Blood Glucose Monitoring Devices Market: Size, Trends, Key Players and Global Industry Analysis and Forecasting (2023-2029)

The blood glucose monitoring devices market has been growing as issues like diabetes have merged as a huge cause of concern for many patients worldwide. Blood glucose monitoring devices play a crucial role in helping individuals with diabetes helping them monitor their blood glucose levels accurately and make informed decisions regarding their treatment and condition. As diabetes is becoming a common issue, more people are preferring monitoring devices as it provides feasibility for the patients helping the blood glucose monitoring devices market grow. These devices enable individuals to monitor their blood glucose levels regularly, helping them manage their condition effectively and reduce the risk of complications.

 

These devices also have in build signals and connectivity which makes them technologically advance yet easy to use. According to the International Diabetes Federation, in 2021, around 537 million people were diagnosed with diabetes, this number is expected to increase to 643 million by 2030. As more people have started using the monitoring devices, more is the trust increasing among the customers. Also, these devices have increased its efficiency and accuracy which suggests a higher sale in blood glucose monitoring devices market. Thus, the high CAGR of 9.7% indicates the potential the market has in the diagnostic fields not just related to diabetes but to other concerns as well. North America is considered to be the leading player of the market. Technology, feasibility and efficiency makes blood glucose monitoring devices market a huge marketplace in the future.

 

Technology has driven the blood glucose monitoring devices market and has ensured that monitoring devices have developed accordingly. Continuous glucose monitoring (CGM) systems, wearable devices, and smartphone apps have transformed the market, providing real-time glucose readings and integrated data analysis. Electrochemical sensors are widely used in blood glucose monitoring devices. These sensors utilize enzymes, such as glucose oxidase or glucose dehydrogenase, to catalyse the oxidation of glucose in a blood sample. With the increasing digitization, Blood glucose monitoring devices are designed to integrate with smartphones, leveraging the capabilities of smartphone. Users can connect their devices to smartphone apps via Bluetooth or other wireless protocols, enabling them to conveniently monitor their glucose levels on their phones. Another technological change has been regarding AI and machine learning technologies.

 

These technologies are being explored to enhance the functionality of blood glucose monitoring devices. These technologies can analyse large datasets, identify patterns, and provide personalized insights and recommendations. AI algorithms may help predict glucose trends, detect patterns of hyperglycaemia or hypoglycaemia, and assist in optimizing insulin dosing. Thus all these innovations have triggered the higher demand in blood glucose monitoring devices market.

 

 

Global awareness and Health Consciousness driving the Blood glucose monitoring devices Market

The global aging population is more susceptible to developing diabetes which is the most crucial factor in the blood glucose monitoring devices market. As the elderly population increases, the demand for blood glucose monitoring devices grows proportionately, contributing to market growth. North America and Europe are facing a huge concern regarding aging and diabetes and thus the demand is very high amongst the people. Also, these regions have the technological infrastructure to manage and build such sophisticated devices which gives additional advantage to such developed nations. Another important factor has been personalized healthcare approaches which have gained prominence, and diabetes management has been at the peak of it. Blood glucose monitoring devices play a critical role in providing individuals with real-time data about their blood glucose levels, enabling personalized treatment plans and facilitating better diabetes management. Also, the monitoring is efficient and simple, which negates any complications which a patient can come across with traditional monitoring devices.

 

Global awareness and health consciousness have grown the blood glucose monitoring devices market worldwide. This transition is due to more people with diabetes, the awareness of diabetes as a worldwide health issue, and the understanding of the long-term effects of uncontrolled blood glucose levels. Governments, advocacy groups, and healthcare organizations have raised diabetes awareness regarding the blood glucose monitoring devices market. Public health efforts, educational campaigns, and community outreach programs have helped spread information and empower people to take control of their health. Diabetes management has been a priority for healthcare practitioners. They've shown the need for frequent blood glucose testing, medication adherence, good nutrition, and regular physical exercise, which necessitates ongoing monitoring. Monitoring blood glucose levels helps people make health decisions and maintain stable glucose levels.

