BLOOD GLUCOSE MONITORING MARKET ANALYSIS

Blood Glucose Monitoring Market Size and Trends

The global blood glucose monitoring market is estimated to be valued at USD 18.85 Bn in 2024 and is expected to reach USD 37.14 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.

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The global blood glucose monitoring market is witnessing positive trends with growing incidences of diabetes worldwide. There is an increasing adoption of self-monitoring blood glucose devices owing to increasing awareness about diabetes management. Technological advancements in glucose monitoring devices are further driving the market. Introduction of smart and integrated blood glucose monitoring systems having connectivity capabilities and data management software are gaining popularity. Portable and wearable continuous glucose monitoring (CGM) devices are observing high demand due to their convenience. Rising access to healthcare infrastructure and insurance coverage for diabetes care in developing nations present new market growth opportunities. However, stringent regulations for new product approvals may hamper the market growth to some extent.

Market Driver – Increasing Prevalence of Diabetes

Increasing prevalence of diabetes across the globe is expected to augment the growth of the global blood glucose monitoring market over the forecast period. For instance, the prevalence of diabetes has been rising more rapidly in low- and middle-income countries than in high-income countries. According to the International Diabetes Federation (IDF), in 2021, around 537 million adults (20-79 years) were living with diabetes, and the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. This, in turn, is expected to aid in the growth of the global blood glucose monitoring market.

Market Concentration and Competitive Landscape

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Increasing product approvals by regulatory authorities, such as U.S. Food and Drug Administration, and technological advancements in testing devices are expected to drive the market growth over the forecast period. For instance, in August 2023, Nemaura, a medical technology company, announced that it had received Saudi Food and Drug Authority (SFDA) approval for its sugarBEAT sensor that offers non-invasive, flexible continuous glucose monitoring (CGM). It provides actionable insights derived from real-time glucose measurements and daily glucose trend data. It could help people with diabetes and pre-diabetes better manage, reverse, and prevent the onset of the chronic condition.

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Due to high cost of equipment and lack of proper reimbursement, patients are forced to spend out of their own pocket. Without insurance, the annual cost of using a continuous glucose monitor ranges from nearly US$ 1,000 to US$ 3,000. Moreover, Medicare does not cover non-therapeutic continuous glucose monitoring.

Market Opportunities – Increasing Demand for Self-Monitoring Blood Glucose (SMBG) Devices

There is an increase in demand for self-monitoring blood glucose (SMBG) devices worldwide. The SMBG is the most preferred device by the patients due to its affordability and less sophisticated usage when compared to continuous glucose monitoring (CGM). The SMBG device provides a means for the diabetic person to differentiate between fasting, pre-meal, and post-meal blood glucose levels, allowing them to monitor the immediate effects of drugs, physical activity, and food on glycemic management. This trend is expected to continue over the forecast period.

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The type segment includes self-monitoring blood glucose devices, continuous glucose monitoring devices, and flash glucose monitoring devices. The self-monitoring blood glucose devices sub-segment is estimated to hold 45.7% of the market share in 2024 owing to their easy portability and convenience. These devices allow patients to test blood glucose levels anytime and anywhere without needing to visit a doctor or laboratory. The small, handheld form factor of glucometers and test strips make self-testing simple, private, and discreet for users. This has helped improve compliance with blood glucose monitoring regimens. Additionally, technological advancements have made these devices smaller, lighter, and easier to use. Touchscreen-based meters with simplified workflows and readable displays appeal to a wide patient base. Strong branding by leading manufacturers further promotes accessibility. Overall, the portability and hassle-free nature of self-monitoring devices have fueled their widespread adoption over other specialized glucose monitoring equipment.

Insights, By Component: Diagnostic Accuracy Drives the Demand for Glucometer Devices

The component segment includes glucometer devices, test strips, lancets, sensors, and others. The glucometer devices sub-segment is estimated to hold 45.4% of the market share in 2024 owing to their high diagnostic accuracy. Glucometers serve as the core component that analyze blood samples and determine glucose readings. Leading manufacturers have invested heavily in refining glucometer technology for enhanced accuracy and reproducibility of results. Updated glucometers use electrochemical and photometry techniques to analyze just a small blood sample and produce reliable readings. Their accuracy allows patients as well as healthcare providers to confidently make treatment decisions. The consistency and speed of glucometer readings are vital for chronic disease management. This necessity has sustained demand for precision-tested glucometers across various end-user segments.

