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.
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.
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.
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.
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
Report Attribute |
Details |
Market size value in 2021 |
USD 11.7 billion |
Revenue forecast in 2028 |
USD 19.6 billion |
Growth Rate |
CAGR of 7.6% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2016 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Poland; Russia; Ukraine; Belarus; Turkey; China; Japan; India; Australia; South Korea; Kazakhstan; Uzbekistan; Mexico; Brazil; Colombia; Argentina; South Africa; Saudi Arabia; UAE |
Key companies profiled |
Abbott Laboratories; Medtronic plc; F. Hoffmann-La Roche Ltd.; Bayer AG; Lifescan, Inc.; Dexcom, Inc.; Sanofi; Elly Lilly and Company; B Braun Melsungen AG |
Customization scope |
Free report customization (equivalent to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail of customized purchase options to meet your exact research needs. Explore purchase options |
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
b. The global BGM devices market size was estimated at USD 12.64 billion in 2020 and is expected to reach USD 11.7 billion in 2021.
b. The global BGM devices market is expected to grow at a compound annual growth rate of 7.6% from 2021 to 2028 to reach USD 19.6 billion by 2028.
b. North America dominated the BGM devices market with a share of 39.3% in 2019. This is attributable to the rising incidence of diabetes coupled with an increasing number of product launches.
b. Some key players operating in the BGM devices market include 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.
b. Key factors that are driving the BGM devices market growth include increasing healthcare expenditure related to diabetes and technological advancement.
b. The self-monitoring blood glucose (SMBG) devices accounted for the largest market share of 66.9% in 2020, owing to their low-cost and ease of use.
b. The home care segment is projected to show the fastest growth in the blood glucose monitoring devices market over the forecast period, aided by the growing preference for the self-monitoring of blood glucose (SMBG) method by consumers.
b. Asia Pacific is projected to be an attractive market for BGM device manufacturers in the coming years, owing to the improvements in healthcare facilities and innovative reimbursement policies in emerging regional economies.
b. The COVID-19 outbreak led to changes in dietary patterns and overall lifestyles of consumers globally, due to government-imposed lockdowns, which led to an increase in demand for blood glucose monitoring devices to mitigate glucose level fluctuations.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.