The global blood glucose monitoring devices market size to cross over USD 37 billion by 2026, growing at a CAGR of 12% during the forecast period. The diabetes monitoring industry is growing at a steady rate because of the increasing prevalence of diabetes and the rise in chronic diseases. Globally, the incidence of diabetes has been increasing at an alarming rate due to changing lifestyles, growing alcohol consumption, and an increasing number of smokers. In emerging markets and newly industrializing countries, the number of new diabetes cases is expected to grow in the coming years significantly. Therefore, monitoring of blood glucose levels has proven to be essential for the management of the disease. The increasing awareness of diabetes is likely to increase the blood glucose monitoring devices market demand.
- The conventional blood glucose monitoring devices market is likely to witness an incremental growth of close to $12 billion by 2026. The segment growth is due to the increased awareness of self-monitoring blood glucose devices.
- The test stripe segment is projected to reach a revenue share of over $13 billion by 2026 due to the increased application in several POC diagnostics sites by professionals.
- The personal segment is expected to register revenue figures of close to $29 billion by 2026. The growth is due to the high prevalence of diabetes and the introduction of advanced self-monitoring and non-invasive blood sugar monitors.
GLOBAL BLOOD GLUCOSE MONITORING DEVICES MARKET SEGMENTATION
This research report includes a detailed segmentation by
- Distribution Channels
INSIGHTS BY PRODUCT
The conventional blood glucose monitoring devices market accounted for a share of over 78%. One of the major factors contributing to conventional blood glucose monitoring devices' growth is the increasing diabetic population globally, which is expected to reach over 578 million by 2030. The rise in obesity and the increase in the aging population in developed countries are other major factors that are obliquely influencing blood glucose monitoring devices market growth. Test strips, lancets and lancing devices, and meters & software are the major components that have been covered under the conventional blood glucose monitoring devices market.
The continuous glucose monitoring (CGM) market size is expected to reach over $15 billion by 2026. CGM devices provide real-time and dynamic information of the speed and direction of the patient’s sugar levels. Another major factor influencing the growth of CGM devices is these systems take glucose readings at regular intervals. However, inconsistency in measuring sugar levels and the high cost of the devices are expected to affect the segment growth. Sensors and re-usable hardware are the major devices covered under the CGM segment.
INSIGHTS BY USAGE
A high prevalence of diabetes and changes in lifestyles have increased the usage of personal glucose monitoring devices. The need to monitor blood sugar levels is increasing the usage of these devices. Advances in technology have been playing an important role in the proliferation of BGM devices. The introduction of wireless glucose monitoring systems, which can be operated on a smartphone using Wi-Fi protocols, helps patients remotely monitor their sugar levels. In developed countries such as the UK, Spain, Germany, Italy, and the UK, self-monitoring glucose meter and CGM devices are completely reimbursed, making these devices cost-efficient, thereby driving patient usage.
The usage of professional diabetes monitoring devices is witnessing a wide application in clinics and hospitals, nursing homes, and ambulatory care. These devices are critical in ICUs, where professionals require to monitor and manage the insulin dosage of critical patients, patients undergoing surgeries, as sugar level fluctuations can increase mortality. In developing and underdeveloped countries, the usage of BGM devices is high among hospitals and clinics as patients prefer to visit the physician for BGM checkups.
INSIGHTS BY DISTRIBUTION CHANNEL
The online channel is growing significantly in developing countries such as India and China. The increased competition among online vendors has affected the device cost, with high discounts driving consumers to opt for online stores. With the increasing smartphone usage in developing countries, the online distribution channel is likely to emerge as an important distribution channel. Hence, the high preference for online channels is likely to augur well for medical devices' growth, especially blood glucometers.
Retail stores are one of the oldest distribution channels worldwide. Hospital-owned pharmacies, standalone pharmacies, and drug houses are other major contributors to the retail chain distribution. These stores generate sales from the patients purchasing the devices for the first time. However, the trend is witnessing a change with the increasing popularity of online channels, limiting the growth of retail stores across the world.
INSIGHTS BY END-USERS
The individual segment accounted for the largest glucose monitoring devices market share due to the wide acceptance of self-monitoring devices worldwide. These devices are majorly covered by insurance companies in several developed and developing countries. Morbidity and mortality from diabetes are extremely high in underdeveloped countries due to poor adherence to global diabetic guidelines. Therefore, the scope of self-testing is likely to increase among diabetic patients. Furthermore, the introduction of advanced devices with remote monitoring features has encouraged patients to use personal blood glucose monitoring devices.
The usage of glucose monitoring devices among professionals in hospitals and clinics is increasing. With advances in point-of-care glucose monitoring technology, professionals treat many patients in a short period, reducing turnaround time for diagnosis. Standalone clinics prefer to use self-monitoring blood glucose devices for diagnosis purposes. The increasing recommendation of CGM devices by physicians is expected to increase the usage of CGM devices.
INSIGHTS BY GEOGRAPHY
North America dominated the blood glucose monitoring devices market due to its developed healthcare infrastructure and increased awareness of glucose monitors among patients. The usage of continuous glucose monitoring systems and self-monitoring blood glucose systems is high in the region. The US and Canada account for the majority of the blood glucose monitoring devices market share. The adoption of these devices is extremely high in the United States. The usage of these devices has increased in the region as they are covered under medical reimbursement schemes. Hence, the demand for BGM devices is growing because of easy access to diabetic care, medical reimbursement coverage, and high affordability. Besides, the usage of BGM devices has increased with the outbreak of the COVID-19 pandemic as the virus is highly contiguous and increases the susceptibility of diabetic patients. Hence, the outbreak has increased the scope of self-monitoring BGM devices.
In 2020, the Europe region accounted for the share of 30% of the blood glucose monitoring devices market. The adoption of self-monitoring blood glucose devices and usage of continuous blood glucose monitoring devices is high in the region. The major driving factors behind the increase in usage of BGM devices in the region are the increasing diabetic population, old-aged population, obesity rates, and the reimbursement provided by the private and public insurance providers in the key countries of the region.
INSIGHTS BY VENDORS
The global glucose monitoring devices market share is intensely competitive, subject to rapid technological advancements, and is significantly affected by new product launches and other market activities. Medtronic’s Diabetes Group, F. Hoffmann-La Roche’s Diabetes Care, LifeScan, Abbott’s Diabetes Care Division, DEXCOM, and Ascensia Diabetes Care are the major key players operating in the blood glucose monitoring system market. Currently, these companies collectively account for significant shares. Several companies are developing or commercializing products for continuous and self-monitoring blood glucose devices in the global market. The Medtronic Diabetes Group promotes a standalone sugar monitoring product, Guardian Connect, which has launched both internationally and in the US after receiving FDA approvals.
The global blood glucose monitoring devices market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Conventional (BGM) Devices
- Blood Glucose Meters & Software
- Test Strips
- Lancing Devices & Lancets
- Continuous (CGM) Devices
- Disposable Sensors
- Reusable Hardware
- Personal BGM Devices
- Professional BGM Devices
By Distribution Channel
- Offline Stores
- Online Stores
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa