Blood Glucose Monitoring Market Analysis

Blood Glucose Monitoring Market Overview

The blood glucose monitoring market size was valued at USD 17.06 billion in 2023 and is projected to grow from USD 18.81 billion in 2024 to USD 38.73 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.35% during the forecast period (2024 - 2032). Growing ageing population and increasing demand for continuous glucose monitoring devices are driving the market growth.

Blood Glucose Monitoring Market Trends

• Growing Ageing Population to Boost Market Growth

The number of older people worldwide is set to double in the next three decades, reaching over 1.5 billion in 2050. The size of the elderly population is estimated to increase in all regions between 2019 and 2050. However, the maximum increase will occur in Eastern and South-East Asia. Hence Southeast Asian countries are poised to have a massive potential for the blood glucose monitoring devices market. As per the World Health Organization (WHO), the world's elderly population is predicted to nearly double from 12% to 22% by 2050. With such immense market potential, the market is highly profitable. Furthermore, The International Diabetes Federation estimates that approximately 424 million people have diabetes, and these numbers will reach 629 million by 2045. Moreover, increasing government initiatives to spread awareness about diabetes prevention will also enhance blood glucose monitoring market growth for the forecasted period. 

People utilize blood glucose monitoring systems to gauge their blood sugar levels. These tools are essential for people with type 1 or type 2 diabetes. One of the main causes of a rising need for blood glucose monitoring equipment is the increasing prevalence of diabetes among the general population worldwide. The primary market drivers are an increase in the number of elderly persons susceptible to the condition and the increased incidence of diabetes. The development of new products and growing public knowledge of diabetes early detection both contribute to the market's growth. Blood sugar levels increase when the pancreas cannot produce insulin, a significant global issue.

Due to factors like the growing number of patients with diabetes, patients' increased knowledge of blood sugar monitoring, and the development of novel devices for monitoring by important companies, the use of these systems is expanding more quickly. Diabetes patients can benefit from blood glucose monitoring devices in four different ways. These devices enable therapy adjustments and patient protection by enabling patients and doctors to immediately recognize acute hyperglycemia or hypoglycemia while empowering patients with increased self-care. Technology implementation encourages people to adopt better behaviors and makes it simpler for patients to learn about diabetes and the best ways to manage it. Devices for measuring blood glucose come in various dimensions, costs, testing intervals, and usability. Another significant factor that is anticipated to increase the adoption of blood glucose monitoring systems and, as a result, drive the market growth during the forecast period is the advantageous reimbursement schemes for Continuous Glucose Monitoring systems and self-monitoring blood glucose in many nations.

A small team in South Wales is working hard to create the first truly non-intrusive continuous glucose monitor that will revolutionize the field of diabetes research and other fields. Glucowear® has several USPs that will simplify users' lives and favorably affect sustainability. Millions of patients using this CGM system and needing replacing the sensor every 10 or 14 days would result in millions of tons of plastic waste annually if an inserter for a glucose sensor included 80 g of plastic. Due to the frequent usage of electronic components in diabetes technology, handling such waste is more difficult. They may also provide a biohazard concern, in which incineration is frequently the preferred disposal method.

Blood Glucose Monitoring Market Segment Insights

Blood Glucose Monitoring Product Insights

The blood glucose monitoring market segmentation, based on product, includes self-monitoring blood glucose devices, and continuous blood glucose monitoring devices. The self-monitoring blood glucose devices segment held the majority share in 2021 in respect to the market revenue of blood glucose monitoring. This is primarily owing to the low cost and ease of use. It is also considered an important element of diabetes management daily. Self-monitoring of blood sugar is an approach wherein people measure their blood sugar levels with the help of a glucose meter. It is sub-segmented into a blood glucose meter, testing strips, and lancets.

March 2022: DexCom announced the receipt of a CE Mark for its G7 CGM system in Europe, for diabetic people and are two years and older, including pregnant women. With this approval, the highly popular and best-selling real-time CGM in the world is now more powerful and easier to use with a small, all-in-one wearable and completely redesigned mobile app.

Blood Glucose Monitoring Application Insights

The market segment of blood glucose monitoring, based on application, includes Type 1 diabetes, and type 2 diabetes. The type 2 diabetes segment dominated the market in 2021 in respect to the blood glucose monitoring market revenue. This is due to the increasing incidence of type 2 diabetes and increasing innovative product launches with less invasive technologies. Hence, the rising incidence of type 2 diabetes will positively impact the blood glucose monitoring market growth.

February 2022: Senseonics Holdings, Inc. received approval for the next-generation Eversense E3 CGM System from the FDA (Food and Drug Administration). The Eversense E3, along with proprietary sacrificial boronic acid (SBA) technology, is intended to be widely available to individuals in the United States through Ascensia Diabetes Care.

Blood Glucose Monitoring End User Insights

The market segment of blood glucose monitoring, based on end user, includes hospitals & clinics, diagnostic centers, and others. The hospitals and clinics held the largest market share in 2021 in respect to the blood glucose monitoring market revenue. This is owing to the improving infrastructure and increasing healthcare expenditure in hospitals and clinics. Moreover, the reliable data that blood glucose monitoring devices provide practitioners in a fraction of second and the improvement in patients' quality of life have increased their adoption in the outpatient as well as inpatient hospital and clinic settings.

