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The global blood glucose monitoring systems market size was valued at USD 10.09 Billion in 2018 is projected to reach USD 17.06 Billion by 2026, exhibiting a CAGR of 6.7% during the forecast period.
Diabetes, which is considered as one of the most serious chronic condition, has a significant economic and social impact. The International Diabetes Federation estimated that around 425 million adults were suffering from diabetes in 2017 and it is projected to rise to around 630 million by 2045 in the U.S., alone.
The cost of diagnosed diabetes was estimated to be a staggering $325 billion in 2017. It is critical for diabetic patients to monitor their blood glucose levels on a regular basis to avoid an episode of hyperglycemia (very high glucose level) or hypoglycemia (very low glucose level), which can have serious implications such as damage to the kidney or cause a cardiovascular event such as a heart attack or stroke.
Globally, the adoption of blood glucose monitoring devices is being driven by multiple factors such as rising prevalence of diabetes, growing awareness of the importance of blood sugar monitoring among patients. The availability of reimbursement for self-monitoring of blood glucose (SMBG) and continuous blood glucose (CGM monitoring along with above-mentioned factors are propelling the demand for novel diagnostic devices globally.
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Above all, technological developments in blood glucose monitoring devices is expected to have a huge positive impact on the diabetes monitoring systems market in the forecast period. Recent advances in diabetes monitoring systems has made the process of monitoring blood sugar levels easier, more user friendly, convenient, and less invasive.
There is a significantly high proportion of undiagnosed diabetes population, especially in poor and developing countries, which acts as the major restraint for the blood glucose monitoring devices market. In Africa, almost 2 out of three diabetes patients are undiagnosed whereas around 1 out of two diabetes patients remain undiagnosed in countries such as India, China, and Indonesia.
“Availability of Reimbursement for Blood Glucose Monitoring Systems, is Fueling the Demand and Adoption of these Devices”
Monitoring of blood sugar level is a huge cost of burden for patients suffering from diabetes. In developed countries such as the U.S. and Western Europe, the average annual cost per person for continuous glucose monitoring systems is estimated to be around USD 2,500 to USD 2,800 whereas the annual cost of test strips, lancets meters required for SMBG can be around USD 5,000 to USD 5,200.
The availability of reimbursement through public and private health insurance has been critical in the adoption of blood glucose monitoring systems. For example, Australia has the National Diabetes Services Scheme (NDSS), through which country’s diabetes population is provided access to SMBG consumables at a subsidized rate. Over 1.3 million Australians, which is almost the entire diagnosed diabetic population in the country, were registered with NDSS in 2018.
“The Rising Prevalence of Diabetes Presenting a Large Patient Pool Demanding Diagnostic Devices”
There is an increasing prevalence of diabetes globally, especially in developing economies including China and India. Various factors including rapid urbanization and growth in sedentary lifestyle, especially in developing economies have been responsible for rapidly rising prevalence of diabetes. China and India account for around 44% of the global diabetic population.
“Market is Expected to see a Significant Shift from Self-monitoring of Blood Glucose Systems to Continuous Blood Glucose Monitoring Systems in the Forecast Period.”
The biggest challenge associated with the SMBG devices currently available in the market is the inconvenience and pain associated with finger pricking. This hinders regular testing among diabetic patients and impacts diabetes management. CGBM devices overcome these challenges and various studies have proven that they are more effective than self-monitoring of blood glucose in diabetes management due to their ease of use, faster results, and minimally invasive nature. It is projected that a significantly large number of patients will shift from SMBG to CGM in the forecast period.
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The aggressive adoption of the Abbott FreeStyle Libre system is one of the biggest drivers for the CGM devices market. The system, which was launched in Europe in 2014, had more than 1.3 million users globally in 2018.
“Launch of New Products to Drive the Adoption of Non-invasive Blood Glucose Monitoring Devices.”
On the basis of type, the blood glucose monitoring systems can be segmented into non-invasive and invasive systems. The non-invasive systems are anticipated to grow at a faster CAGR during the forecast period. This is primarily attributed to the pain associated with the finger pricking in the invasive monitoring systems. Blood glucose monitoring devices like SugarBeat by Nemaura and Glucotrack by Integrity Applications are gaining a huge popularity among diabetic patients due to their clinical benefits such as easy to use and non-invasive nature.
Moreover, blood glucose monitoring systems market players like DiamonTech is introducing technologically advanced non-invasive monitoring devices named DMT pocket which works with an infrared light beam that scans patient’s skin and measures glucose levels. These advancements are anticipated to boost the adoption of non-invasive devices during the forecast period. Also, several institutions and companies are developing innovative technologies for blood sugar monitoring devices.
For instance, in October 2018, the researchers of the University of Missouri-Columbia evaluated a device with laser technology which was proved to be effective to measure the blood glucose level. Such introduction of innovative techniques to measure blood glucose level is projected to increase the shift of patients from invasive to non-invasive blood glucose monitoring devices.
“Wearable meters are Expected to register a higher CAGR in the Blood Glucose Monitoring Systems Market in the Forecast Period.”
