Blood glucose monitoring market is estimated to be valued at USD 18.85 Bn in 2024 and is expected to exhibit a CAGR of 10.2% over the forecast period (2024-2031). The global blood glucose monitoring market is witnessing high growth due to the increasing prevalence of diabetes across the globe. Furthermore, technological advancements in glucose monitoring devices, such as the development of minimally invasive and non-invasive testing devices, are also fueling the market growth.
Market Dynamics:
The global blood glucose monitoring market is driven by the increasing prevalence of diabetes and technological advancements in glucose monitoring devices. The rising incidence of diabetes, especially type 1 and type 2 diabetes, has significantly driven the demand for blood glucose monitoring devices. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021 worldwide. This rising diabetes patient pool is the primary factor stimulating the market growth. Additionally, continuous innovations and advancements in glucose monitoring technologies have enhanced the efficiency and convenience of testing. The introduction of minimally invasive and non-invasive glucose monitoring devices is gaining popularity among patients, thereby propelling the market expansion.
Growing Prevalence of Diabetes is Driving the Global Blood Glucose Monitoring Market Growth
According to the International Diabetes Federation, approximately 463 million adults aged between 20-79 years were living with diabetes in 2019 and this number is expected to rise to 700 million by 2045. Diabetes requires the constant monitoring of blood glucose levels and devices like glucometers and continuous glucose monitoring devices are vital for effective diabetes management. The growing diabetic patient pool worldwide has significantly increased the demand for blood glucose monitoring devices.
Technological Advancements are Fueling the Adoption of Advanced Blood Glucose Monitoring Devices
Traditional finger-prick blood glucose meters have evolved into advanced continuous glucose monitoring (CGM) devices that track glucose levels continuously without the need for finger pricks. CGM devices offer real-time glucose monitoring which has improved diabetes management outcomes. The introduction of smartphone-connected CGM devices that can share glucose readings with clinicians and caregivers remotely has widened the scope of remote patient monitoring. Integrating advanced technologies like cloud connectivity, Bluetooth, and artificial intelligence is further augmenting the demand for modern blood glucose monitoring solutions. These technological advancements have propelled the adoption of advanced blood glucose monitoring devices globally.
High Device Costs Pose a Challenge for Widespread Adoption
Traditional glucometers require continuous purchases of test strips which adds to the overall cost of treatment. Advanced continuous glucose monitoring (CGM) devices offer more accurate monitoring but have a considerably higher upfront device cost compared to glucometers. The hefty price tag makes CGM devices unaffordable for many patients. This cost barrier particularly impacts less affluent patients and those residing in developing nations, limiting the widespread adoption of blood glucose monitoring solutions globally. Device manufacturers focusing on lowering production costs and governments providing subsidies can help address this challenge.
Growing Demand for Personalized Diabetes Management Solutions
With advanced data analytics capabilities, current and next-generation devices are enabling more customized treatment approaches based on an individual's lifestyle and glucose patterns. This personalized insight allows for proactive care, lifestyle modifications, and personalized drug therapies. The shift towards value-based care is also driving the demand for monitoring solutions that deliver clinically relevant insights for improved patient outcomes. Customized diabetes care presents significant opportunities for personalized blood glucose monitoring and management solutions providers.
Untapped Potential in Emerging Markets
Emerging economies in Asia Pacific and Latin America with growing diabetic population and improvements in access to healthcare offer lucrative market potential yet to be tapped. While current device penetration remains relatively low in these regions compared to developed markets, economic growth is enhancing affordability and access over time. Favorable regulatory norms and increasing healthcare budgets also bode well for market expansion in emerging territories. Overall, emerging markets present a substantial growth avenue for the global blood glucose monitoring industry.
*Link: https://www.coherentmarketinsights.com/market-insight/blood-glucose-monitoring-market-5382
Key Development
- 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 (FDA) 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 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
Key Players: 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, and F. Hoffmann-La Roche Ltd.
