PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1439193
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1439193
Global glucose monitoring system market is projected to witness a CAGR of 10.35% during the forecast period 2024-2031, growing from USD 25.21 billion in 2023 to USD 55.43 billion in 2031. Several key factors that are driving the global glucose monitoring market include a global increase in diabetes cases, ongoing advancements in technology, patient preference for non-invasive monitoring, growing awareness about the importance of regular blood glucose monitoring in diabetes management, increased government initiatives and healthcare reforms, rising healthcare expenditure, growing aging population, and the integration of glucose monitoring with telemedicine and digital health platforms.
A primary catalyst propelling the global glucose monitoring market is the escalating incidence of diabetes, especially type 2 diabetes, closely associated with lifestyle factors such as unhealthy dietary habits and sedentary lifestyles. As the global diabetic population is projected to experience substantial growth in the foreseeable future, there is a burgeoning demand for dependable and efficient blood glucose monitoring solutions. Additionally, blood glucose monitoring has been revolutionized by technological advancements, giving rise to innovative devices such as continuous glucose monitoring (CGM) systems, intelligent glucose meters, and mobile health applications. These breakthroughs deliver real-time data and provide heightened convenience and user-friendliness, contributing to enhanced patient adherence and overall improvements in healthcare outcomes.
Moreover, deliberate alliances, consolidations, and corporate takeovers are reconfiguring the competitive environment. These cooperative ventures aim to broaden product ranges, augmenting worldwide market penetration and expediting research and development initiatives. In the end, they serve to advance the monitoring and management options available to individuals with diabetes, offering them improved solutions, hence driving the global glucose monitoring market.
Global Increase in Diabetes Cases
The global increase in the number of diabetes cases has led to the growth of the global glucose monitoring system market. Over 500 million individuals across the globe are currently grappling with diabetes, a condition that spans across gender and age groups in all nations. This number is expected to surpass 1.3 billion within the next three decades, with an upward trend witnessed in every country. Currently, diabetes boasts a global prevalence rate of 6.1%, firmly placing it among the top 10 leading causes of death and disability worldwide. Zooming in on super-regions, North Africa and the Middle East exhibit the highest rate at 9.3%, which is anticipated to surge to 16.8% by 2050. Similarly, the projected rate is set to rise to 11.3% in Latin America and the Caribbean. Diabetes was notably prominent among individuals aged 65 and above across all countries, registering a prevalence rate of over 20% for this demographic on a global scale. The highest rate was observed in the age bracket of 75 to 79, reaching 24.4%. Analyzing the data by super-regions, North Africa and the Middle Eas t had the highest rate within this age group, 39.4%. At the same time, Central Europe, Eastern Europe, and Central Asia displayed the lowest rate at 19.8%.
Technological Advancements are Driving the Market
Advancements in technology are enhancing the global glucose monitoring system market. Consequently, there is a growing adoption of blood glucose monitoring devices, resulting in enhanced diabetes management. Multiple wearable glucose monitoring devices are in the works, offering people with diabetes the ability to monitor their blood sugar levels without the need for finger pricking. Emerging solutions are being introduced to streamline processes and provide healthcare professionals with valuable clinical insights, ultimately enhancing their ability to deliver superior patient care. For example, on February 6, 2024, DexCom, Inc., a world leader in continuous glucose monitoring (CGM) for those with diabetes, announced the release of Dexcom ONE+, their newe st CGM device. The system will soon be introduced in the Netherlands and is currently accessible in Spain, Belgium, and Poland. The most accurate and best-in-class sensor design from Dexcom is used in Dexcom ONE+.
Government Initiatives
Notable rise in government initiatives focused on glucose monitoring devices has led to increased growth of global glucose monitoring system market. These initiatives reflect a coordinated endeavor by governments to confront the complexities associated with diabetes and improve the well-being of those affected by the condition. These efforts encompass a spectrum of policies, regulations, and programs aimed at advancing the accessibility, affordability, and efficacy of glucose monitoring devices, to improve diabetes management and healthcare results. For instance, in March 2022, the government of England unveiled a significant initiative where life-altering flash glucose monitors were provided to all individuals with type 1 diabe tes. These compact wearable devices, approximately the size of a £2 coin, feature a sensor conveniently placed on the arm, enabling patients to swiftly assess their glucose levels with a mere one-second scan. These monitors seamlessly connect to a user-friendly smartphone app, granting individuals access to the data collected by the device.
