An important tool for managing diabetes is routine blood sugar testing. Using a glucose metre to check the level of glucose in the blood is known as blood glucose monitoring. The most crucial action one can take to manage type 1 or type 2 diabetes is regular blood sugar monitoring. Both continuous glucose monitoring (CGM) devices and self-monitoring of blood glucose (SMBG) devices are essential for managing diabetes. To achieve a particular level of glycemic control and to avoid hypoglycemia, SMBG has been advised. While CGMs require a prescription from a doctor and can be used by both adults and children.
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By the end of 2022, the value of the global blood glucose monitoring market is anticipated to reach US$ 20,122.5 million.
Over the forecast period, growth of the global blood glucose monitoring market is anticipated to be driven by an increase in demand for blood glucose monitoring devices globally. For instance, demand for blood glucose monitoring devices is rising quickly across the globe as people become more aware of managing diabetes and the advantages of doing so. The Pogo Automatic Blood Glucose Monitoring System for diabetic patients in the United States was introduced by Intuity Medical in November 2021. The system provides automated testing that has received U.S. Food and Drug Administration approval (FDA). With its ten-test cartridge technology, it lances, collects, and analyses blood and does away with the need to carry separate test strips and lancets.
Global blood glucose monitoring market participants should experience significant growth opportunities due to the rising incidence or prevalence of diabetes. For instance, the demand for blood glucose monitoring is rising quickly across the board as the incidence or prevalence of diabetes rises. The International Diabetes Federation (IDF) estimates that approximately 537 million adults (20-79 years old) had diabetes in 2021, and that number is expected to increase to 643 million by 2030 and 783 million by 2045. This should help the market for blood glucose monitoring to expand globally.
The growth of the global blood glucose monitoring market is anticipated to be hampered by strict regulations, poor reimbursement, and high costs associated with blood glucose monitoring devices. For SMBG devices, for instance, the Food and Drug Administration (USFDA) advises manufacturers to carry out the necessary performance studies and prepare 510(k) submissions. Additionally, a revised FDA guidance released in October 2016 advised that across the entire claimed measuring range of the BGMS, 95% of all BGMS results should be within 15% and 99% of all BGMS results should be within 20% of the reference laboratory method.
Diabetes patients are more likely to experience thromboembolic events, which can further increase the already high mortality rate. Additionally, a number of studies have suggested that adults are more likely to be diagnosed with diabetes after contracting COVID-19. For patients with diabetes mellitus, maintaining good glycemic control is crucial during the pandemic. The COVID-19 pandemic highlighted the importance of good glycemic control in diabetic patients because studies have shown that uncontrolled diabetes is linked to an increased risk of hospitalisation and viral disease-related death. Consequently, there was a rise in the need for blood glucose monitoring globally, which fueled the expansion of the global blood glucose monitoring market.
The market for blood glucose monitoring was valued at US$ 18,466.3 Mn in 2021 and is anticipated to grow at a CAGR of 9.4% from 2022 to 2028 to reach US$ 34,581.2 Mn.
In terms of Type, the self-monitoring blood glucose devices segment dominated the global blood glucose monitoring market in 2021, holding a 62.7% value share. Increasing approval and the introduction of new products are anticipated to fuel the segment’s growth over the course of the forecast period.
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Globally, there is an increase in demand for blood glucose monitoring equipment due to the critical role that both self-monitoring and continuous glucose monitoring equipment play in the management of diabetes. Additionally, market participants are concentrating on creating cutting-edge, novel blood glucose monitoring devices. Devices for monitoring glucose levels can be extremely helpful in managing this chronic disease thanks to cutting-edge technology. The market is likely to grow as a result, and this pattern is anticipated to hold throughout the forecast period.
Among others, 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. are significant market participants in the global blood glucose monitoring market.
In April 2021, Medtronics introduced the first and only infusion set that could be worn for up to 7 days, the Medtronic Extended infusion set, in a few European nations. An infusion set, which required a set change every few days, was a set of tubing that carried insulin from the pump to the body.
Roche and Lilly joined forces in May 2021 to support diabetic patients with insulin pen therapy. Lilly’s connected insulin pen solution is integrated by Roche and Lilly into the mySugr app in a number of nations. In order to implement its integrated, personalised Diabetes Management (iPDM) strategy, Roche accelerated the growth of its open ecosystem through cooperation.
In order to provide customised automated insulin delivery and care for people with diabetes, Abbott Diabetes Care and Insulet partnered in February 2020 to integrate Abbott’s glucose sensing technology with Insulet’s tubeless system, the Omnipod Horizon Automated Insulin Delivery AID) System (Omnipod Horizon System).
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• Current and future of Blood Glucose Monitoring Market outlook in the developed and emerging markets
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• The latest developments, market shares, and strategies that are employed by the major market players
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The Blood Glucose Monitoring Market is displayed in 13 Chapters:
Chapter 1: Market Overview, Drivers, Restraints and Opportunities
Chapter 2: Market Competition by Manufacturers
Chapter 3: Production by Regions
Chapter 4: Consumption by Regions
Chapter 5: Production, By Types, Revenue and Market share by Types
Chapter 6: Consumption, By Applications, Market share (%) and Growth Rate by Applications
Chapter 7: Complete profiling and analysis of Manufacturers
Chapter 8: Manufacturing cost analysis, Raw materials analysis, Region-wise manufacturing expenses
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Market Forecast
Chapter 13: Blood Glucose Monitoring Research Findings and Conclusion, Appendix, methodology and data source
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