 

Efficiency is a major challenge for Blood Glucose Monitoring Devices

One of the main challenges for the Blood Glucose Monitoring Devices Market is regarding its accuracy. The devices are criticized for their false results. Variations in readings can have significant implications for diabetes management decisions. Challenges related to accuracy and reliability may arise due to factors such as user error, device calibration, sensor technology limitations, and interferences from medications or other substances. Also, the environment while taking the readings may not be conducive or may show interference are some common reasons in the blood glucose monitoring devices market. Blood glucose monitoring devices and their associated supplies can be costly, particularly for individuals without adequate insurance coverage or limited financial resources. The recurring costs of test strips, lancets, and sensors can place a financial burden on individuals with diabetes. Improving the affordability and accessibility of blood glucose monitoring devices is another important challenge that Blood Glucose Monitoring Devices market should curb upon

 

These devices generate huge data which need to be analysed and stored. Blood glucose monitoring devices need to be effectively managed, analysed, and integrated into the overall diabetes management process. Seamless integration of blood glucose data into comprehensive diabetes management platforms is crucial for effective decision-making and personalized care which again is a high-risk job for the blood glucose monitoring devices market.

 

 

Technology at the Centre of Every Growing Trend in Blood Glucose Monitoring Devices

 

 

Continuous Glucose Monitoring (CGM) Systems	Allows patients to assess glycaemic patterns and glycaemic variability. Can potentially prevent hypoglycemia and hyperglycemia. Provides alerts when the glucose level is too low or too high are some advantages which assist in the blood glucose monitoring devices market
Non-Invasive Glucose Monitoring	It prevents both chronic and acute complications from the disease, without drawing blood, puncturing the skin, or causing pain or trauma.
Artificial Intelligence Integration (AI)	Integration of AI algorithms with CGM biosensors can bridge the gap between data acquisition and analysis and achieve improved therapeutic treatment and diagnosis
Remote Monitoring Solutions	Remote patent monitoring reduces human error because RPM devices automatically upload. Easy access to a wireless blood glucose meter encourages people with diabetes to monitor their chronic condition and lower the risk of complications.
Digital Health Platforms	Expanded access to health care to all. Decreased health care costs for both patients and providers. Improved patient health outcomes through personalized treatment plans and increased operation efficiency at health facilities

 

Blood Glucose Monitoring Devices Market Segmentation

by Application

Type 1 Diabetes, Type 2 Diabetes, and Gestational Diabetes are the segments in Blood glucose monitoring devices market. Type 2 Diabetes has seen the most market share, while Type 2 Diabetes has a lesser market. With increasing cases of Type 2 Diabetes, the segment using Blood Glucose Monitoring Devices is likely to increase.

 

by Distribution Channel

Retail pharmacies, Online pharmacies and Hospital pharmacies are the 3 main distribution channels in Blood glucose monitoring devices market. Retail pharmacies have highest share amongst the 3. Retail pharmacies offer convenience, immediate assistance from pharmacists, and the ability to interact with healthcare professionals in person. While online pharmacies have the least share but is expected to grow in future because of digitization.

 

by Product

Self-monitoring blood glucose devices and Continuous glucose monitoring systems are the two main products in Blood Glucose Monitoring Devices Market. Continuous glucose monitoring systems (CGMs) have the highest market share in the blood glucose monitoring devices market compared to self-monitoring blood glucose devices (SMBGs). CGMs provide valuable insights into glucose fluctuations, help identify patterns, and assist in making informed diabetes management decisions.

 

by End User

Home care settings, Hospitals and clinics and Diagnostic centres are the 3 segments in Blood Glucose Monitoring Devices Market. Hospitals and clinics have the highest market share among home care settings, hospitals and clinics, and diagnostic centres in the blood glucose monitoring device market. Hospitals and clinics serve as primary care centres for individuals with diabetes, offering a range of diagnostic and treatment.

Blood Glucose Monitoring Devices Market Segmentation, by Testing Site

Fingertip Sensing and Alternate Site Testing are the two main segments in Blood Glucose Monitoring Devices Market. Fingertip sensing has ensured a dominant portion of market share and is expected to grow. Convenience and Comfort are the two main reasons for the growth in this segment. Also, accuracy plays a major part as fingertip testing shows more accurate results.

