Blood Glucose Monitoring System Market Size, Share & COVID-19 Impact Analysis, By Device (Continuous Glucose Monitoring (CGM) System, Self-Monitoring Blood Glucose (SMBG) System); By Modality (Wearable, and Non-wearable); By Type (Non-invasive, and Invasive); By Patient Type (Type 1 Diabetes, and Type 2 Diabetes); By Distribution Channel (Retail Sales, and Institutional Sales), and Regional Forecast 2022-2029

The global blood glucose monitoring system market size was valued at USD 14.78 billion in 2021 and is projected to grow from USD 15.94 billion in 2022 to USD 31.34 billion by 2029, exhibiting a CAGR of 10.1% during the forecast period. Based on our analysis, the global market share had exhibited a higher growth of 13.7% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with blood glucose monitoring systems experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

According to the estimations of the International Diabetes Federation (IDF), in 2021, around 537 million adults were suffering from diabetes and it is projected to reach around 783 million by 2045. With the increasing prevalence of diabetic patients globally, it is critical for patients to regularly monitor their blood glucose levels to avoid an episode of hyperglycemia or hypoglycemia.

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. This, along with access to supportive reimbursement policies for self-monitoring blood glucose (SMBG) and continuous glucose monitoring systems (CGM) in many countries, is expected to further boost the adoption of these devices and will subsequently propel the market growth during 2022-2029.

COVID-19 IMPACT:

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.

• For instance, in December 2020, Abbott’s diabetes segment reported a growth of 29.4% as compared to the previous year. The growth was led by its glucose monitoring device that is FreeStyle Libre, with 3.0 million users globally.

Additionally, the COVID-19 pandemic has brought new urgency to assess the feasibility of CGM in hospitals in order to continuously monitor patients with diabetes 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.

Also, numerous medical organizations and market players implemented major steps to fulfill the unmet demand of diabetes patients experiencing financial hardships during the pandemic. For instance, in May 2020, the American Diabetes Association, Insulin for Life, and the Diabetes Disaster Coalition partnered with Abbott to donate 25,000 CGM sensors to hospitals across the U.S.

However, the majority of countries lifted lockdowns and other restrictions by 2020 end. This subsequently helped to normalize the management of diabetes across healthcare and homecare settings by the end of 2021. Moreover, as a result of the pandemic, diabetic patients started using monitoring systems at home, resulted in increasing demand. Additionally, major market players experienced significant increase in the revenue from this monitoring system in 2021 as compared to the previous year.

• For instance, F. Hoffmann-La Roche Ltd., a global leader in diagnostics, generated a revenue of USD 1.69 billion in diabetes care segment in 2021 and exhibited a growth of 1.2% compared to the previous year.

LATEST TRENDS

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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, have 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, rapid & precise results. Thus, such distinct benefits these devices offer are one of the major factors shifting the preference of healthcare providers and patients towards the use of CGM.

• For instance, according to the data published by Abbott, the number of FreeStyle Libre users globally increased from 3.0 million in 2020 to 4.0 million in 2021.

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 European market. Thus, the increasing penetration of CGM and the shifting focus of market players towards non-invasive blood monitoring systems are some of the major trends observed in the blood glucose monitoring market.

DRIVING FACTORS

Rising Prevalence of Diabetes to Boost the Demand for Blood Glucose Monitoring Devices

Several factors, including rapid urbanization and the rising shift towards 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 like China, India, U.S., Brazil, and Mexico accounted for an estimated 51.6% of the global diabetes population in 2021.

Also, 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.

Hence, the presence of a large patient 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 blood glucose monitoring system market is forecasted to grow during 2022-2029.

RESTRAINING FACTORS

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.

For instance, according to the data published by International Diabetes Federation in 2021, it was observed that in Africa, almost 1 in 2 diabetes patients remain undiagnosed, and in Asia Pacific, the proportion of undiagnosed diabetes population is around 55.0%, mainly driven by countries, such as India, China, and Indonesia. 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.

SEGMENTATION

By Device Type Analysis

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Continuous Glucose Monitoring Systems Segment to Grow at a Faster Pace during 2022-2029

The continuous glucose monitoring system (CGM) 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 the patient’s blood glucose level regularly. For instance, according to an article published by John Wiley & Sons, Inc., in 2021, it was observed that due to its ease of use, faster results, and minimally invasive process, CGM devices were found to be more successful than SMBG in controlling type 1 diabetes.

On the other hand, the self-monitoring blood glucose system (SMBG) segment will dominate the market in 2021. 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.

• For instance, according to the data published by Clinton Health Access Initiative Inc., in 2021, it was estimated that if a person uses four test strips per day, the cost of testing strips is projected to be around USD 87.6 and USD 1,285.0 per year.

By Modality Analysis

Wearable Segment to Register Higher CAGR due to Robust Pipeline of Market Players

On the basis of modality, the blood glucose monitoring system market includes wearable and non-wearable segments. The non-wearable segment stood at dominating position in the market in 2021. 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.

However, the wearable segment is expected to grow at a comparatively higher CAGR during 2022-2029 due to the increasing number of product launches of wearable CGM devices by domestic and global manufacturers.

• For instance, in 2021, Know Labs introduced the UBand wristband to continuously monitor blood glucose levels, making it ideal for diabetic patients who need to check their sugar levels on a regular basis.

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.

By Type Analysis

New Product Launches to Fuel the Growth of Non-invasive Glucose Monitoring Systems

Among types, the invasive segment held a dominating share of the global market in 2021. 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. However, 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.

For instance, in January 2022, a British-based company Scanbo developed a prototype that measures glucose with a 60-second non-invasive finger test rather than a standard blood drop. Thus, the introduction of such convenient alternatives is expected to increase the shift of patients from invasive to non-invasive devices.

By Patient Type Analysis

Rising Prevalence of Type 2 Diabetes Responsible for the Segmental Dominance

On the basis of patient type, the blood glucose monitoring system market is segmented into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment dominated the global market share in 2021, led by the comparatively larger patient population with insulin-dependent type 2 diabetes.

• For instance, according to the estimates of the International Diabetes Federation (IDF), around 537 million individuals globally were living with type 2 diabetes in 2021, and among these, 1 in 10 of the patient population are at risk of developing type 2 diabetes.

Besides, the type 1 diabetes segment is slated to record a notable CAGR due to the increasing use of a continuous glucose monitoring system (CGM) owing to its clinically proven efficiency in reducing risks of hypoglycemia in type 1 diabetes patients.

By Distribution Channel Analysis

Preference of Retail Channels by Market Players led to boost the Retail Sales Segment

Based on distribution channels, the global market includes institutional sales and retail sales. The retail sales segment captured a substantial market share during 2021 due to the increasing initiatives by market players to expand their presence through retail channels in emerging as well as developed countries in order to strengthen their positions.

• In March 2021, Omron Healthcare, Inc. announced its plan to expand its retail presence across India. The main aim of the company is to increase the number of retailers in India from 30.0% to 40.0% in the financial year 2021-22.

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 the access of CGM in hospitals, which is expected to drive the growth of the institutional sales segment during the forecast period.

REGIONAL INSIGHTS

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The North American market for blood glucose monitoring systems reached USD 6.33 billion in 2021. 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.

• As per data published by the International Diabetes Federation, it was estimated that around 32.2 million people in the U.S. will be suffering from diabetes in 2021.

The European 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 blood glucose monitoring systems for the regular monitoring of patients at home.

• For Instance, in December 2020, Nemaura, a U.K.-based company, launched ProBEAT, a non-invasive glucose monitoring patch to provide users with feedback and insights into factors that affect blood glucose levels.

Asia Pacific is anticipated to register a substantial CAGR due to the rising prevalence of insulin-dependent diabetes and an increasing number of 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 systems.

KEY INDUSTRY PLAYERS

Diverse Product Portfolio of Major Players to Lead to Their Dominance in This Market

The blood glucose monitoring system market is consolidated, with few market players accounting for the largest share in terms of self-monitoring blood glucose systems and few players dominating the field of CGM systems. In 2021, 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.

• In April 2021, DiaMonTech AG, a Germany-based company received the official QMS certification for the design and development of its patented non-invasive “no prick” photothermal detection technology.

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.

LIST OF KEY COMPANIES PROFILED:

• Abbott (U.S.)


• B. Braun Melsungen AG (Germany)


• Dexcom, Inc. (U.S.)


• Ascensia Diabetes Care Holdings AG (Switzerland)


• Medtronic (Ireland)


• F. Hoffmann-La Roche Ltd (Switzerland)


• Terumo Corporation (Japan)


• LifeScan IP Holdings, LLC (U.S.)


• Senseonics (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• March 2021 – F. Hoffmann-La Roche Ltd. launched the Accu-Chek Instant system to connect directly with the mySugr app and provide real-time blood glucose level data.


• February 2021 - Ascensia Diabetes Care Holdings AG took over the distribution of EVERSENSE XL of Senseonics, Inc., in Germany, Switzerland, Italy, Spain,  Netherlands, and Poland, intending to fulfill the demand from customers in the European market.

REPORT COVERAGE

An Infographic Representation of Blood Glucose Monitoring Market

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The blood glucose monitoring system market 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 market forecast, that have contributed to the growth of the advanced market over recent years.

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