Blood Glucose Monitoring Devices Market

Blood Glucose Monitoring Devices Market Size:

The global blood glucose monitoring devices market size reached US$ 14.45 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 28.51 Billion by 2032, exhibiting a growth rate (CAGR) of 7.6% during ​2024-2032​. The market is primarily driven by the increasing prevalence of diabetes globally, growing awareness about the significance of blood glucose monitoring, the increasing aging population, favorable government initiatives and healthcare policies, and significant technological advancements.

Blood Glucose Monitoring Devices Market Analysis:

• Major Market Drivers: Increasing prevalence of diabetes among populations across the globe and extensive investment in technological advancements are positively driving the market growth.
• Key Market Trends: Significant efforts toward the development of non-invasive blood glucose monitoring devices are driving innovation and market growth.
• Geographical Trends: North America dominates the market due to the increasing prevalence of type 1 and type 2 diabetes and high adoption rates of technologically advanced medical devices.
• Competitive Landscape: Some of the major market players in the blood glucose monitoring devices industry include Abbott Laboratories, Hoffman La Roche, Lifescan, Ascensia Diabetes Care, DexCom, Medtronic, Ypsomed, Nipro, Sanofi, and Acon Laboratories, among many others.
• Challenges and Opportunities: The blood glucose monitoring devices market faces challenges with stringent regulations to ensure device efficacy and patient safety. On the other hand, opportunities for this market include expanding into emerging markets and the development of user-friendly, more accurate, and economical devices.

Blood Glucose Monitoring Devices Market Drivers:

Increasing Prevalence of Diabetes

The increasing prevalence of diabetes across the globe, on account of sedentary lifestyles and deteriorating eating habits, is propelling the market. As per the findings from the global burden of disease published in the Lancet, the number of people living with diabetes is projected to double in the next three decades, reaching 1.3 billion by 2050. Individuals who have diabetes need regular monitoring of their blood glucose levels in order to manage it effectively. Additionally, with the rising awareness about the significance of preventive healthcare, the adoption of blood glucose monitoring devices is constantly increasing. Other than this, healthcare organizations and governments across the globe are making efforts to manage and prevent diabetes through numerous policies and initiatives.

Increasing Number of Product Launches

Key players and healthcare organizations are extensively investing in research and development (R&D) activities, leading to advancements in the technology of blood glucose monitoring devices. The development of more sophisticated and user-friendly devices enhances accuracy, smaller form factors, faster results, improved data management facilities, and wireless connectivity. Additionally, in order to cater to the increasing consumer demand for convenience, companies are offering devices with painless testing methods and compatibility with smartphones and other digital health platforms. Moreover, the intense competition in the market is driving manufacturers to develop products with innovation and differentiation.

Blood Glucose Monitoring Devices Market Opportunities:

Pipeline Products and Ongoing Research

With continuous research and development (R&D) activities, key players are exploring new methodologies, materials, and technologies to improve the accuracy, usability, and performance of the device. Additionally, ongoing research allows key players to meet regulatory requirements, ensuring that their devices meet the highest standards of efficacy and safety. Moreover, the development of pipeline products promotes competition, encourages product innovation, and expands the product portfolio offered to patients and healthcare providers, thus driving growth and development in the blood glucose monitoring devices market. For instance, researchers at the University of Waterloo are developing a painless microneedle patch for people with type 1 diabetes. The patch uses microneedles to painlessly penetrate the skin and access interstitial fluid, where glucose and ketones are present. It can be worn for up to two weeks and allows for real-time monitoring of glucose and ketone levels by both patients and healthcare providers. The patch transmits data to a smartphone app via Bluetooth, and users can set alerts for critical changes.

Key Technological Trends & Development:

Introduction of Wearable Devices

The development of wearable devices is a significant technological trend in the blood glucose monitoring devices market. These products can offer a user-friendly and non-invasive method to monitor their blood glucose levels throughout the day. These wearable devices are designed to be worn on the body, such as a band or a wristband and utilize sensors to measure glucose levels in interstitial fluid or bodily fluids. These devices offer real-time data, enabling patients to track fluctuations in their glucose levels and make adjustments in their medication, lifestyle, and diet. In March 2024, the US FDA cleared the Dexcom Stelo Glucose Biosensor System, an integrated continuous glucose monitoring system (iCGM). It is an over-the-counter (OTC) CGM that uses a wearable sensor paired with an app to measure, record, analyze, and display glucose values continuously. The device is aimed at people 18 years and older who do not use insulin and have problematic hypoglycemia (low blood sugar levels).

