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Global Blood Glucose Monitoring System market size was valued at USD 15.80 billion in 2022 and is projected to reach USD 32.99 billion by 2030, exhibiting a CAGR of 9.9% during the forecast period. Blood Glucose Monitoring System are used by individuals to measure the glucose levels in blood. These devices are crucial for patients suffering from type 1 and type 2 diabetes. The growing prevalence of diabetes among general population globally is one of the major factors contributing to the rising demand for Blood Glucose Monitoring System.
The adoption of these systems is growing at a faster pace owing to factors such as the increasing patient pool living with diabetes, rising awareness regarding blood sugar monitoring among patients, and the introduction of novel monitoring devices by key players.
Additionally, supportive reimbursement policies for self-monitoring blood glucose (SMBG) and Continuous Glucose Monitoring (CGM) systems in many countries, is another important factor anticipated to boost the adoption of Blood Glucose Monitoring System further and will subsequently propel the market growth during the forecast period.
Urgency to Expand the Availability of CGM in Hospitals amid COVID-19 Pandemic to Boost Market Growth
The COVID-19 pandemic positively impacted the Blood Glucose Monitoring System market growth. Several key players reported growth in their diabetes care revenue due to the outbreak of the pandemic. With the increasing risk of COVID-19 infection among diabetic patients, a new focus is being placed on home use monitoring devices to manage blood glucose levels at home.
Additionally, the COVID-19 pandemic brought new urgency to assess the feasibility of CGM in hospitals in order to monitor patients with diabetes continuously and to limit healthcare professionals’ exposure. Due to this increased demand, in April 2020, the U.S. FDA issued guidance to expand the availability of remote monitoring devices, including CGMs, across healthcare settings in the U.S.
Therefore, as a result of the pandemic, the demand for Blood Glucose Monitoring System especially at home increased and major market players experienced a significant increase in the revenue from these devices post-pandemic as compared to the previous year.
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Increasing Penetration of CGM Devices across Various Segments to Augment Growth
The introduction of advanced technologies, such as Continuous Blood Glucose Monitoring (CGM) systems by market players, has enabled the real-time monitoring feature for insulin-dependent patients. Also, CGM systems offer several advantages when compared to Self-Monitoring Blood Glucose (SMBG) systems such as being minimally invasive in nature, less painful, real-time monitoring, and rapid & precise results. Thus, such distinct benefits these devices offer are one of the major factors shifting the preference of healthcare providers and patients toward the use of CGM.
Additionally, at present, only a few companies are emphasizing the research and development of non-invasive CGM systems and have introduced a few devices in the Europe market. Thus, the increasing penetration of CGM and the shifting focus of market players toward non-invasive Blood Glucose Monitoring System are some of the major trends observed in this market.
Rising Prevalence of Diabetes to Surge the Demand for Blood Glucose Monitoring Devices
Several factors, including rapid urbanization and the rising shift toward a sedentary lifestyle, in emerging and developed countries are primarily responsible for the growing prevalence of diabetes. For instance, according to the data published by the International Diabetes Federation in 2021, it was estimated that around 537 million adults were suffering from diabetes and countries such as China, India, U.S., Brazil, and Mexico accounted for an estimated 51.6% of the global diabetes population in 2021.
A significant increase has been observed in the number of patients suffering from type-1 or insulin-dependent type 2 diabetes, which has been instrumental in surging the uptake of these systems globally. For instance, according to the data published by International Diabetes Federation, in 2021, it was estimated that the incidence of type 1 diabetes was 149.5 per 1,000 in children and adolescents of age (0-19) years and the global prevalence was around 9.8% among the total population.
Thus, the presence of a large diabetic population suffering from insulin-dependent diabetes, new product introduction by market players, and favorable reimbursement are fueling the demand and adoption of diabetes monitoring products such as BGMs. As a result, the market is estimated to grow from 2023-2030.
Lower Diagnosis & Treatment Rate in Emerging Countries to Restrict the Adoption of BGM
The presence of a large proportion of the undiagnosed diabetes population is one of the major factors resulting in the lower adoption of Blood Glucose Monitoring System, especially in emerging countries. The prevalence of delayed analysis is higher among countries such as China, India, South Africa, Brazil, and others, in comparison with developed countries. Also, due to the lack of awareness among the general population regarding chronic diseases such as diabetes mellitus. Also, the limited access to advanced healthcare infrastructure and the lack of conventional procedures by government or private organizations may hinder growth.
Thus, all the above factors, along with the lack of refund plans for CGM & SMBG systems, are mainly accountable for the lower diagnosis and treatment rates and would subsequently limit the implementation of these systems in developing countries.
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Continuous Glucose Monitoring Systems Segment to Grow at a Faster Pace during 2022-2029
The Continuous Glucose Monitoring (CGM) systems segment is anticipated to register a higher CAGR during the forecast period. The significant growth of this segment is attributed to the increasing adoption of CGMs in developed and emerging countries due to their ability to monitor a patient’s blood glucose levels regularly.
On the other hand, the Self-Monitoring Blood Glucose (SMBG) systems segment dominated the market in 2022. However, the segment is expected to lose its market share by the end of the forecast period due to the high cost of devices, consumables, and growing penetration of CGM devices globally.
Wearable Segment to Register Higher CAGR due to Robust Pipeline of Market Players
On the basis of modality, the market includes wearable and non-wearable. The wearable segment is expected to grow at a comparatively higher CAGR during the forecast period due to the increasing number of product launches of wearable CGM devices by domestic and global manufacturers.
The non-wearable segment stood at dominating position in the market in 2022. The presence of a large number of market players with robust portfolios of non-wearable systems is one of the major factors responsible for the dominance of this segment.
This, along with the constant focus of players to introduce wearable SMBG devices in the market by the end of the forecast period, is expected to propel the growth of this segment.
New Product Launches Led to Higher CAGR of Non-invasive Glucose Monitoring Systems
Due to the pain associated with finger pricking in invasive monitoring devices, key players are now focusing on introducing a non-invasive alternative in the market to improve patient adherence. Thus, the non-invasive segment is expected to grow at a significant rate during the forecast period
Among type, the invasive segment held a dominating share of the global market in 2022. At present, the higher use of SMBG devices among diabetic patients is one of the major factors primarily responsible for the dominance of the invasive segment.
Rising Prevalence of Type 2 Diabetes Responsible for the Segmental Dominance
On the basis of patient type, the market is segmented into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment dominated the global market share in 2022, led by the comparatively larger patient population with insulin-dependent type 2 diabetes.
Besides, the type 1 diabetes segment is slated to record a notable CAGR due to the increasing use of Continuous Glucose Monitoring (CGM) systems, owing to its clinically proven efficiency in reducing risks of hypoglycemia in type 1 diabetes patients.
Preference of Retail Channels by Market Players Boosted the Retail Sales Segment
Based on distribution channel, the market includes institutional sales and retail sales. The retail sales segment captured a substantial market share during 2022 due to increasing initiatives by market players to expand their presence through retail channels in emerging as well as developed countries to strengthen their positions.
The institutional sales segment is anticipated to register a comparatively moderate CAGR owing to the lower adoption rate of blood glucose meters in hospitals & clinics. However, due to the outbreak of COVID-19, various medical organizations have recommended expanding access of CGM in hospitals, which is expected to drive the growth of the institutional sales segment during the forecast period.
North America Blood Glucose Monitoring System Market Size, 2022 (USD Billion)
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North America dominates the Blood Glucose Monitoring System market share and was valued at USD 6.92 billion in 2022. The increasing number of diabetes patients, growing adoption of technologically advanced medical devices and developed per capita medical expenses are some of the key factors principally accountable for the dominant share of regional market.
The Europe market is estimated to progress at a healthy CAGR, owing to the increasing awareness among people regarding diabetes management, along with the rapidly increasing demand for these monitoring system for the regular monitoring of patients at home.
Asia Pacific is anticipated to register a substantial CAGR due to the rising prevalence of insulin-dependent diabetes and an increasing geriatric population in this region. Also, diabetic patients in countries, such as Japan and Australia, are actively interested in the regular and timely monitoring of their glucose levels. This, along with the increasing emphasis of key players to develop their direct presence in developing countries.
The Middle East & Africa and Latin America are expected to register a moderate CAGR during the forecast period. This is due to the lack of awareness among the general population regarding diabetes care and inadequate reimbursement policies for Blood Glucose Monitoring System.
Diverse Product Portfolio of Major Players to Lead to their Dominance in the Market
The global market is consolidated, with few Blood Glucose Monitoring System players accounting for the largest share in terms of self-monitoring blood glucose systems and few players dominating the field of CGM systems. In 2022, F. Hoffmann-La Roche Ltd., Abbott, and Dexcom, Inc., accounted for the global market.
The strong portfolio of self-monitoring blood glucose SMBG and continuous glucose monitoring CGM systems, coupled with the wide distribution network in developed and emerging countries, are primarily responsible for the dominance of these companies globally.
On the other hand, new entrants are currently focusing on introducing novel non-invasive blood glucose monitors to establish their foothold globally.
Some other notable names in the industry are Medtronic, B. Braun Melsungen AG, Ascensia Diabetes Care Holdings AG, Terumo Corporation, LifeScan IP Holdings, LLC, and Senseonics.
An Infographic Representation of Blood Glucose Monitoring Market
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The market research report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, device type, modality, patient type, and distribution channels. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors focusing on the market forecast that have contributed to the growth of the market in recent years.
CAGR of 9.9% from 2023 to 2030
Value (USD billion)
By Device Type, Type, Modality, Patient Type, Distribution Channel, and Region
By Device Type
By Patient Type
By Distribution Channel
Fortune Business Insights says that the global market stood at USD 15.80 billion in 2022 and is projected to reach USD 32.99 billion by 2030.
In 2022, North America stood at USD 6.92 billion.
The market will exhibit steady growth at a CAGR of 9.9% during the forecast period (2023-2030).s
Based on device type, the Self-Monitoring Blood Glucose (SMBG) systems segment will lead the market.
The rising prevalence of diabetes wounds and the introduction of advanced products for monitoring blood glucose levels are the key drivers of the market.
F. Hoffmann-La Roche Ltd., Abbott, and Dexcom, Inc. are the top players in the market.
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