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The global blood glucose meter market size was valued at USD 7,419.0 Million in 2018 and is projected to reach USD 15,415.6 Million by 2026, exhibiting a CAGR of 9.6% in the forecast period.
According to the International Diabetes Federation, in 2017, an estimated 425 million people suffered from diabetes globally. This figure is expected to rise to 629 million by 2045. The increasing diabetic patient population, combined with the reliability and accuracy of the blood glucose monitoring devices are some of the factors driving the blood glucose meter market share. The rise in the demand for non-invasive blood glucose meters is expected to drive the market.
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The conventional invasive method for monitoring blood glucose levels is painful owing to its invasive technique. This has led to increasing research and the introduction of new non-invasive blood glucose monitoring devices. For example, DiaMonTech GmbH, in 2018, launched a shoebox-sized device that can diagnose the blood glucose levels by using an infrared light beam through the skin. DiaMonTech GmbH also declared to launch a pocket-sized device for personal use by the end of 2019 and a wearable band with data logging and alarm function to monitor blood glucose level by 2021.
"Increasing Number of New Product Launches is Propelling the Growth of the Continuous Glucose Monitoring Devices Segment"
Self-Glucose monitoring systems accounted for the largest share of the global blood glucose monitors market in 2018. The emergence of the continuous glucose monitoring systems, where a sensor implanted under the skin provides continuous glucose measurements for a regular interval of time, is expected to drive the blood glucose meter market growth.
Continuous glucose monitoring (CGM) has demonstrated clinical benefits to patients with type 2 diabetes, with multiple dosages of insulins per day. The introduction of wearable continuous blood glucose monitors is anticipated to have more demand for the meter, due to the ease to use and continuous blood glucose monitoring. These factors are expected to fuel the market revenue during the forecast period of 2019-2026.
Based on the product, the blood glucose meter market segments include continuous glucose monitoring devices and self-monitoring blood glucose systems. On the basis of technique, the market is categorized into invasive and non-invasive. By type, the global market segments include wearable and non-wearable. The wearable type is expected to register a comparatively higher CAGR during the forecast period.
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On the basis of the distribution channel, the market segments include institutional sales and retail sales. The gradual shift in self-glucose monitoring products from retail pharmacies to online pharmacies in developing countries is projected to drive the growth of the online pharmacies segment at a comparatively higher CAGR during 2019-2026. This is likely to fuel the blood glucose meter market demands.
"North America Dominated the Blood Glucose Meter Market due to Increasing Diabetic Population and Rise in the Adoption of Non- Invasive Blood Glucose Meters."
North America generated a maximum revenue of US$ 3,012.6 Mn in 2018 followed by Europe and is expected to dominate the global market throughout the forecast period. Increasing demand and adoption of new and innovative wearable & continuous blood glucose meters in the U.S., combined with rising patient pool suffering from diabetes are factors responsible for a higher share of North America in the global market in 2018.
North America Blood Glucose Meter Market, 2018
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Asia Pacific is projected to register the highest CAGR during 2019-2026, owing to increasing penetration of glucose monitoring, rising patient awareness, and increasing per capita healthcare spending in the region. The market in Middle East & Africa and Latin America accounted for a comparatively smaller share of the market in 2018.
"Dexcom Inc., ROCHE, Abbott and Medtronic Account for Highest Market Share in Terms of Revenue in 2018"
Dexcom Inc., is a leading player in the global continuous blood glucose meters, owing to its strong portfolio in continuous blood glucose meters and strong distribution network globally. In order to strengthen the market position, key market players are focusing on the introduction of wearable and non-invasive blood glucose meters in the global market. Dexcom Inc., along with F. Hoffmann-La Roche Ltd. Abbott and Medtronic dominated the global market in 2018. Other players operating in the blood glucose meter market are Lifespan Inc., Ascensia Diabetes Care Holdings AG., Terumo Medical Corporation, Sanofi, DiaMonTech GmbH and others.
High investment by market players in the non-invasive and wearable continuous blood glucose monitoring systems, combined with rising patient awareness towards self-monitoring in emerging countries, and development of new software and mobile apps by market players, allowing the exchange of data and logging of data from the continuous blood glucose meters are some of the factors expected to propel the blood glucose meter market sales.
The report provides qualitative and quantitative insights on the blood glucose meters industry trends and detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented by product, technique, type, and distribution channel and geography.
On the basis of the product, the global market is segmented into continuous glucose monitoring devices and self-monitoring blood glucose systems. On the basis of technique, the market is categorized into invasive and non-invasive. By type, the market is segmented into wearable and non-wearable. On the basis of the distribution channel, the blood glucose meter market is segmented into institutional sales and retail sales.
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The institutional sales segment is further segmented into hospitals, clinics, and others. The retail sales segment is further categorized into hospital pharmacies, retail pharmacies, and online pharmacies. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the blood glucose meter market report includes industry dynamics and the competitive landscape in the blood glucose meter industry. Various key insights provided in the report are prevalence and incidence of diabetes by key countries, recent industry developments such as mergers & acquisitions, pricing analysis, technological advancements, and key industry trends.
By Distribution Channel
Fortune Business Insights says that the value of the global blood glucose meter market USD 7,419.0 Million in 2018
The blood glucose meter market is projected to reach USD 15,415.6 Million by 2026
The blood glucose meter market will grow at a rate of 9.6% CAGR.
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