March 2022: Medtronic plc, announced a reimbursement for CGM (continuous glucose monitoring), for eligible residents living with type 1 diabetes (T1D). CGM devices provide critical information on glucose levels to help with the management of diabetes.

Figure 2: Blood glucose monitoring market, by End User, 2021 & 2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Blood Glucose Monitoring Regional Insights

By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. North America blood glucose monitoring held the largest market share in 2021. This is attributed to the increasing prevalence of obesity, high cost of treatment, technological advancements, and new product launches by the major players across the region.

Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: BLOOD GLUCOSE MONITORING MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe blood glucose monitoring market accounts for the second-largest market share due to the increase in the geriatric population, which is prone to diabetes. Moreover, improvements in the healthcare sector and the implementation of advanced medical products are augmenting the demand for blood glucose monitoring in the region. Further, the Germany market of blood glucose monitoring held the largest market share, and the UK market of blood glucose monitoring was the fastest growing market in the European region.

The Asia-Pacific market of blood glucose monitoring is expected to grow at the significant growth rate during the forecast period. This is due to the improvements in healthcare facilities and reimbursement policies in developing economies are key factors aiding the growth in this region. Moreover, China market of blood glucose monitoring held the largest market share, and the India market of blood glucose monitoring was the fastest growing market in the Asia-Pacific region. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Blood Glucose Monitoring Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the blood glucose monitoring market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the blood glucose monitoring industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment. 

One of the primary business strategies adopted by manufacturers in the global blood glucose monitoring industry to benefit clients and expand the market of blood glucose monitoring sector is to manufacture locally to reduce operating costs. In recent years, Blood Glucose Monitoring has provided medicine with some of the most significant benefits.   

Roche Holding AG (Switzerland) is the one of the largest biotech companies, with truly differentiated medicines in oncology, immunology, infectious diseases, ophthalmology, and diseases of the central nervous system. Roche is also the world leader in in vitro diagnostics and tissue-based cancer diagnostics, and a frontrunner in diabetes management. In May 2021, Roche collaborated with Eli Lilly and Company, to work towards enhancing the management of insulin pen therapy. With this collaboration, Roche follows its ambition to create an open ecosystem including its own and partner devices, solutions, and services, across the continuum of care in diabetes.According to reports, Apple is making strides toward developing a non-invasive glucose monitoring device that could one day be incorporated into the Apple Watch. The business has been investigating several technologies, including optical sensors and spectroscopy. Apple is sure it can launch its non-invasive glucose monitoring technology after making considerable advancements in this area. The method uses lasers instead of the conventional finger prick test to detect glucose levels. The technology uses lasers to deliver certain light wavelengths through the skin to interstitial fluid, where they are absorbed by glucose. The sensor then bounces the light back to measure the amount of glucose, and an algorithm is then utilized to determine the individual's blood glucose level.

Key Companies in the Blood Glucose Monitoring Market Includes

• Abbott Laboratories (US)


• Arkay, Inc. (US)


• Bayer Healthcare AG (Germany)


• Hoffmann-La Roche Ltd (Switzerland)


• Sanofi (France)


• GlySure Ltd (U.K)


• Sphere Medical Holding plc. (UK)


• Dexcom, Inc. (US)and


• LifeScan, Inc. (US)


• Novo Nordisk (Denmark)

Blood Glucose Monitoring Industry Developments

June 2022: Abbott announced that it's developing a new bio-wearable that will continuously monitor glucose and ketone levels in one sensor. The system has secured breakthrough device designation from the U.S. Food and Drug Administration, which is designed to expedite the review of innovative technologies that can improve the lives of people with life-threatening or irreversibly debilitating diseases or conditions.

May 2021: Roche Diabetes Care Canada announces a collaboration with Ellerca Health, for improving patient care through innovation and technology. The partnership will include the launch of Accu-Chek and 360Care, combining Roche's Accu-Chek Guide blood glucose meter, customized home delivery of testing strips, and Ellerca's self-management digital program, 360Care, which empowers patients to be in control of their treatment schedule with access to a team of health coaches.

July 2020: Medtronic PLC and Tandem Diabetes Care Inc. announced that they entered into a non-exclusive patent cross-license agreement for certain technologies in the field of diabetes.

Blood Glucose Monitoring Market Segmentation

Blood Glucose Monitoring Product Outlook

• Self-monitoring Blood Glucose Devices
  
  
  
  • Blood Glucose Meter
  
  
  • Testing Strips
  
  
  • Lancets
  
  
  
  


• Continuous Blood Glucose Monitoring Devices
  
  
  
  • Sensors
  
  
  • Transmitter & Receiver
  
  
  • Insulin Pumps
  
  
  
  

Blood Glucose Monitoring Application Outlook

• Type 1 Diabetes


• Type 2 Diabetes

Blood Glucose Monitoring End User Outlook

• Hospitals & Clinics


• Diagnostic Centers


• Others

Blood Glucose Monitoring Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America