BLOOD GLUCOSE MONITORING CONSUMABLES INDUSTRY INSIGHTS
The global blood glucose monitoring consumables market size was valued at USD 14.14 billion to reach USD 29 billion by 2026, growing at a CAGR of 13% during the forecast period. The market has witnessed significant growth due to the growing prevalence of diabetes and the increasing awareness of self-management of diabetes.
The prevalence of diabetes worldwide increases at an alarming rate due to changing lifestyles, growing alcohol consumption, and the increasing number of smokers. However, the outbreak of the COVID-19 pandemic and the introduction of technologically advanced blood glucose test strips and lancets influence the digital diabetes management market's growth. The increased demand for self-care/homecare devices is also contributing to the usage of BGM consumables. With an increase in the sale of blood glucose meters, test strips, and lancets, the market offers tremendous growth opportunities for global, regional, and local vendors. Therefore, many vendors strategically focus on the development and commercial launches for regular blood glucose monitoring, which increases the demand for consumables.
- Test strips are likely to reach a revenue share of over USD 13 billion by 2026 due to the high application of these consumables among hospitals and individual patients.
- Sensors are expected to grow at the highest CAGR of approx. 28% during the period 2020–2026 on account of the increasing popularity of non and minimal-invasive devices.
- Online distribution channels project to observe an incremental growth of approx. USD 9 billion by 2026 due to the digitization of pharmacies and the outbreak of the COVID-19 pandemic.
- Hospitals and clinics expect to grow at a CAGR of approx. 11% by 2026 because of the high consumption of consumables such as test strips and lancets in these settings.
- North America is projected to touch revenue over approx. USD 15 billion by 2026 due to the high prevalence of the diabetic population and increased awareness of consumables.
GLOBAL BLOOD GLUCOSE MONITORING CONSUMABLES MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Distribution Channel
INSIGHTS BY PRODUCTS
Test strips accounted for over 64% of the global blood glucose monitoring consumables market in 2020. As revenues from test strips are recurring, vendors strategize to maximize sales volume and profit margins by offering innovative products. However, the growing use of self-monitoring blood glucose testing by patients and professionals in several POC testing sites such as emergency care, physician offices, ambulatory settings, and nursing homes increases test strips' consumption. Hospitals across the world have been using test strips for superfast output and nearly accurate results. These factors have increased the demand for test strips in the market.
The continuous glucose monitoring (CGM) sensors segment is likely to grow at an incremental revenue of over USD 10 billion by 2026. The incorporation of smart and user-friendly features with increased accuracy expect to drive the application of sensors. The introduction of non- and minimal invasive sensors is also boosting the market growth. Manufacturers are using electrochemical, optical, piezoelectric-based sensors in the commercialized CGM systems. The use of minimally invasive CGM sensors using the electrochemical sensing technique is on the rise. However, over the past decade, commercial-grade CGM sensors have lost their steam compared to SMBG systems. Vendors are focusing on developing advanced, accurate sensors. One of the major factors driving the growth of sensors is the size reduction and increased lifespan of these devices, which are considered essential factors for high adoption.
INSIGHTS BY END-USERS
In 2020, the end-user segment was segmented into individuals, hospitals and clinics, and others. The individual's segment accounted for the highest share of the market with 75%. The individual segment accounts for the highest share due to the wide acceptance of SMBG monitoring devices and consumables such as test strips, lancets, and lancing devices among consumers. The acceptance of these consumables and machines is confined to developed countries and in developing and underdeveloped countries, which has influenced their revenue growth. SMBG and continuous glucose monitoring devices use sensors, lancets, lancing devices, and test strips as consumables to measure blood glucose. The usage of CMBG is higher in developed countries such as the US and UK, France, Spain, Italy, and Germany due to the increased awareness of these devices and reimbursement options.
The global blood glucose monitoring consumables market by hospitals & clinics is expected to reach approx. USD 5 billion by 2026. Consumables have been widely used devices in ambulatory settings and hospitals. They became a preferred choice among medical professionals during the COVID-19 pandemic for monitoring blood glucose levels. The use of BGM devices among professionals in hospitals and clinics is also on the rise. Furthermore, the introduction of favorable government initiatives and reimbursement options for blood glucose monitoring are fueling the market growth.
INSIGHTS BY DISTRIBUTION CHANNEL
Online distribution channels are increasing significantly, although retail channels are maintaining their lead. Online purchasing channels expect to grow at a CAGR of over 12% during the forecast period. However, retail stores continue to be preferred for purchasing consumables and BGM devices in low- and middle-income countries. As the older generation patients prefer retail chains to purchase blood glucose consumables, the X generation prefers online channels for consumables due to high smartphone penetration. With the outbreak of the COVID-19 pandemic, most offline pharmacies were closed, which directly boosted consumables' sales via online channels. Hospital pharmacies, standalone pharmacies, and other retail pharmacies are the primary retail offline mode of distribution. Around 80% of BGM devices & consumables sales occur via retail channels in low- and middle-income countries.
INSIGHTS BY GEOGRAPHY
In 2020, North America dominated the market due to its developed healthcare infrastructure and increased awareness of diabetics among patients. The usage of continuous blood glucose monitoring sensors, test strips, lancets, and lancing devices is high among patients. The impact of COVID-19 has been increased in the region, with the US accounting for the highest infection rates.
In 2020, Europe was the second-largest contributor and accounted for approx. 30% in the blood glucose monitoring consumables market share. Germany occupies the largest market share in the Europe region. Healthcare facilities, availability of reimbursement policies, and increasing prevalence are promoting growth in the market. In the APAC region, growing population and diabetes prevalence are considered major contributors to the blood glucose monitoring consumables market growth. In the APAC region, the test strips, lancets, and lancing devices are high compared to the CGM sensors in the market.
INSIGHTS BY VENDORS
Medtronic, F. Hoffmann-La Roche, LifeScan, Abbott Laboratories, and Ascensia are the major global players in the blood glucose consumables market. New product approvals/launches coupled with increased R&D activities are the major strategies implemented by vendors to expand presence, drives the market growth, and sustain the market position. Vendors are actively launching innovative devices to penetrate and tap the high growth potential of the market. Vendors are aggressively engaged in R&D activities and plan to launch several innovative products in the coming years. For instance, Abbott, F. Hoffmann-La Roche, Medtronic, Dexcom, LifeScan, and Ascensia Diabetes Care dominate the market due to continuous product innovations and launches. Several companies are developing or commercializing products such as CGM sensors with increased lifespan, advanced test strips, lancets, and lancing devices, respectively, for continuous and self-monitoring blood glucose devices in the market.
The global blood glucose monitoring consumables market research report includes in-depth coverage of the industry analysis, market dynamics with revenue and forecast insights for the following segments:
- Test Strips
- Lancets and Lancing Devices
- Hospitals & Clinics
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa