Blood Glucose Monitoring Market to Reach US$ 34,581.2 Mn by 2028 - Coherent Market Insights

Regular blood sugar monitoring is an essential tool in helping to control diabetes. Blood glucose monitoring is the use of a glucose meter to test the concentration of glucose in the blood. Regular blood sugar monitoring is the most important thing one can do to manage type 1 or type 2 diabetes. Both self-monitoring of blood glucose (SMBG) device and continuous glucose monitoring (CGM) device play a vital role in managing diabetes. SMBG has been recommended to achieve a specific level of glycemic control and to prevent hypoglycemia. Whereas, CGMs are approved for use by adults and children with a doctor's prescription.

Market Statistics:

The Global Blood Glucose Monitoring Market is estimated to account for US$ 20,122.5 Mn in terms of value by the end of 2022.

Drivers:

Increase in demand for blood glucose monitoring devices around the world is expected to propel growth of the global blood glucose monitoring market over the forecast period. For instance, with the increase in awareness among people about diabetes management and benefits of blood glucose monitoring, demand for blood glucose monitoring devices is also increasing rapidly worldwide. In November 2021, Intuity Medical launched the Pogo Automatic Blood Glucose Monitoring System for diabetes patients in the U.S. The system offers automatic testing that has been approved by the U.S. Food and Drug Administration (FDA). It lances, collects, and analyses blood by using its ten-test cartridge technology, and eliminates the need to carry separate test strips and lancets.

Opportunities:

Rise in incidence or prevalence of diabetes across the globe is expected to offer significant growth opportunities for players in the global blood glucose monitoring market. For instance, with the rise in incidence or prevalence of diabetes, the demand for blood glucose monitoring is also increasing with a rapid pace worldwide. 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.  

Restraints:

Stringent regulations, poor reimbursement, and high cost associated with blood glucose monitoring devices are major factors expected to hinder growth of the global blood glucose monitoring market. For instance, the Food and Drug Administration (USFDA) recommends manufacturers to conduct appropriate performance studies and prepare 510(k) submissions for SMBG devices. Moreover, 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.

Global Blood Glucose Monitoring Market - Impact of Coronavirus (Covid-19) Pandemic:

Patients with diabetes in general have an increased risk of thromboembolic events, which can add to a high risk of death. Several studies have also suggested that adults face an increased risk of diabetes diagnosis after contracting the COVID-19. Moreover, maintaining good glycemic control during the pandemic is paramount to patients with diabetes mellitus. The COVID-19 pandemic emphasized the need for good glycemic control in patients with diabetes because studies have reported that poorly controlled diabetes is associated with a higher risk of hospitalization and death from viral disease. Which in turn increased the demand for blood glucose monitoring worldwide, driving the growth of the global blood glucose monitoring market.

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Key Takeaways:

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.

Among Type, self-monitoring blood glucose devices segment held dominant position in the global blood glucose monitoring market in 2021, accounting for 62.7% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Market Trends:

There is an increase in demand for blood glucose monitoring devices across the globe as both self-monitoring devices and continuous glucose monitoring devices play an important role in diabetes management. Moreover, players in the market are focusing on developing novel, technologically advanced blood glucose monitoring devices. With novel technologies, 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.

Competitive Landscape:

Major players operating in the global blood glucose monitoring market include Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Senseonics, 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.

Recent Developments:

In April 2021, Medtronics launched Medtronic Extended infusion set in select European countries, the first and only infusion set that could be worn for up to 7 days. An infusion set was tubing that delivered insulin from the pump to the body and typically required a set change every few days.

In May 2021, Roche and Lilly collaborated to support diabetic people with insulin pen therapy. Roche and Lilly integrate data from Lilly’s connected insulin pen solution into the mySugr app in several countries. With collaboration, Roche accelerated its open ecosystem's growth, enabling its integrated, personalized Diabetes Management (iPDM) strategy.

In February 2020, Abbott Diabetes Care and Insulet partnered to integrate Abbott's glucose sensing technology with Insulet's tubeless system, the Omnipod Horizon Automated Insulin Delivery AID)  System  (Omnipod  Horizon  System),  to  offer personalized automated insulin delivery and care for people living with diabetes.