Blood Glucose Monitoring Market is forecast to reach a value of US$ 34,581.2 Mn by 2028 at a CAGR of 9.4% between 2023 and 2028 | Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation

In 2021, the world blood glucose monitoring market was valued to be of US$ 18,466.3 million and by 2028 it is projected to reach a value of US$ 34,581.2 million at 9.4% CAGR from 2022 to 2028. Owing to the increase in frequency of diabetes and rise in acceptance of blood glucose monitoring devices globally, robust growth is experienced by the world blood glucose monitoring market. Moreover, the market growth is expected to be boosted due to the increasing demand for self-tracking blood glucose devices all over the world. However, the growth of world blood glucose monitoring market is estimated to be hampered due to factors like poor reimbursement and high cost of devices for monitoring blood glucose and strict laws for self-tracking blood glucose devices.

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Global Blood Glucose Monitoring Market: Regional Insights

On the basis of geography, the market of blood glucose monitoring is divided into Latin America, North America, Asia Pacific, Africa & Middle East and Europe.

Over the forecast period, North America among regions, is estimated to gain biggest market share due to the increased incidences of diabetes and growing elderly population in that region, majorly in the U.S. For example, diabetes is a dangerous disease and it affects numerous older adults since elderly population is largely vulnerable to diabetes. Above 1.5 million people will be affected with diabetes in the U.S. in the year 2022 as per the American Diabetes Association. In 2019, 11.3% of the total citizens of America or 37.3 million Americans, had diabetes. As a result, demand for blood glucose monitoring devices is expected to be increased.

Due to the rise in frequency of diabetes and rise in demand for blood glucose monitoring devices in the region, Asia Pacific is also estimated to see considerable growth in the world market of blood glucose monitoring. For example, launch of FreeStyle Libre system, a technology for continuous glucose monitoring (CGM), was announced by Abbott in India, in November 2020. Now, the device is accessible in India for children above four years and adults, affected with diabetes and women having gestational diabetes. The device is providing them the option to monitor glucose levels anywhere and anytime, as a result improving glucose control.

Global Blood Glucose Monitoring Market Drivers:

During the forecast period, the expansion of the blood glucose monitoring world market is estimated to be boosted due to the increased frequency of diabetes, worldwide. For example, in middle and low-earning nations, the frequency of diabetes has been increasing more steadily than in high-earning nations. Almost 537 million adults aged between 20 to 79 years were affected with diabetes in 2021, as per International Diabetes Federation. The total count of people affected with diabetes expected to increase to 643 million and 783 million by 2030 and 2045 respectively. This as a result is projected to help in the rise of the world blood glucose monitoring market.

Over the forecast period, growth of the world blood glucose monitoring market is estimated to be boosted due to the rise in acceptance of blood glucose monitoring devices globally. For example, the application of blood glucose monitoring devices is growing steadily with the rise in awareness among people regarding diabetes. To manage gestational diabetes, Smart Meter made an availability announcement of its iGlucose monitor, in August 2021.

A reliable and easy way to monitor, manage and test the blood glucose levels is provided by iGlucose to those affected with gestational diabetes making it easier for all the care givers to have quick access to the results of the tests.

Global Blood Glucose Monitoring Market Opportunities:

The operators in the world market of blood glucose monitoring is estimated to get considerable growth opportunity due to the increased research and development. For example, the blood glucose monitoring market is getting more affordable, efficient and robust with the fast technology development. In October 2022, the next-generation constant glucose monitor, Dexcom G7 was launched by Dexom for the people with diabetes who are two years old or above. A sensor is used by the monitor that ties to the wearer’s arm for up till ten days and measures glucose levels. This enables the people having diabetes to monitor their levels of glucose without taking a finger prick test or going for a scan.

The players of the market of blood glucose monitoring, is estimated to get profitable growth opportunities due to the COVID-19 outbreak. For example, the blood glucose monitoring devices received new opportunities due to the pandemic. In the market of diabetic care, these devices became more popular. The home-use blood glucose meters can be used by patients affected with diabetes and by those admitted in hospitals with COVID-19 as it is recognized by U.S Food and Drug Administration. Those people residing in long-term care centers can also check their blood glucose levels and furnish the inputs to the health care workers taking care of them.

