Blood Glucose Monitoring System Market Size, Share & COVID-19 Impact Analysis, By Device Type (Continuous Glucose Monitoring (CGM) Systems and Self-Monitoring Blood Glucose (SMBG) Systems), 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 2023-2030

The blood glucose monitoring system market size was valued at USD 15.80 billion in 2022 and is projected to grow USD 17.03 billion in 2023 to USD 32.99 billion by 2030, exhibiting a CAGR of 9.9% during 2023-2030.

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.

• According to the estimations of the International Diabetes Federation (IDF), in 2021, around 537 million adults had 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 incidence 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.

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.

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 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.

• For instance, F. Hoffmann-La Roche Ltd., a global leader in diagnostics, generated a revenue of USD 1.69 billion in the 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, 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.

• 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 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.

BLOOD GLUCOSE MONITORING SYSTEM MARKET GROWTH FACTORS

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.

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 (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.

• 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 (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.

• 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 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.

• 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.

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.

By Type Analysis

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

• 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.

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.

By Patient Type Analysis

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.

• 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 Continuous Glucose Monitoring (CGM) systems, 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 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.

• 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 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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North America dominated the blood glucose monitoring system market with a share of 43.79% 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 regional market share.

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

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.

• 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 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.

KEY INDUSTRY PLAYERS

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.

• 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 IN BLOOD GLUCOSE MONITORING SYSTEM MARKET:

• 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 2023 – Abbott received the U.S. FDA approval for its FreeStyle Libre 2 and FreeStyle Libre 3 integrated CGM sensors for integration with automated insulin delivery systems.


• February 2023 – Dexcom, Inc. received the U.S. CMS approval for coverage for its G7 CGM system.


• September 2022 – Nemaura Medical Inc. partnered with Eversana for the introduction of Nemaura’s diabetes management system in the U.S.


• August 2022 - Abbott partnered with WW International Inc. to integrate WW International Inc.’s diabetes-tailored weight management program with Abbott’s FreeStyle Libre product portfolio.


• December 2021 - Nemaura Medical Inc. launched its non-invasive product, SugarBeat, in the U.K. with CE mark approval.

REPORT COVERAGE

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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.

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