Insights, End User: Need for Early Detection Drives Adoption in Hospitals

The end user segment includes hospitals, homecare settings, ambulatory care settings, and others. The hospitals sub-segment is estimated to hold 35.9% of the market share in 2024 owing to the need for the early detection of hyper/hypoglycemia. Patients admitted to hospitals often experience fluctuations in blood glucose levels due to their medical conditions, treatments, and diet changes. Timely monitoring and recognition of deviations are critical for avoiding medical complications. Hospitals are well-equipped for intensive care using professional blood glucose meters connected to laboratory systems. The expertise of clinical staff also helps undertake frequent surveillance. In addition, hospital protocols mandate regular glucose screening. As a result, advanced diagnostics capabilities and focus on timely intervention have concentrated significant demand for monitoring equipment within the hospital end-user segment.

Regional Insights

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North America remains the dominant region in the global blood glucose monitoring market and is estimated to hold 39.1% of the market share in 2024 owing to the rising incidence of diabetes and growing geriatric population in the region, especially in the U.S. For instance, diabetes is a serious disease, and affects many older adults, as geriatric population is more prone to diabetes. According to the American Diabetes Association, more than 1.5 million people in the U.S. were be diagnosed with diabetes in 2022.

The Asia Pacific region has emerged as the fastest growing market owing to the increasing prevalence of diabetes and increasing demand for blood glucose monitoring devices in the region. For instance, in November 2020, Abbott, a pharmaceutical company, announced the launch of continuous glucose monitoring (CGM) technology, FreeStyle Libre system, in India. The device is now available for adults and children (above the age of four) living with diabetes in India and women with gestational diabetes (diabetes during pregnancy), offering them the choice to check glucose levels anytime and anywhere, ultimately improving glucose control.

Market Report Scope

Blood Glucose Monitoring Industry News

• On April 4, 2024, Glucotrack, Inc., a medical device company, and TTP plc, a technology company, announced the completion of computational modeling for Glucotrack’s implantable Continuous Blood Glucose Monitor (CBGM), suggesting sensor longevity beyond three years. Glucotrack has engaged TTP for the development of computational modeling, which addresses enzyme longevity for use in long-term implantable electrochemical sensors.
• On March 5, 2024, Dexcom, Inc., a company that develops, manufactures, produces, and distributes continuous glucose monitoring systems for diabetes management, announced that it had received an approval from the U.S. Food and Drug Administration for marketing the first over-the-counter (OTC) continuous glucose monitor (CGM). The Dexcom Stelo Glucose Biosensor System is an integrated CGM (iCGM) intended for anyone 18 years and older.
• On February 6, 2024, Dexcom, Inc. launched Dexcom ONE+ in Spain, Belgium, and Poland. Dexcom ONE+ is a customizable continuous glucose monitoring solution that can be worn at three different locations on the body.
• In November, 2023, Nemaura, a medical technology company, announced the expansion into the U.K. with its Metabolic Health Program. Under this initiative, the company has integrated continuous glucose monitoring (CGM) with its behavioral change program.
• In May 2021, F. Hoffmann-La Roche Ltd., a healthcare company, and Ellerca Health Corp., a digital therapeutics company, announced that they had launched Accu-Chek + 360Care, combining F. Hoffmann-La Roche Ltd.’s Accu-Chek Guide blood glucose meter, customized home delivery of testing strips and Ellerca Health Corp’s self-management digital program, 360Care, which empowers patients to be in control of their own treatment schedule with access to a team of health coaches.

*Definition: Blood glucose monitoring is the use of a glucose meter to test the concentration of glucose in the blood. Self-monitoring of blood glucose (SMBG) devices play an important role in managing diabetes. Whereas, continuous glucose monitoring devices tracks blood glucose levels, also called blood sugar, throughout the day and night.

Market Segmentation

•  Type Insights (Revenue, USD Bn, 2019 - 2031)
  • Self-monitoring blood glucose devices
  • Continuous glucose monitoring devices
  • Flash glucose monitoring devices
•  Component Insights (Revenue, USD Bn, 2019 - 2031)
  • Glucometer devices
  • Test strips
  • Lancets
  • Sensors
  • Others
•  End User Insights (Revenue, USD Bn, 2019 - 2031)
  • Hospitals
  • Homecare Settings
  • Ambulatory Care Settings
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Medtronic
  • ACON Laboratories, Inc.
  • Senseonics, Inc.
  • Medisana AG
  • Bionime Corporation
  • AgaMatrix Inc.
  • ARKRAY, Inc.
  • Rossmax International Ltd.
  • Dexcom, Inc.
  • Nipro Group
  • B. Braun SE
  • Nova Biomedical 
  • LifeScan IP Holdings, LLC
  • Ascensia Diabetes Care Holdings AG
  • Nemaura
  • Terumo Corporation
  • F. Hoffmann-La Roche Ltd