Global Blood Glucose Monitoring Market Trends:

Self-monitoring blood glucose device is the most chosen device by the patients and this is increasing the demand of the SMBG globally. The reason for preferring this device by the patients is its less complicated usage and affordability as compared to continuous glucose monitoring (CGM). Diabetic people are offered a way to distinguish between pre-meal, post-meal and fasting blood glucose levels by SMBG. This allows them to track the immediate effects of physical activity, food and drugs, on glycemic management. During the forecast period it is estimated that the trend will continue.

Moreover, different inorganic strategies like collaboration and partnership are adopted by the market players to develop new devices. The concentration of the market players are on the development of technologically advanced devices to monitor blood glucose. The glucose monitoring devices can have an important role in handling this chronic disease with the support of technologies like IoT. The market growth is projected to be driven due to this continuing trend over the forecast period.

Global Blood Glucose Monitoring Market Restraints:

 The growth of the world blood glucose monitoring market is expected to be hampered due to the absence of proper reimbursement and high price of blood glucose monitoring devices. For example, patients are compelled to spend from their own wallet due to poor reimbursement and high priced equipment. Without insurance, the cost of continuous usage of glucose monitor ranges from almost US$ 1,000 to US$ 3,000 annually. Moreover, non-therapeutic CGM are not covered by Medicare.

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The growth of world blood glucose monitoring market is expected to be hampered due to the strict rules for self-monitoring blood glucose devices. For example, for the SMBG devices, manufacturers are recommended by FDA to conduct proper performance studies and preparation of 510(k) submissions. As per the recommendation of an updated FDA guidance that was published in October 2016, 95% of all BGMS results must be within ±15% and 99% of all BGMS results must be within ±20% of the reference laboratory method across the entire claimed measuring range of the BGMS.

Global Blood Glucose Monitoring Market Segmentation:

The world blood glucose monitoring market report is divided into Type, Component, and Geography.

On the basis of Type, the blood glucose monitoring market is divided into Continuous glucose monitoring devices and Self-monitoring blood glucose devices. Out of these, the blood glucose monitoring market is expected to be dominated by Self-Monitoring Blood Glucose Devices Segment during the forecast period, as a result of increase in demand for SMBG devices. Due to the less sophisticated usage and affordability in comparison to CGM, SMBG is the most chosen device.

On the basis of Component, the market is divided into Glucometer devices, Test strips, Lancets, Sensors, and Durables. Out of these two, Glucometer Devices Segment is estimated to lead the market over the forecast period which is due to the rise in acceptance of glucometer devices worldwide. Blood glucose meter, which is a portable and small device, is often used by people affected with diabetes which enables them to manage their condition.

Due to the rise in the usage of test strips, Test Strips Segment is also estimated to see considerable growth in the near future. To monitor or test some health conditions and diseases like diabetes, people can use these strips at home.

Global Blood Glucose Monitoring Market: Key Developments

In May 2022, Abbott and Bigfoot collaborated as the Bigfoot Unity Diabetes Management system and received clearance from the U.S. Food and Drug Administration. This system which is first-of-its-kind, combines with Abbott’s world-leading FreeStyle Libre 2 technology and people with diabetes can use it to inject insulin.

In April 2022, to commercialize and develop an integrated automated insulin delivery (AID) system in European nations, Ypsomed, Abbott and CamDiab collaborated. To track a person’s glucose levels constantly and adjust and provide the proper amount of insulin at the proper time automatically, this connected and smart wearable product is designed.

In May 2021, Roche’s Accu-Chek Guide blood glucose meter, Ellerca’s self-management digital program, 360Care and customized home delivery of testing strips were combined to launch Accu-Chek + 360Care by Roche Diabetes Care Canada and Ellerca Health, which enables the patients to reach the group of health coaches and to control treatment timetable of self.

Global Blood Glucose Monitoring Market: Key Companies Insights

Due to the rising instances of diabetes and increasing elderly population, the world market of blood glucose monitoring has cutthroat competition. Hence, the market players are concentrating on launching new products in the market.

Few of the major operators in the world blood glucose monitoring market include Rossmax International Ltd., Trivida Functional Medicine, Abbott Diabetes Care, Roche Diagnostics, LifeScan Inc., DexCom Inc., Medtronic PLC, ARKRAY Inc., Ascensia Diabetes Care, AgaMatrix Inc., Bionime Corporation, Acon Laboratories Inc., Medisana AG, Senseonics among others.

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