On the basis of modality, the global blood sugar monitoring devices market can be segmented into wearable and non-wearable systems. The wearable systems are anticipated to register a higher CAGR during the forecast period owing to the increasing adoption of continuous blood glucose monitoring (CGM) systems. Many market players are focusing on introducing wearable continuous glucose monitoring (CGM) systems as a leverage to strengthen its position in the global market. For instance, in 2019 Nemaura received an approval from CE for SugarBeat continuous glucose monitoring (CGM) patches. Introduction of these technologically advanced wearable monitoring systems in market is anticipated to increase the growth of blood sugar monitoring devices markets during the forecast period.
“Retail Sales Segment Would Hold the Highest Share Among Distribution Channels.”
As per the current blood glucose monitoring systems market trends, the market can be segmented into institutional sales and retail sales. The retail sales is anticipated to have the dominant revenue share because of the shift of patient towards self-monitoring techniques. The sales of blood monitoring systems is higher through retail pharmacies & stores owing to the increasing demand from diabetic patients in the home care settings that requires continuous diabetes management.
Institutional sales are anticipated to occupy the second position in 2018. This is attributed to lower volume sales in institutions like hospitals and clinics, which have a comparatively low adoption rate due to presence of alternative test procedures to determine the blood glucose level of the hospitalized patients. Retail sales are also anticipated to experience opportunities for revenue increase due to the increasing usage of online pharmacy facilities which are often supported by these organizations.
North America generated a revenue of USD 4.10 Billion in 2018 and is anticipated to emerge dominant in the global diabetes monitoring systems market during the forecast period. The increasing prevalence of diabetes, coupled with the high adoption of technologically advanced systems, is responsible for the dominance of North America in the global market. Besides, the increasing expenditure and awareness about diabetes management in North America is anticipated to fuel the growth of the blood glucose monitoring systems market during the forecast period.
Asia Pacific is expected to register a higher CAGR during the forecast period due to the increasing prevalence of diabetes in this region. For instance, according to the International Diabetes Federation an estimated 7.1% population of India was suffering from diabetes complications in the year 2018. However, diabetic patients in countries like Australia, China, and Japan are taking interest in regular and timely monitoring of their blood glucose level for accurate diabetes management. This would drive the growth of blood glucose monitoring market in Asia Pacific during the forecast period.
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On the other hand, Europe is projected to witness a significant growth in the market due to strict regulatory guidelines with respect to approval of medical devices. The developed market in some European countries, including UK, France, and the Scandinavia would contribute to the growth of the European market. Latin America and the Middle East & Africa accounted for a comparatively less share in the global blood glucose monitoring systems market during the forecast period owing to the low awareness regarding diabetes management.
“Market Players such as F. Hoffmann-La Roche, Abbott, Ascensia Diabetes Care Holdings and LifeScan Inc. Dominate the Blood Glucose Monitoring Systems Market.”
Traditionally, the SMBG systems market has been dominated by players such as Roche, Abbott, LifeScan and Ascencia Diabetes Care whereas companies such as Abbott, Dexcom and Medtronic dominate the market for CGM systems. The competitive landscape of the global blood glucose monitoring systems market is expected to change in the forecast period with the launch of novel non-invasive and wearable products that will see a quick uptake among the patients due to various benefits offered by them. For instance, in 2018, DEXCOM announced the launch of its new continuous glucose monitoring system (CGMS), named as G6. Such launch of technologically advanced and inexpensive blood glucose monitoring systems by key players in the market are anticipated to propel the growth of blood glucose monitoring devices market during the forecast period.
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Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are prevalence of diabetes for key countries and regions, new product launches, technological developments in blood glucose monitoring systems, recent industry developments, pricing of major products/brands, detailed product mapping for key market players, key strategies adopted by market leaders, competitive landscape and company profiles.
Value (USD Billion)
By Distribution Channel
Based on the detailed study conducted by Fortune Business Insights, the blood glucose monitoring systems market was valued at USD 10.09 Billion in 2018.
Fortune Business Insights has estimated the value of the blood glucose monitoring systems market at USD 17.06 Billion in 2026.
The blood glucose monitoring systems market is projected to grow at a CAGR of 6.7% in the 2019-2026 period.
In 2018, North America accounted for around 41% of the Global Blood Glucose Monitoring Systems market and was valued at USD 4.10 Billion.
Technological developments in blood glucose monitoring systems and availability of reimbursement in developed countries are key drivers to the blood glucose monitoring systems industry whereas the significant proportion of undiagnosed diabetes population in under-developed and developing countries acts as a restraint to the market.
Roche, Abbott and LifeScan dominates the market for SMBG systems whereas Abbott, Dexcom and Medtronic dominate the market for CGM systems.
Based on the analysis done by Fortune Business Insights, the blood glucose monitoring systems market is expected to see a significant shift from SMBG to CGM systems in the forecast period due to benefits such as ease of use and minimally invasive nature of CGM devices.
Many non-invasive systems are being developed at present, which are based on various approaches based on optical, thermal and electrical technologies. Many non-invasive devices are expected to be launched in the forecast period, which will see a significant adoption among patients due to the inconvenience associated with finger pricking with relation to invasive products.
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