PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536671
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1536671
Blood Glucose Monitoring Devices Market size was valued at USD 14,790.32 Million in 2023, expanding at a CAGR of 10.90% from 2024 to 2032.
Blood glucose monitoring tools are essential for managing diabetes, offering individuals the necessary information to control their blood glucose levels effectively. The market offers a variety of CGM devices, with technology advancing rapidly. Some CGMs can connect with insulin pumps to provide automated insulin delivery systems. CGM is wearable technology that monitors glucose levels in the interstitial fluid just below the skin 24 hours a day. This device is also called a continuous glucose monitor (CGM).
Blood Glucose Monitoring Devices Market- Market Dynamics
The increasing prevalence of diabetes among patients, coupled with advancements in glucose sensing technologies, is anticipated to propel market growth.
Diabetes is a persistent ailment that necessitates continuous monitoring and control. This ongoing necessity results in a steady demand for blood glucose monitoring equipment. According to the IDF Diabetes Atlas (2021), 10.5% of the adult population (20-79 years) has diabetes, with nearly half unaware of their condition. The IDF projects that by 2045, 1 in 8 adults, or approximately 783 million people, will have diabetes, marking a 46% increase. Technological advancements have led to more precise and dependable CGM sensors, which have increased their adoption among patients and healthcare providers. Nevertheless, integration with Digital Health Platforms may present growth opportunities for the market. Conversely, the high cost of blood glucose monitoring devices and consumables may impede market growth.
Blood Glucose Monitoring Devices Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.90% over the forecast period (2024-2032)
Based on Product Type segmentation, Self-monitoring Devices were predicted to show maximum market share in the year 2023
Based on End-User segmentation, Hospitals was the leading Product Type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Blood Glucose Monitoring Devices Market is segmented based on Product Type, Testing Site, End-User, and Region.
The market is segmented into two groups according to Product Type: Self-monitoring Devices and Continuous Blood Glucose Monitoring Devices. Self-monitoring Devices lead the market. These devices are essential for people with diabetes, enabling them to manage their blood glucose levels effectively and enhance their general well-being and quality of life.
The market is divided into two primary categories based on the Testing Site: Fingertip Testing and Alternate Site Testing. These testing sites are essential for effective blood glucose monitoring and can typically be categorized into these two groups. Fingertip testing represents the most prevalent and conventional approach for assessing blood glucose levels. In contrast, Alternate Site Testing (AST) entails collecting blood samples from various locations on the body, including the palm, forearm, upper arm, thigh, or calf.
The market is segmented into three distinct categories according to the End-User: Hospitals, Home Care, and Diagnostic Centers. Hospitals hold a dominant position within the market. These advanced blood glucose monitoring devices are essential for hospitals, as they enable optimal care for patients with diabetes and other conditions that influence blood glucose levels.
Blood Glucose Monitoring Devices Market- Geographical Insights
The market is geographically spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries for business purposes. North America leads the market, due to its well-established healthcare infrastructure and extensive awareness of diabetes management. Particularly in the United States and Canada, North America boasts some of the most advanced medical facilities globally. This infrastructure facilitates the widespread adoption of advanced diabetes management tools and technologies. The United States currently has the highest healthcare spending globally. Recent data and reports on healthcare in the United States indicate that the country's total spending in 2021 will reach USD 4.3 trillion, accounting for 18.5% of GDP. Europe is the second-largest region for market growth, driven by increasing health consciousness.
The blood glucose monitoring devices market is highly competitive due to the increasing prevalence of diabetes worldwide and the need for effective diabetes management solutions. Companies in this industry are continuously improving the accuracy, ease of use, and connectivity of their devices. Substantial investments in research and development are being directed toward developing devices that are not only more precise and dependable but also user-friendly. Key advancements include non-invasive glucose monitoring methods, sophisticated sensor technologies, and improved data analysis capabilities. Moreover, firms are striving to lower the cost of their products to reach a broader customer base, especially in developing economies, and are also exploring subscription plans and insurance coverage alternatives.
On June 10, 2024, Abbott revealed that the U.S. Food and Drug Administration (FDA) has given the green light for two fresh over-the-counter continuous glucose monitoring (CGM) systems - Lingo and Libre Rio. These systems are built on Abbott's cutting-edge FreeStyle Libre continuous glucose monitoring technology, which is currently being utilized by approximately 6 million individuals worldwide.
On January 8, 2024, Medtronic plc, a prominent entity in healthcare technology, announced the receipt of CE (Conformite Europeenne) Mark approval for the MiniMed 780G system, which includes the Simplera Sync. This innovative device is a disposable, all-in-one continuous glucose monitor (CGM) that eliminates the need for fingersticks or overtape. The Simplera Sync offers an enhanced user experience through a straightforward two-step insertion process and is designed to be half the size of earlier Medtronic sensors.
GLOBAL BLOOD GLUCOSE MONITORING DEVICES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Abbott Diabetes Care
Roche Holding AG
LifeScan
Dexcom Inc.
Medtronic PLC
Arkray Inc.
Ascensia Diabetes Care
Agamatrix Inc.
Bionime Corporation
Acon Laboratories Inc.
Medisana AG
Trivida Functional Medicine
Rossmax International Ltd
Sinocare
Senseonics
Others