Artificial Intelligence and Predictive Analysis

AI-powered algorithms collect vast amounts of data, such as lifestyle factors, patient records, and other sources, from glucose monitoring devices. These analytics forecast identify patterns and glucose levels and detect trends, allowing patients with diabetes and their healthcare providers to make informed decisions in managing the condition. AI algorithms also recommend interventions, personalize treatment plans, and optimize insulin dosages, leading to enhanced health outcomes. As AI is evolving, its integration with blood glucose monitoring devices is revolutionizing the industry, thus empowering patients to live healthier lives. For instance, January AI, a health technology company, has launched an innovative generative artificial intelligence (AI)-enabled app designed to estimate and predict the glucose response of individuals to more than 32 million food items.

Blood Glucose Monitoring Devices Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for ​2024-2032​. Our report has categorized the market based on type, testing site, end-user, and application.

Breakup by Type:

• Self-Monitoring Devices 
  • Blood Glucose Meters
  • Testing Strips
  • Lancet and Lancing Devices
• Continuous Monitoring 
  • Sensors
  • Transmitters
  • Receivers
     

Self-monitoring devices account for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the type. This includes self-monitoring devices (blood glucose meters, testing strips, and lancet and lancing devices) and continuous monitoring (sensors, transmitters, and receivers). According to the report, self-monitoring devices represented the largest segment.

Self-monitoring devices are portable and handheld while allowing individuals to track their blood sugar levels regularly and conveniently. Self-monitoring devices allow patients to be in control and manage their condition efficiently while making informed decisions about their medications, diets, exercises, and insulin dosage. They also help individuals understand how numerous factors affect their blood sugar levels and detect and prevent hypoglycemia and hyperglycemia. At present, 1 in 10 individuals have diabetes; this increasing incidence of the disease is propelling the market growth. In line with this, advanced monitoring systems are being introduced to offer increased comfort to patients. For example, an article published in the Scientific Reports journal discusses an Internet of Things (IoT)-enabled wearable blood glucose monitoring (iGM) system. It uses Red Near InfraRed (R-NIR) spectroscopy for non-invasive blood glucose monitoring and aims to improve diabetes care and patient quality of life. The iGM device shows high accuracy in blood glucose measurement (98.82% after fasting and 98.04% after breakfast) and is designed for optimal patient comfort.

Breakup by Testing Site:

• Fingertip
• Upper Arm
• Forearm
• Others
   

Fingertip holds the largest share of the industry

A detailed breakup and analysis of the market based on the testing site have also been provided in the report. This includes the fingertip, upper arm, forearm, and others. According to the report, fingertip accounted for the largest market share.

Fingertip testing is the traditional procedure of procuring a blood sample for glucose testing. During the procedure, the patient is supposed to prick their fingertip with a lancet in order to obtain a small drop of blood, which is then placed on a disposable test strip and inserted into the glucose meter. These test strips possess chemicals that react with glucose to produce accurate blood sugar readings. However, due to the discomfort associated with the testing system, manufacturers and researchers are developing non-invasive techniques to monitor blood glucose levels. For example, a research team in Japan has developed a novel methodology to estimate blood glucose levels (BGLs) from near-infrared light (NIR) measurements. As per the article published in the Journal of Biomedical Optics, initial experiments with a smartwatch NIR sensor showed the metabolic index closely matched BGL variations measured by a continuous glucose monitor. This method could lead to accessible BGL monitoring devices integrated into smart devices.

Breakup by End-User:

• Hospitals
• Homecare
• Diagnostic Centres
• Ambulatory Surgical Centres
   

Hospitals represent the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the end-user. This includes hospitals, homecare, diagnostic centres, and ambulatory centres. According to the report, hospitals represented the largest segment.

Hospitals often have a large number of patients who require blood glucose monitoring as part of their treatment. Individuals having type 1 or type 2 diabetes are often admitted to a hospital, most commonly because of conditions unrelated to the underlying diabetes. One prospective study found that 25% of patients with type 1 diabetes and 30% with type 2 diabetes had a hospital admission in a year; those with the highest values for glycated hemoglobin were at greatest risk. Hospitals possess healthcare professionals trained to perform accurate blood glucose testing and offer immediate medication if necessary. Other than this, hospitals manage acute diabetes related complications leading to higher adoption rates of these devices. Besides this, hospitals also play a significant role in spreading awareness about the importance of regular blood glucose monitoring. Moreover, significant technological developments in CGM technology are leading to more efficient glucose monitoring devices for hospitals.

Breakup by Application:

• Type 1 Diabetes
• Type 2 Diabetes
   

Type 2 diabetes exhibits a clear dominance in the market 

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes type 1 diabetes and type 2 diabetes. According to the report, type 2 diabetes accounted for the largest market share.

