Blood Glucose Monitoring Devices Market Size, Share & Trends Analysis Report By End Use (Hospital, Homecare, Diagnostic Centers), By Product (Self & Continuous Monitoring), And Segment Forecasts, 2019 - 2026

Industry Insights

The global blood glucose monitoring devices market size was valued at USD 10.4 billion in 2018 and is projected to exhibit a CAGR of 7.1% during the forecast period. Key factors driving this market are rising incidence of diabetes, coupled with increasing geriatric population prone to diabetes. The market is further propelled by growing awareness about diabetes preventive care, new product launches, and supportive government initiatives.

According to the International Diabetes Federation, approximately 424 million people were living with diabetes in 2017 and this number is expected to reach 629 million by 2045. Increasing geriatric population is also propelling the market. According to the World Health Organization (WHO), the global aging population will rise from 12% in 2015 to 22% by 2050. This translates into significant development potential.

Blood glucose monitoring devices are economically beneficial and vital for proper diagnosis and treatment. These devices are used to measure blood sugar levels and is an essential step in diabetes treatment. They also help 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.

The market has significantly benefited from continuous technological advancements and early detection of hypo and hyperglycemic diabetes. Rapidly changing lifestyles, such as smoking and consumption of alcohol and unhealthy foods, are contributing to the rise in the number of diabetes patients worldwide. Obesity is also one of the major factors contributing to diabetes. According to WHO, over 650 million people were obese in 2016 and this number is expected to grow further during the forecast period.

End-use Insights

By end use, the market is segmented into hospitals, home care, and diagnostic centers. The hospital segment is anticipated to lead the market over the forecast period, due to improving infrastructure and increasing healthcare expenditure in hospitals. Moreover, the cost of measuring blood sugar level in hospitals is higher compared to homecare settings, thereby generating greater revenue for the market. Hospitals have additional provision to store and transfer patient information.

The home care segment is expected to register the fastest CAGR of 7.7% during the forecast period. Home-based glucose monitoring has been revolutionized by self-monitoring solutions and devices and is the most widely used method of short-term glucose monitoring globally. People with or without diabetes can measure their blood sugar levels with ease and convenience in their homes. Based on the reading, patients can check the effects of their treatment such as diet, insulin, exercise, and stress management.

Product Insights

By product, the blood glucose monitoring devices market has been segmented into self-monitoring and continuous blood glucose monitoring (CBGM) devices. Self-monitoring blood glucose (SMBG) devices accounted for the largest market share owing to their ease of use and low cost. The segment is further segregated into blood glucose meters, testing strips, and lancets. The testing strips segment accounted for the dominant share owing to their high usage and affordability. The segment is expected to register a CAGR of 6.4% over the forecast period.

The CBGM 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. CBGM products help in analyzing glucose level patterns by providing continuous and real-time blood sugar reading. This segment is further segregated into sensors, insulin pumps, and transmitter and receiver. Continuous blood glucose monitoring devices work 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 leading share and is projected to exhibit a CAGR of 7.5% during the forecast period.

Regional Insights

Regionally, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. North America has been leading the global market owing to its well-established healthcare sector. Increasing prevalence of obesity and high cost of treatment is also expected to drive the region, along with technological advancements and new product launches. Europe is also expected to capture a significant market share over the forecast period, due to an increase in geriatric population, which is prone to diabetes. Moreover, improvements in its healthcare sector and implementation of advanced medical products are augmenting demand for blood glucose monitoring devices in the region.

Asia Pacific is projected to be a lucrative region for players. Improvements in healthcare facilities and reimbursement policies in developing economies are key factors aiding growth in this region. China spearheaded the APAC region in 2018 owing to its large diabetic population and rapid economic growth. Furthermore, increase in awareness regarding diabetes preventive care is further augmenting market growth.

Blood Glucose Monitoring Devices Market Share Insights

Some of the prominent players are Abbott Laboratories; Medtronic plc; F. Hoffmann-La Roche Ltd; Bayer AG; Lifescan, Inc.; Dexcom, Inc.; Sanofi; Eli Lilly and Company; and B Braun Melsungen AG. 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 every day glucose monitoring easy.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2015 to 2026. 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, 2015 - 2026)

  • Self-monitoring Blood Glucose Devices

    • Blood Glucose Meter

    • Testing Strips

    • Lancets

  • Continuous Blood Glucose Monitoring Devices

    • Sensors

    • Transmitter & Receiver

    • Lancets

• End-use Outlook (Revenue, USD Million, 2015 - 2026)

  • Hospitals

  • Clinics

  • Diagnostic centers

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • 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