Blood Glucose Monitoring Devices Market Size 2024-2028 

The blood glucose monitoring devices market size is estimated to grow by USD 8.71 billion at a CAGR of 9.45% between 2023 and 2028. The market is experiencing significant growth due to several key factors. The global burden of diabetes continues to rise, driving the demand for accurate and convenient blood glucose monitoring solutions. Technological advances in this field have led to more sophisticated devices, such as continuous glucose monitoring systems, insulin syringe and pens, which offer enhanced functionality and improved patient outcomes. The hospital end-use segment supports inpatient monitoring, while home healthcare segment devices empower individuals with convenient glucose monitoring solutions. Additionally, the availability of reimbursement for blood glucose monitoring devices in various healthcare systems facilitates greater access to these essential tools for diabetes management. Overall, these factors contribute to the expansion of the market.

What will be the Size of the Market During the Forecast Period?

For More Highlights About this Report, Request Free Sample

Market Dynamics and Customer Landscape

The market encompasses a range of essential tools including glucose meters, lancets, and test strips, crucial for managing conditions like Type 2 diabetes. Innovations like Insulin pumps and Continuous Glucose Monitoring (CGM) systems such as Eversense CGM utilize advanced sensor technologies and microminiaturization. Healthcare professionals rely on these devices to monitor acute hypoglycemia and hyperglycemia, guiding self-care practices. The market is influenced by technological advancements and regulatory changes, driving growth in submarkets like outpatient care. Information dissemination occurs through press releases, industry journals, and databases, leveraging insights from experts in transcutaneous devices. The International Diabetes Federation plays a pivotal role in shaping industry standards and promoting patient well-being through effective glucose monitoring solutions. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The rising global burden of diabetes is notably driving the market growth. The increasing burden of diabetes across the globe is a major driving force for the market. Diabetes is a chronic disease that affects millions of people worldwide and is characterized by high blood sugar levels. Blood glucose meters are used by diabetics to track their blood sugar levels and adjust their treatment plans accordingly. According to the International Diabetes Federation, there will be approximately 537 million people with diabetes worldwide in 2021 from the age of 20 to the age of 79, and that number will rise to 643 million by 2045. This increasing prevalence of diabetes has increased the demand for blood glucose monitoring devices. 

There is growing awareness among healthcare professionals and patients of the importance of maintaining tight glycemic control to prevent diabetes-related complications such as kidney disease, blindness, and cardiovascular disease. The adoption of blood glucose meters is increasing as it helps in monitoring blood glucose levels frequently and accurately. Overall, the increasing burden of diabetes across the globe is the major driver of the market and this trend is expected to continue during the forecast period. 

Significant Market Trends

Smart watch-based apps are a key trend influencing market growth. In the market, there is a growing trend of using smartwatch-based apps to monitor blood glucose levels. Smartwatches have become increasingly popular in recent years as they can track various activities such as heart rate, sleep, physical activity, and other health metrics. These apps use CGM sensors to measure the level of glucose in the user's interstitial fluid. The data is then transferred to a smartwatch where users can view their glucose levels and track their progress over time. One of the advantages of smartwatch-based blood glucose monitoring apps is that they are convenient and discreet.

Users can monitor their glucose levels without having to carry a separate device or prick their fingers to take a blood sample. This makes it easier for diabetics to manage their condition and maintain good blood sugar control. This helps users take proactive steps to control their glucose levels, such as dietary adjustments or medication. Overall, the trend toward smartwatch-based blood glucose monitoring apps will continue as more people adopt wearable technology and seek convenient and effective ways to manage their health during the forecast period.

Major Market Challenge

A stringent regulatory framework is challenging the market growth. The market faces significant challenges in the form of a stringent regulatory framework. Regulatory bodies such as the US FDA and the European Union's European Medicines Agency (EMA) have strict rules and regulations for medical devices, including blood glucose meters. These regulations require manufacturers to conduct extensive clinical trials and studies to demonstrate the safety and efficacy of their products. This is a time-consuming and expensive process that can delay new product launches.

Regulatory agencies have strict guidelines for the accuracy and reliability of blood glucose meters. Manufacturers must ensure that their devices comply with these guidelines, which can be difficult and resource intensive. In addition, regulatory changes may also adversely affect the market. A stringent regulatory framework poses a major challenge to the market as it can negatively impact innovation, increase costs, and delay new product launches, thus hindering market growth during the forecast period.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

 Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Abbott Laboratories: The company offers different types of blood glucose monitoring (BGM) devices, especially FreeStyle Libre.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Abbott Laboratories
• Ascensia Diabetes Care Holdings AG
• Bigfoot Biomedical Inc.
• Dexcom Inc.
• DiaMonTech AG
• F. Hoffmann La Roche Ltd.
• GlySens Inc.
• Health Arx Technologies Pvt. Ltd.
• Insulet Corp.
• Level2 Medical Services P.A.
• Levels Health Inc.
• Medtronic Plc
• Medtrum Technologies Inc.
• Novo Nordisk AS
• PKvitality S.A.S.
• Sanofi SA
• Senseonics Holdings Inc.
• SFC Fluidics Inc.
• Teladoc Health Inc.
• Ypsomed Holding AG

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Segmentation

By End-user 

The market share growth by the hospitals segment will be significant during the forecast period. The hospitals segment of the market refers to the use of blood glucose meters in hospitals. Hospitals use blood glucose meters to treat diabetes in patients, monitor blood glucose levels during increasery, and monitor critically ill patients who are at risk of high or low blood sugar levels. The segment is driven by the increasing prevalence of diabetes and increasing demand for better diabetes management tools. In addition, increasing demand for point-of-care testing and the need for accurate and reliable glucose monitoring devices in hospitals also contribute to market growth.

Get a glance at the market share of various regions Download the PDF Sample

The hospitals segment was valued at USD 4.32 billion in 2018. Major players in the market offer a variety of blood glucose meters designed for hospital use, including CGM systems, blood glucose meters, and test strips. Therefore, the increasing number of diabetic patients and the growing need for blood glucose monitoring during increasery will drive the growth of the segment during the forecast period. 

By Region

For more insights on the market share of various regions Download PDF Sample now!

North America is estimated to contribute 43% to the growth of the global market during the market forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in this region is expected to grow steadily during the forecast period owing to factors such as the rising prevalence of diabetes in the region, increasing awareness of the importance of blood glucose monitoring, and technological advancements leading to more developments. The market is experiencing significant growth, mainly due to the increasing prevalence of obesity and diabetes. This has increased the demand for blood glucose monitoring devices and services in the region during the forecast period.

Segment Overview

The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• End-user Outlook 
  • Hospitals
  • Home care
  • Diagnostic centers
• Product Outlook 
  • SMBG
  • CGM
  • Lancets
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Rest of World (ROW)

Market Analyst Overview

The market is diverse, featuring a range of products from Combo Glucometer systems to Simple Blood Glucose meters, catering to both hospital (hospital end-use segment) and home care (home care segment) settings. Several companies innovate to serve the growing diabetic population, focusing on micromarkets and balancing supply side and demand side dynamics. Type 2 diabetes is a chronic condition that affects the way your body processes blood sugar (glucose), often requiring lifestyle changes and medication to manage effectively. This market is influenced by the evolving needs of diabetes management, with an emphasis on technological advancements enhancing patient care. As the market expands, understanding the dynamics of the market becomes crucial for stakeholders aiming to meet the diverse needs of diabetic patients efficiently.

Download PDF Sample

What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2024 and 2028
• Precise estimation of the size of the market  and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the market across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies