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The blood glucose monitoring devices market size is estimated to grow at a CAGR of 8.88% between 2022 and 2027. The market size is forecast to increase by USD 7,488.81 million. The growth of the market depends on several factors, including the rising global burden of diabetes, technological advances in blood glucose monitoring devices, and the availability of reimbursement for blood glucose monitoring devices.
This blood glucose monitoring devices market report extensively covers market segmentation by end-user (hospitals, home care, and diagnostic centers), product (SMBG, CGM, and lancets), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising global burden of diabetes is notably driving the market growth, although stringent regulatory framework may impede the market growth. Our researchers analyzed the data with 2022 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.
The rising global burden of diabetes is notably driving the blood glucose monitoring (BGM) devices 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 Blood Glucose Monitoring (BGM) Devices Market and this trend is expected to continue during the forecast period.
Smart watch-based apps are a key trend influencing the Blood Glucose Monitoring (BGM) Devices 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.
A stringent regulatory framework is challenging the Blood Glucose Monitoring (BGM) Devices 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.
The 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 growth strategies.
Global Blood Glucose Monitoring Devices Market Customer Landscape
Vendors 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 report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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 surgery, 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.
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The hospitals segment was valued at USD 4,048.53 million in 2017 and continued to grow until 2021. Major players in the market include Abbott Laboratories, Roche, Medtronic, Dexcom, and others. These companies 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 surgery will drive the growth of the segment during the forecast period.
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North America is estimated to contribute 43% to the growth of the global blood glucose monitoring devices market during the 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. Major players in this region's market include Abbott Laboratories, Roche Diagnostics, LifeScan, Dexcom, and others. The United States is the largest sales market for blood glucose meters in North America. 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.
The COVID-19 outbreak adversely affected all countries in the world. A surge in COVID-19 cases from the first quarter of 2020 to early 2021 has led to partial lockdowns in several countries. As a result, various non-urgent treatments and practices were curtailed or completely stopped in line with government guidelines. Several scheduled treatments were deferred. However, the pandemic also led to increased use of e-commerce channels, resulting in increased demand for blood glucose meters through online channels. Therefore, the market experienced somewhat mixed effects in the first quarter of 2020 and 2021. However, in 2021, the resumption of manufacturing of healthcare devices allowed the market to meet the demand for blood glucose meters across the world through both online and offline channels.
The blood glucose monitoring devices market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global blood glucose monitoring devices market as a part of the global healthcare equipment market. The parent global healthcare equipment market includes products and companies engaged in research and development (R&D) of various product categories such as capital goods, instruments, implants, accessories, and consumables used in diagnosing, monitoring, and treating various diseases.
Blood Glucose Monitoring Devices Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.88% |
Market growth 2023-2027 |
USD 7,488.81 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
8.13 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 43% |
Key countries |
US, Canada, Germany, UK, and Japan |
Competitive landscape |
Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled |
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., and Ypsomed AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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