Growing Popularity of Continuous Glucose Monitoring (CGM) Systems
The worldwide incidence of diabetes is on the rise, resulting in a heightened growth in the global glucose monitoring market. Individuals with diabetes are becoming increasingly conscious of the significance of regular blood glucose level monitoring to prevent conditions like hypoglycemia and hyperglycemia, prompting an increased adoption of continuous glucose monitoring (CGM) systems. CGM systems offer greater convenience compared to traditional fingerstick blood glucose monitoring methods. Moreover, CGM systems provide greater precision and dependability, offering individuals a precise depiction of their blood glucose levels. For example, in April 2023, Abbott Laborator ies, American multinational medical devices, and health care company, revealed that the U.S. Food and Drug Administration (FDA) had approved a reader for its FreeStyle Libre 3 integrated continuous glucose monitoring (iCGM) system. This system incorporates the world's most compact, slim, and inconspicuous glucose sensor. CGM systems have a higher stake in the growth of the global glucose monitoring system market.
Increasing Demand for Sensor-based Glucose Monitoring System
Sensor technology has seen remarkable progress in recent years, resulting in the scaling of the global glucose monitoring system market. The sensors within glucose monitoring systems offer improved accuracy and reliability, while also providing increased user convenience. A minute sensor can be inserted beneath the skin, commonly in the abdominal or arm area, and secured with an adhesive patch. These sensors are referred to as disposable sensors. Alternatively, another kind of CGM sensor, an implantable sensor, can be positioned inside your body. In April 2023, Medtronic, a renowned global leader in medical technology, disclosed that the U.S. Food and Drug Administration (FDA) had approved its MiniMed 780G system, featuring the Guardia 4 sensor, eliminating the need for fingersticks when utilizing SmartGua rd technology. The sensor is designed for one-time use and necessitates a prescription. The Guardian 4 sensor is approved for continuous use for seven days.
Impact of COVID-19
The global glucose monitoring system market experienced a notable surge during the COVID-19 pandemic and is poised for robust growth, remaining resilient in the face of significant disruptions caused by the pandemic. One technology that has proven invaluable during the pandemic is real-time continuous glucose monitoring (rtCGM). RtCGM aids individuals with diabetes in enhancing and controlling their glycemic levels, effectively reducing both hyperglycemia and hypoglycemia. In three areas rtCGM emerged as a potent tool for diabetes management during the COVID-19 pandemic. Firstly, rtCGM assisted individuals within the community in managing their diabete s while under lockdown. Secondly, rtCGM was used in telehealth to enable clinics to monitor their patients remotely. Lastly, rtCGM was employed within hospitals to track patient glucose levels and minimize healthcare provider exposure to COVID-19. Therefore, the pandemic positively impacted the global glucose monitoring system market.
Key Players Landscape and Outlook
Within the dynamic of global glucose monitoring system market, mergers and collaborations play a crucial role. Corporations are actively establishing alliances to boost their product portfolios, extend their market presence, and drive innovation. This collective effort is directed toward delivering advanced solutions for diabetes management in the continuously evolving healthcare environment. In February 2023, Ascensia Diabetes Care, a leading worldwide company in diabetes care known for producing the CONTOUR Blood Glucose Monitoring (BGM) system portfolio and serving as the exclusive distributor of Eversense Continuous Glucose Monitoring (CGM) Systems, unve iled a significant international partnership with SNAQ, a highly acclaimed app-based solution that provides essential information on food and nutrition tailored for individuals with diabetes. Through their collaborative efforts to merge their technologies, Ascensia and SNAQ aim to empower a larger number of people with diabetes (PWDs) to make informed decisions about their meals, ultimately striving to enhance diabetes management.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work