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Blood Glucose Monitoring Devices Market - Global Outlook and Forecast 2019-2024

2nd Edition

SKU : ARZ190212
  • Published on : March 2019

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This market research report on the global blood glucose monitoring devices market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by product type (conventional BGM devices and continuous BGM devices), by usage type (personal BGM devices and professional BGM devices), by distribution channel (retail stores and online), by end-user type (individuals, hospitals & clinics, and others), and by geography (North America, APAC, Europe, Latin America, and MEA).

Blood Glucose Monitoring Devices Market - Overview

The growing need to reduce both long-term micro and macrovascular complications such as CVDs, kidney diseases, and eye diseases and short-term complications, such as diabetic ketoacidosis and severe hypoglycemia is fueling the demand in the global blood glucose monitoring devices market. The increasing focus on effective diabetes management is fueling the growth of the worldwide market. Self-monitoring of blood glucose levels regularly allows people with diabetes to evaluate their disease condition and helps them to follow the prescribed treatment regimen. The use of BGM devices will help to prevent hypoglycemia, managing nutrition therapy and physical activity, and adjusting medications in the global market. All the risks and associated complications of diabetes encourages diabetic patients to maintain blood glucose levels within the normal range and must measure their blood glucose levels regularly, thereby, creating lucrative opportunities for leading vendors in the global market. The rising prevalence of diabetes, availability of a wide array of glucometers, and increasing awareness about diabetes management among patients is fueling the growth of the global market. The adoption of these devices is higher in developed economies, where payers are offering reimbursement options for BGM. The large patient pool in emerging nations such as India, China, Brazil, and Mexico will create lucrative investment opportunities for leading vendors in the global market. The growing prevalence of diabetes and increasing awareness about the self-management of diabetes will contribute to the revenues in the worldwide blood glucose monitoring devices market.

The rapidly changing lifestyle, high alcohol consumption, and smoking habits are contributing to an increasing number of diabetic patients in the global market. The introduction of innovative BGM devices and increased marketing of these products online will add to the growth of the market worldwide. The global blood glucose monitoring devices market is expected to reach revenues of more than $25 billion by 2024, growing at a CAGR of over 9% during 2018-2024.

Blood Glucose Monitoring Devices Market – Dynamics

The increasing availability of mobile apps and data integration of platforms will drive innovations in the global blood glucose monitoring devices market. The growing adoption of smartphones, wearable medical devices, and the availability of various mHealth  & telehealth apps for blood glucose tracking and diabetes management is driving the growth of the global market.  The use of mobile apps is providing personalized, data-driven, and real-time support for people with diabetes and are helping them to manage it effectively. The leading vendors are investing significant capital on R&D activities and technological platforms to develop compatible diabetes-related apps and data integration platforms for their BGM devices in the global market. The launch of new-age cellular devices such as tablets and smartphones has accelerated the use of mHealth applications in the market over the next few years. The increasing focus on developing home healthcare and remote patient monitoring facilities will positively impact the global blood glucose monitoring devices market.

Blood Glucose Monitoring Devices Market – Segmentation

This market research report includes a detailed segmentation of the market by product type, usage type, distribution channel, end-user type, and geography.

Blood Glucose Monitoring Devices Market Segments 2024

Blood Glucose Monitoring Devices Market – By Product Type

The inexpensive nature and ready availability of SMBG is fueling the growth of the global blood glucose monitoring devices market

The global blood glucose monitoring devices market by product type is classified into conventional BGM devices and continuous BGM devices. Conventional devices dominated more than 2/3rd of the total market share in 2018, growing at a CAGR of around 5% during the forecast period. Conventional BGM devices are also known as self-blood glucose testing meters and consumables in the global market. The portability, easy-to-operate, convenience, and cost-effectiveness of these devices is fueling the growth of this segment in the worldwide market. According to many research and clinical studies, the regular use of blood glucose monitors to assess glucose levels results in fewer disease complications. Several doctors and physicians encourage their patients to adopt these devices, resulting in increasing demand for these products in the market. Hoffmann-La Roche, LifeScan, Abbott, and Ascensia Diabetes Care are the leading vendors offering these devices in the global blood glucose monitoring devices market.

Continuous BGM devices provide the direction and rate of glucose change/fluctuation with the push of a button and alert patients when glucose levels are too high or too low. Medtronic, Dexcom, and Abbott are top manufacturers of these products in the global blood glucose monitoring devices market.

Blood Glucose Monitoring Devices Market – By Usage Type

The emergence of latest-generation BGM devices with advanced features is driving the global blood glucose monitoring devices market

The usage type segment in the blood glucose monitoring devices market is categorized into personal BGM devices and professional BGM devices. The personal devices segment dominated more than half of the total market share in 2018, growing at a CAGR of over 10% during the forecast period. The emergence of latest-generation BGM devices with advanced features, rising prevalence diabetes, and a shift in focus towards self-monitoring/home care are significant factors contributing to the growth of the personal devices segment in the global market. The leading vendors are focusing on China, India, Brazil, Mexico, South Africa, Egypt, and few Easter European countries to expand their businesses in the market. The key stakeholders such as HCPs, insurance companies, and manufacturers are focusing on educating people to adopt these devices in the global market. The wider availability of diabetes-related apps that allow patients to record and store the data as well as HCPs to easily download patient data from blood glucose meters will contribute to the revenues in the global blood glucose monitoring devices market.

