitoring system, which supports and enables Roche’s approach of integrated Personalized Diabetes Management (iPDM). The system features Bluetooth enabled connectivity to the mySugr app, allowing wireless transfer of blood glucose results to the mySugr app. The app offers users quick insights to their diabetes data in addition to diabetes management features like the mySugr insulin calculator. 

Moreover, in January 2019, the U.S. Food and Drug Administration (FDA) approved implantable continuous glucose monitoring (CGM) device for individuals with type 1 and type 2 diabetes. The device, called the Eversense Continuous Glucose Monitoring System, provides monitoring for up to three months, and it’s approved for people age 18 and older.

Key features of the study:

  • This report provides in-depth analysis of the global blood glucose monitoring market, and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022–2028), considering 2021 as the base year.
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the global blood glucose monitoring market based on the following parameters such as company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study include Senseonics, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medisana AG, Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd., among others.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
  • The global blood glucose monitoring market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global blood glucose monitoring market.

Detailed Segmentation:

  • Global Blood Glucose Monitoring Market, By Type:
    • Self-monitoring blood glucose devices
    • Continuous glucose monitoring devices
  • Global Blood Glucose Monitoring Market, By Component:
    • Glucometer devices
    • Test strips
    • Lancets
    • Sensors
    • Durables
  • Global Blood Glucose Monitoring Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Middle East and Africa
    • South America
  • Company Profiles:
    • Senseonics
    • Medisana AG
    • Acon Laboratories Inc.
    • Bionime Corporation
    • AgaMatrix Inc.
    • Ascensia Diabetes Care
    • ARKRAY Inc.
    • Medtronic PLC
    • DexCom Inc.
    • LifeScan Inc.
    • Roche Diagnostics
    • Abbott Diabetes Care
    • Trivida Functional Medicine
    • Rossmax International Ltd.

Frequently Asked Questions

The global blood glucose monitoring market size is estimated to be valued at US$ 18,466.3 Million in 2021 and is expected to exhibit a CAGR of 9.4% between 2022 and 2028.
Rise in prevalence/incidence of diabetes and rise in adoption of blood glucose monitoring devices across the globe is fueling the market.
Self-monitoring blood glucose devices segment is the leading type segment in the market.
High cost and poor reimbursement of blood glucose monitoring devices and stringent regulations for self-monitoring blood glucose devices are major factors restraining growth of the market.
Major players operating in the market are Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd., among others.

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