Blood Glucose Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Self-monitoring, Continuous), By End-use (Hospitals, Home Care, Diagnostic Centers), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global blood glucose monitoring devices market size was valued at 12.64 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.6% from 2021 to 2028. The rising incidence of diabetes, coupled with the increasing geriatric population, which is prone to diabetes, is expected to drive the market. The market growth is further propelled by the increasing awareness about diabetes preventive care and new product launches. Diabetes is a clinical condition where the inability of the pancreas to produce insulin causes an increased glucose level in the body. Blood glucose monitoring (BGM) devices are economically beneficial and vital for proper diagnosis and treatment. These devices are used to measure blood sugar levels, which is an essential step in diabetes treatment. It also helps in preventing other related health conditions, such as neuropathy, retinopathy, and cardiovascular diseases.

There are various types of blood glucose monitors available in the market varying in size, price, length of testing time, and ease of use. During the coronavirus outbreak, several countries implemented lockdowns to slow down the spread of the disease. This has caused changes in the daily routine of diabetic patients in terms of their eating patterns, physical activities, and sedentary behavior. All of these leading abnormal fluctuations in glucose levels are increasing the demand for self-monitoring devices.

The BGM devices market is further growing owing to continuous technological advancement and early detection of hypo and hyperglycemic diabetes. The rapidly changing lifestyle and the consumption of alcohol and smoking are contributing to the rise in the number of diabetes patients worldwide. Moreover, obesity is one of the major factors contributing to diabetes. According to the WHO, over 650 million people were obese in 2016 and this number is expected to grow further during the forecast period.

The market is very profitable owing to its significant development potential. According to the International Diabetes Federation, approximately 424 million people are living with diabetes and this number is expected to reach 629 million by 2045. Furthermore, the increasing geriatric population is propelling the market growth. According to the WHO, the proportion of the world’s aging population will nearly get double from 12% to 22%. Moreover, increasing government initiatives to spread awareness about diabetes preventive care are expected to boost the market growth.

Product Insights

Self-monitoring blood glucose (SMBG) devices accounted for the largest share of 66.9% in 2020 owing to their ease of use and low cost. Self-monitoring of blood sugar is an approach whereby people measure their blood sugar levels with the help of a glucose meter. The segment is further segregated into a blood glucose meter, testing strips, and lancets. The testing strips segment accounted for the largest market share in 2020 owing to its high usage and affordability. The segment is expected to grow at a lucrative CAGR over the forecast period.

The continuous blood glucose monitoring devices segment is expected to register the highest growth rate during the forecast period. These devices are used by patients that require frequent blood sugar reading. Continuous blood glucose monitoring (CBGM) products help in analyzing the glucose level pattern as it provides continuous and real-time blood sugar reading. This segment is further segregated into sensors, insulin pumps, and transmitter and receiver. CGM works through a tiny sensor that is inserted under the skin. This sensor measures sugar level and the transmitter wirelessly sends the information to a monitor. The transmitter and receiver segment held the largest market share in 2020 and is projected to grow at a healthy CAGR during the forecast period.

End-use Insights

The hospital segment held the largest share of 40.9% in 2020 and is anticipated to maintain its lead over the forecast period due to improving infrastructure and increasing healthcare expenditure in hospitals. Moreover, the cost of measuring blood sugar levels in hospitals is higher compared to home-care settings. Hospitals have additional provisions to store and transfer patient information.

The home care segment is expected to register the fastest growth rate during the forecast period. Home-based glucose monitoring is revolutionized by the self-monitoring of blood glucose and is the most widely used method of short-term glucose monitoring throughout the world. The SMBG is an approach where people with or without diabetes can measure their blood sugar levels at their home. Based on the reading, the patient can check the effects of their treatment, such as diet, insulin, exercise, and stress management.

Regional Insights

North America led the market with a share of 39.1% in 2020 owing to its well-established healthcare sector. The increasing prevalence of obesity, high cost of treatment, technological advancements, and new product launches are also expected to drive the regional market. Europe is expected to capture a significant market share over the forecast period due to an increase in the geriatric population, which is prone to diabetes. Moreover, improvements in its healthcare sector and the implementation of advanced medical products are augmenting the demand for BGM in the region.

Asia Pacific is projected to be a lucrative regional market in the forecast period. Improvements in healthcare facilities and reimbursement policies in developing economies are the key factors aiding the growth of the regional market. China spearheaded the APAC region in 2020 owing to its large diabetes population and rapid economic growth. Furthermore, an increase in awareness regarding diabetes preventive care is further augmenting market growth.

Key Companies & Market Share Insights

Major players are focusing on new product launches, acquisitions, advancements in existing products and technologies, and other strategies to expand their business portfolio and strengthen their presence. For instance, in August 2016, Roche launched the Accu-Chek Guide blood glucose monitoring system. The device is designed to make everyday glucose monitoring easy. Some prominent players in the global blood glucose monitoring devices market include:

• Abbott Laboratories

•  Medtronic plc

•  F. Hoffmann-La Roche Ltd.

•  Bayer AG

•  Lifescan, Inc.

•  Dexcom, Inc.

•  Sanofi

• Elly Lilly and Company

• B Braun Melsungen AG

Blood Glucose Monitoring Devices Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels as well as provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global blood glucose monitoring devices market report on the basis of product, end-use, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Self-monitoring Devices

    • Blood Glucose Meter

    • Testing Strips

    • Lancets

  • Continuous Blood Glucose Monitoring Devices

    • Sensors

    • Transmitter & Receiver

    • Insulin Pumps

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals

  • Home Care

  • Diagnostic Centers

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Poland

    • Russia

    • Ukraine

    • Belarus

    • Turkey

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Kazakhstan

    • Uzbekistan

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE