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 system 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 the leading vendors. The rising prevalence of diabetes, availability of a wide array of glucometers, and increasing awareness about diabetes management among patients is fueling the growth. The adoption of these devices is higher in developed economies, where payers are offering reimbursement options for BGM. The growing prevalence of diabetes and increasing awareness about the self-management of diabetes will contribute to the revenues in the worldwide market.
The increasing availability of mobile apps and data integration of platforms will drive innovations in the global blood glucose monitoring system 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 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. The launch of new-age cellular devices such as tablets and smartphones has accelerated the use of mHealth applications 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 system market.
INSIGHTS BY PRODUCT TYPE
Conventional devices dominated more than 2/3rd of the total share in 2018, growing at a CAGR of around 5% during the forecast period. These 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 equipment is fueling the growth of this segment. 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 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 market.
INSIGHTS BY USAGE TYPE
The personal devices segment dominated more than half of the total shares 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 this segment. 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. 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 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 system market.
INSIGHTS BY DISTRIBUTION CHANNEL
The distribution channel is segmented into retail stores and online. Retail sector occupied the largest shares 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. These stores sell private label 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. Apollo Pharmacy, London Drugs, and LloydsPharmacy are some of the notable standalone pharma chain stores.
INSIGHTS BY END-USER TYPE
The end-user type segment in the global blood glucose monitoring system market is divided into individuals, hospitals & clinics, and others. Individual end-users is the fastest growing segment with 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. 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 over the next few years.
INSIGHTS BY GEOGRAPHY
North America dominated more than one-third of the global blood glucose monitoring system market shares 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 region. 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 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 market.
Germany, France, Spain, the UK, and Italy accounted for a significant share of nearly 80% of the European region. 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 market.
KEY VENDOR ANALYSIS
The global blood glucose monitoring system 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. 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 market. F. Hoffmann-La Roche, Abbott, Dexcom, LifeScan, Medtronic, Ascensia Diabetes Care are the leading vendors.
The global blood glucose monitoring system market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
By Product Type
- Conventional BGM Devices
- Continuous BGM Devices
By Usage Type
- Personal BGM Devices
- Professional BGM Devices
By Distribution Channel
- Hospitals & Clinics
- North America
- South Korea
- Latin America