Type 2 diabetes is a condition where the body either does not produce enough insulin or cannot use insulin effectively, leading to unmanaged blood glucose levels. This can be attributed to a series of factors, such as sedentary lifestyles, insulin resistance, genetic factors, and obesity. The symptoms of this condition are usually very mild and are left unattended. Some of the most common symptoms associated with type 2 diabetes include frequent urination, increased thirst, frequent infections, numbness or tingling in the hands or feet, and areas of darkened skin. Type 2 diabetes is the most common type of the disease and accounts for 90% of all cases. The use of continuous glucose monitoring (CGM) devices among people with type 2 diabetes has been linked with improved glycemic control and other cardiometabolic measures. The use of these devices has also been shown to reduce healthcare resource utilization and mortality among people with type 2 diabetes. As a result, the adoption of blood glucose monitoring devices is projected to increase to improve diabetes management and patient health.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East
• Africa
   

North America leads the market, accounting for the largest blood glucose monitoring market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); the Middle East; and Africa. According to the report, North America represents the largest regional market for blood glucose monitoring devices.

North America has a high prevalence rate of diabetes; around 11.6% of the US population is suffering from diabetes, as per few sources. It also possesses an advanced healthcare infrastructure and technology adoption, thus facilitating the availability and adoption of blood glucose monitoring devices. Additionally, the increasing awareness about diabetes management across the region is positively deriving the market. Other than this, the government of the region offers support programs and insurance coverage which makes these devices accessible to patients. Moreover, the aging population of the region, along with the sedentary lifestyle, is propelling the market growth.

Analysis Coverd Across Each Country:

• Historical, current, and future market performance
• Historical, current, and future performance of the market based on type, testing site, end-user, and application.
• Competitive landscape
• Government regulations
   

Competitive Landscape:

• The market research report has provided a comprehensive analysis of the competitive landscape covering market structure, market share by key players, market player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant, among others. Detailed profiles of all major companies have also been provided. This includes business overview, product offerings, business strategies, SWOT analysis, financials, and major news and events. Some of the major market players in the blood glucose monitoring devices industry include Abbott Laboratories, Hoffman La Roche, Lifescan, Ascensia Diabetes Care, DexCom, Medtronic, Ypsomed, Nipro, Sanofi, and Acon Laboratories, among many others.
• Key players are significantly focusing on the development of CGM systems as they offer real-time monitoring capabilities. Additionally, they are also emphasizing wearable blood glucose monitoring devices in order to cater to the technology-savvy consumer demands. Other than this, market players are significantly focusing on expanding their retail sales channels in order to ensure the accessibility of the devices to a wider population. Besides this, they are extensively investing in research and development (R&D) activities in order to integrate their devices with features such as cloud-based data sharing, connectivity, and real-time data analysis. Moreover, as the per capita health spending (as of 2022) of developing regions increases, key players are making efforts toward expanding their footprints across these regions. 

Analysis Covered for Each Player:

• Market Share
• Business Overview
• Products Offered
• Business Strategies
• SWOT Analysis
• Major News and Events

Blood Glucose Monitoring Devices Market News:

• March 2023: Abbott received approval from the US FDA for its integrated continuous glucose monitoring (iCGM) system, named FreeStyle Libre3. The system possesses the smallest, thinnest, and most discreet glucose sensors globally.
• February 2023: Ascensia Diabetes Care Holdings AG, the manufacturer of the COTOUR BGM System portfolio, entered into a strategic partnership with SNAQ, a mobile application offering nutritional guidance for individuals having diabetes.
• April 2023: Medtronic Plc obtained approval from the US FDA for its MiniMed 780G system integrated with the Guardian 4 sensor. This system requires no fingersticks for operation.

Blood Glucose Monitoring Devices Market Report Scope:

Key Questions Answered in This Report:

• How has the global blood glucose monitoring devices market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global blood glucose monitoring devices market?
• What is the impact of each driver, restraint, and opportunity on the global blood glucose monitoring devices market?
• What are the key regional markets?
• Which countries represent the most attractive blood glucose monitoring devices market?
• What is the breakup of the market based on the type?
• Which is the most attractive type in the blood glucose monitoring devices market?
• What is the breakup of the market based on the testing site?
• Which is the most attractive testing site in the blood glucose monitoring devices market?
• What is the breakup of the market based on the end-user?
• Which is the most attractive end-user in the blood glucose monitoring devices market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the blood glucose monitoring devices market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global blood glucose monitoring devices market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the blood glucose monitoring devices market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global blood glucose monitoring devices market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the blood glucose monitoring devices industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.