 

Blood Glucose Monitoring Devices Market Segmentation, by Region

North America has seen a huge growth in the blood glucose monitoring devices market, as technology has favoured the widespread technological prowess of some developed nations like US. US has been at the forefront not just on technology, but also in rising cases regarding diabetes. Increased cases have nurtured the market to flourish and helped generate a 10-billion-dollar market worldwide. Europe hasn’t been far behind and countries like UK, France, Germany have gained a huge market share. Asia pacific has seen a growing trend as developing countries like India, who are one of the leading pharmaceutical exporters have grown. Japan, Singapore, China have started dominating the market signifying the increasing growth of Asia Pacific.

 

Competitive Advantage

The market is competitive as new technology brings a new change in the product line. But the ability to invest in technology is present for only some established and giant players. The companies have been a part of acquisitions (Roche Diabetes Care and mySug) and partnerships (Medtronic and Nutrin) which have nurtured the market growth. Governments and other organisations have played a key role in spreading awareness and precaution across globe, which has created an increased demand.

 

Abbott Laboratories: The company offers innovative glucose monitoring systems, including continuous glucose monitoring (CGM) systems and traditional blood glucose meters.

 

Roche Diabetes Care: Roche Diabetes Care has a brand named Accu-Chek. Their product range includes both CGM systems and self-monitoring blood glucose devices and is one of the market leaders in such monitoring devices

 

Dexcom: Dexcom specializes in CGM systems and has gained significant market share with its advanced and accurate glucose monitoring technology. The company's products provide continuous glucose readings and real-time data, enhancing diabetes management.

 

Medtronic: Medtronic is a prominent player in the blood glucose monitoring devices market, offering insulin pumps. Their integrated systems allow for continuous monitoring and automated insulin delivery.

 

Ascensia Diabetes Care: Ascensia Diabetes Care focuses on self-monitoring blood glucose devices and is known for its Contour line of products. The company offers user-friendly blood glucose meters and related accessories.

 

Blood Glucose Monitoring Devices Market Scope

 

Blood Glucose Monitoring Devices Market Scope
Market Size in 2022	USD 12.27 Bn.
Market Size in 2029	USD 24.42  Bn.
CAGR (2023-2029)	9.7 Percent
Historic Data	2017-2021
Base Year	2022
Forecast Period	2023-2029
Segment Scope	By Application Type 1 Diabetes Type 2 Diabetes Gestational Diabetes
	By Product Self-monitoring Blood Glucose Devices Continuous Glucose Monitoring Systems
	Distribution Channel Retail pharmacies Online pharmacies Hospital pharmacies
	End User Home care settings Hospitals and clinics Diagnostic centres
	Testing Site Fingertip Sensing Alternate Site Testing
	By Region North America Asia Pacific Europe Middle East and Africa South America
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Key Players

1. Abbott Laboratories (United States)
2. Roche Diabetes Care (Switzerland)
3. Medtronic plc (Ireland)
4. Dexcom, Inc. (United States)
5. Ascensia Diabetes Care Holdings AG (Switzerland)
6. LifeScan, Inc. (United States)
7. Becton, Dickinson and Company (United States)
8. Ypsomed AG (Switzerland)
9. Nipro Corporation (Japan)
10. Johnson & Johnson (United States)
11. Arkray, Inc. (Japan)
12. Terumo Corporation (Japan)
13. Acon Laboratories, Inc. (United States)
14. Nova Biomedical Corporation (United States)
15. ForaCare Inc. (United States)
16. Sinocare, Inc. (China)
17. TaiDoc Technology Corporation (Taiwan)
18. All Medicus Co., Ltd. (South Korea)
19. i-SENS, Inc. (South Korea)
20. Menarini Diagnostics (Italy)
21. Trividia Health, Inc. (United States)
22. Sanofi (France)
23. AgaMatrix Holdings LLC (United States)
24. Bionime Corporation (Taiwan)
25. Medisana AG (Germany)