Blood Glucose Monitoring System Market by Product and Geography - Forecast and Analysis 2022-2026

The blood glucose monitoring system market share is expected to increase to USD 5.62 billion by 2026 at a progressing CAGR of 9.06%.

This blood glucose monitoring system market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers blood glucose monitoring system market segmentations by the following:

• Product - Self-monitoring and continuous glucose monitoring devices
• Geography - North America, Europe, Asia, and Rest of World (ROW)

The blood glucose monitoring system market report also offers information on several market vendors, including Abbott Laboratories, ACON Laboratories Inc., ARKRAY Inc., B. Braun SE, Dexcom Inc., DiaMonTech AG, F. Hoffmann La Roche Ltd., GlySens Inc., i-SENS Inc., Indigo Diabetes NV, Intuity Medical Inc., Koninklijke Philips NV, LifeScan IP Holdings LLC, Medtronic Plc, Nipro Corp., OK Biotech Co. Ltd., PHC Holdings Corp., Prodigy Diabetes Care LLC, WaveForm Technologies Inc., and Ypsomed Holding AG among others.

What will the Blood Glucose Monitoring System Market Size be During the Forecast Period?

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Blood Glucose Monitoring System Market: Key Drivers, Trends, and Challenges

The availability of reimbursement for BGM devices is notably driving the blood glucose monitoring system market growth, although factors such as lower diagnosis and treatment rate may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the blood glucose monitoring system industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Blood Glucose Monitoring System Market Driver

• One of the key factors driving the global blood glucose monitoring system (BGM) market growth is the availability of reimbursement for BGM devices.
• Broadening access to novel therapies to help more individuals with diabetes is the goal of most companies that manufacture BGM devices.
• BGMs are costly devices that require replacement within six to eight months. Medicare, the federal health insurance program in the US, covers approximately 80% of the cost of BGM devices for people with diabetes.
• The American Association of Diabetes Educators has released a reimbursement procedure for primary care practice, which states that costs of medical services that are incurred by diabetic patients can be reimbursed through Medicare.
• Medtronic has collaborated with diabetes-treating and other healthcare organizations to facilitate reimbursement, which will further drive market growth.

Key Blood Glucose Monitoring System Market Trend

• The rising demand for continuous blood glucose monitoring (CGM) devices is one of the key blood glucose monitoring system market trends that is expected to impact the industry positively in the forecast period.
• Vendors of the blood glucose monitoring market have provided real-time monitoring for insulin-dependent patients by introducing new technology such as CGM systems.
• CG systems have various benefits, including being less intrusive, less painful, real-time monitoring, and fast and exact results.
• According to Abbott statistics, the number of FreeStyle Libre users worldwide increased from 3.0 million in 2020 to 4.0 million in 2021.
• There are few companies that are focusing on noninvasive CGM research and development, and only a few devices have been launched in the European market.
• The increased CGM adoption and market participants changing attention toward noninvasive blood monitoring systems are two important trends in the blood glucose monitoring system market.

Key Blood Glucose Monitoring System Market Challenge

• One of the key challenges to the global BGM system market growth is the lower diagnosis and treatment rate.
• Countries such as China and India have a higher prevalence of delayed diagnosis because chronic diseases such as diabetes mellitus are not well-known among the general public.
• The lack of traditional procedures by government or commercial entities, as well as limited access to advanced healthcare infrastructure, may hamper market progress.
• According to the data published by the International Diabetes Federation in 2021, the number of undiagnosed diabetic patients in APAC is over 55%, with countries such as India, China, and Indonesia leading the way.
• The lower diagnosis and treatment rates are due to the lack of refund schemes for CGM and SMBG systems.
• Such factors may hamper market growth during the forecast period.

This blood glucose monitoring system market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global blood glucose monitoring system market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the blood glucose monitoring system market during the forecast period.

Who are the Major Blood Glucose Monitoring System Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Abbott Laboratories
• ACON Laboratories Inc.
• ARKRAY Inc.
• B. Braun SE
• Dexcom Inc.
• DiaMonTech AG
• F. Hoffmann La Roche Ltd.
• GlySens Inc.
• i-SENS Inc.
• Indigo Diabetes NV
• Intuity Medical Inc.
• Koninklijke Philips NV
• LifeScan IP Holdings LLC
• Medtronic Plc
• Nipro Corp.
• OK Biotech Co. Ltd.
• PHC Holdings Corp.
• Prodigy Diabetes Care LLC
• WaveForm Technologies Inc.
• Ypsomed Holding AG

 

This statistical study of the blood glucose monitoring system market encompasses successful business strategies deployed by the key vendors. The blood glucose monitoring system market is fragmented and the vendors are deploying growth strategies such as investment in R&D to compete in the market.

Product Insights and News

• Abbott Laboratories - The company offers blood glucose monitoring devices under the brand name Freestyle, that offer a range of features to meet the specific needs of people living with diabetes. 
• Abbott Laboratories - In December 2021, the company appointed Robert B. Ford as chairman of the board. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The blood glucose monitoring system market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Blood Glucose Monitoring System Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the blood glucose monitoring system market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Blood Glucose Monitoring System Market?

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39% of the market's growth will originate from North America during the forecast period. The US is the key market for blood glucose monitoring systems in North America. Market growth in this region will be faster than the growth of the market in Rest of World (ROW).

An increase in technological advances, a high incidence of type 1 and type 2 diabetes, and the increasing number of approvals by the US Food and Drug Administration (FDA) for new products will facilitate the blood glucose monitoring system market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The rise in the number of COVID-19 cases in 2020 and early 2021 led to partial lockdowns in several countries, including Canada and Mexico. Hence, the sales of BGM systems declined slightly through offline medical stores; however, the pandemic also led to an increase in the use of e-commerce channels, which, in turn, led to a rise in the demand for BGM systems through online channels. However, by the second half of 2021, lockdown-related restrictions were relaxed in various countries, which included the resumption of businesses and nonessential services due to the COVID vaccination drives. Thus, the resumption of healthcare equipment manufacturing will cater to the demand for BGM systems in North America through both online and offline channels, and the market in focus will register an accelerating growth momentum during the forecast period.

What are the Revenue-generating Product Segments in the Blood Glucose Monitoring System Market?

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The blood glucose monitoring system market share growth by the self-monitoring segment will be significant during the forecast period. The growth of the self-monitoring of blood glucose (SMBG) segment is attributed to the rise in the prevalence of diabetes globally. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the blood glucose monitoring system market size and actionable market insights on post COVID-19 impact on each segment.

 

Blood Glucose Monitoring System Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 9.06%
Market growth 2022-2026	$ 5.62 billion
Market structure	Fragmented
YoY growth (%)	6.44
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 39%
Key consumer countries	US, Finland, Sweden, China, and India
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Abbott Laboratories, ACON Laboratories Inc., ARKRAY Inc., B. Braun SE, Dexcom Inc., DiaMonTech AG, F. Hoffmann La Roche Ltd., GlySens Inc., i-SENS Inc., Indigo Diabetes NV, Intuity Medical Inc., Koninklijke Philips NV, LifeScan IP Holdings LLC, Medtronic Plc, Nipro Corp., OK Biotech Co. Ltd., PHC Holdings Corp., Prodigy Diabetes Care LLC, WaveForm Technologies Inc., and Ypsomed Holding 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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What are the Key Data Covered in this Blood Glucose Monitoring System Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive blood glucose monitoring system market growth during the next five years
• Precise estimation of the blood glucose monitoring system market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the blood glucose monitoring system industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of blood glucose monitoring system market vendors

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