The growing demand for POC testing and healthcare shifting towards patient-centric models will boost the adoption of various professional blood glucose meters in the market. The availability of highly advanced and innovative prescription-based BGM devices will drive the growth of the global blood glucose monitoring devices market.

Blood Glucose Monitoring Devices Market – By Distribution Channel

Independent pharmacies and hospital-affiliated pharmacy stores are boosting revenues in the global blood glucose monitoring devices market

The global blood glucose monitoring devices market by distribution channel is segmented into retail stores and online. Retail sector occupied the largest market share in 2018, growing at a CAGR of more than 6% during the forecast period. The influx of retail stores such as standalone/independent pharmacies and hospital-affiliated pharmacy stores is fueling the growth of this segment in the global market. These stores sell private label devices and own-label devices at a single price point, thereby driving in a larger number of consumers in the worldwide market. The easy accessibility of these drug stores helps them satisfy the customer's immediate requirements in the market. Apollo Pharmacy, London Drugs, and LloydsPharmacy are some of the notable standalone pharma chain stores in the global blood glucose monitoring devices market.

The emergence of exclusive online marketplaces for home care and self-testing products is resulting in the evolution of the global market. Several online retailers offer BGM products at discounted prices rather than list prices to gain a larger global blood glucose monitoring devices market share.

Blood Glucose Monitoring Devices Market – By End-User Type

Focus on self-monitoring and home care setting is making individuals the largest end-user in the global blood glucose monitoring devices market

The end-user type segment in the global blood glucose monitoring devices market is divided into individuals, hospitals & clinics, and others. Individual end-users is the fastest growing segment in the global market, at a CAGR of more than 10% during the forecast period. The paradigm shift in the healthcare industry with the increasing preference toward self-monitoring of blood glucose levels over hospital-based testing is fueling the growth of this segment in the global market. The rising number of health consciousness and awareness among people will encourage manufacturers to introduce innovative models in the market. The rising number of innovative and latest-generation devices will encourage more consumers to adopt these products in the global blood glucose monitoring devices market over the next few years.

The establishment of long-term contracts with vendors and hospitals for the procurement of consumables like test strips and lancets will boost sales in the global market. The increasing number of geriatric care centers, acute and chronic care centers, community care centers and nursing homes will drive the demand in the global blood glucose monitoring devices market.

Blood Glucose Monitoring Devices Market – By Geography

The US contributed to the revenues across the North American region in the global blood glucose monitoring devices market

The global blood glucose monitoring devices market by geography is segmented into North America, APAC, Europe, Latin America, and MEA. North America dominated more than one-third of the global market in 2018, growing at a CAGR of approximately 11% during the forecast period. The high prevalence of diabetes and high patient adoption for self-testing and home care services will boost the demand in the North American market. The presence of well-established healthcare infrastructure, better access to diabetes care, reimbursement coverage, high affordability to BGM devices, and significantly high population density is resulting in the US leading the market share in the North American region. North America witnesses high awareness, the presence of a large pool of the patient population, higher penetration rate, better product availability, and extensive reach of innovative products in the global blood glucose monitoring devices market.

Germany, France, Spain, the UK, and Italy accounted for a significant share of nearly 80% of the European region in the market. The advancements in healthcare infrastructure, the rise in healthcare expenditure, and favorable public and private initiatives for an increase in the healthcare access in APAC will contribute to the revenues in the global blood glucose monitoring devices market.

Key countries profiled in the report are:

  • US
  • Canada
  • Germany
  • France
  • Spain
  • UK
  • China
  • Japan
  • South Korea
  • India
  • Brazil
  • Mexico
  • Saudi Arabia
  • Iran

Key Vendor Analysis

The global blood glucose monitoring devices market is highly dynamic due to the presence of several global, regional, and local players. The leading vendors are offering a diverse range of BG meters, test strips, sensors, lancets, and lancing devices for enhancing/improving diabetes management to sustain the intense competition in the market. The top manufacturers are focusing on commercializing both personal and professional devices across emerging nations to expand their business and distribution network in the global blood glucose monitoring devices market.

The major vendors in the global market are:

  • F. Hoffmann-La Roche
  • Abbott
  • Dexcom
  • LifeScan
  • Medtronic
  • Ascensia Diabetes Care

Other prominent vendors include A. Menarini Diagnostics, ACON Laboratories, AgaMatrix, Alliance International, Andon Health (Tianjin Jiu'an Medical Electronics), ARKRAY, ApexBio, B. Braun Melsungen, Bionime, BioTelemetry, DarioHealth, Terumo, Trividia Health, BTNX, Bioptik, Beurer, Biotest Medical Corp., Medtrum Technologies,  Nova Biomedical, Sanofi, 77 Elektronika Kft., Integrity Applications, Medisana, Philosys, TaiDoc Technology, Omnis Health, Ypsomed, and Rossmax International.

Key market insights include

  1. The analysis of global blood glucose monitoring devices market provides market size and growth rate for the forecast period 2019-2024.
  2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the global blood glucose monitoring devices market.
  3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
  4. It offers a complete overview of market segments and the regional outlook of global blood glucose monitoring devices market.
  5. The report offers a detailed overview of the vendor landscape, competitive analysis, and critical market strategies to gain competitive advantage.

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