Blood Glucose Monitoring Devices Market Size, Share & Trends Analysis Report By Product (Self-Monitoring Devices, Continuous Blood Glucose Monitoring Devices), By End-use (Hospital, Homecare), By Region, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The global blood glucose monitoring devices market size was valued at USD 12.5 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.13% from 2023 to 2030. The key drivers of the market are the rising incidence of diabetes and the increasing geriatric population prone to diabetes. The market growth is further propelled by the increasing awareness regarding diabetes preventive care and new product launches. Diabetes is a serious and growing problem globally, where the inefficiency of the pancreas to produce insulin results in an increase in blood glucose levels. According to the International Diabetes Federation, in 2021, around 537 Million people were diagnosed with diabetes, this number is expected to increase to 643 Million by 2030 and 783 Million by 2045.

Blood glucose monitoring (BGM) devices are helpful for patients with diabetes in four ways. These devices enable patients and clinicians to detect high or low blood glucose levels, allowing for therapy modifications and protecting patients by confirming acute hypoglycemia or hyperglycemia promptly and by offering patients greater self-care. The technology facilitates patient education about diabetes and its management and encourages people to adopt healthier habits. Blood glucose devices are available in a multitude of sizes, prices, testing times, and ease of use.

The COVID-19 pandemic has opened new opportunities for blood glucose monitoring devices and these devices gained more popularity in the diabetic care market. Awareness regarding the benefits of blood glucose monitoring devices increased among the consumers as during the pandemic, there had been an emphasis on the use of virtual clinics and telemedicine for diabetic management. The blood glucose monitoring devices helped patients and healthcare providers improve glycemic control and potentially increase patient self-management, thus changing diabetes care significantly. Further, a surge in the demand for blood glucose monitoring devices due to the quick response by major market players during the Covid-19 pandemic.

To capture this market opportunity, in February 2023, the maker of CONTOUR blood glucose monitoring system portfolio - Ascensia Diabetes Care announced its global collaboration with SNAQ. SNAQ is a mobile application that provides insights on food & nutrition for people suffering from diabetes.

The rapidly changing lifestyle such as the consumption of alcohol and smoking is contributing to the rise in the number of diabetes patients worldwide. Obesity is also one of the major factors contributing to diabetes. Furthermore, the increasing geriatric population is propelling market growth. According to the WHO, by 2050, the world’s aging population will be about 2 billion from 1 billion in 2020.

End-use Insights

The hospital segment held the largest revenue share of over 42.0% in 2022 and is anticipated to lead the market over the forecast period due to the improving infrastructure and increasing healthcare expenditure in hospitals. Moreover, the reliable data that BGM devices provide practitioners in a fraction of seconds and the improvement in patients' quality of life have increased their adoption in the outpatient as well as inpatient hospital settings. Hospitals have additional provisions to store and transfer patient information. Furthermore, during the COVID-19 pandemic, the FDA allowed the use of CGM devices in hospitals, and the possibility of another pandemic in the future is expected to enhance the segment growth.

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. Self-monitoring blood glucose (SMBG) is an approach through which people with or without diabetes can measure their blood sugar levels in their homes. Based on the reading, the patient can check the effects of their treatment such as diet, insulin, exercise, and stress management.

Product Insights

Self-monitoring blood glucose devices accounted for the largest revenue share of over 66.5% in 2022 owing to the ease of use and low cost. SMBG is considered an important element of diabetes management daily. Self-monitoring of blood sugar is an approach wherein people measure their blood sugar levels with the help of a glucose meter. It is sub-segmented into blood glucose meter, testing strips, and lancets. The testing strips segment accounted for the largest revenue share in 2022 owing to the high usage of these strips and affordability. The segment is expected to expand at a lucrative CAGR over the forecast period.

The continuous blood glucose monitoring (CBGM) devices segment is expected to register the highest growth rate during the forecast period. CBGM is an important diabetes care tool for patients with type 1 diabetes, who are particularly vulnerable to severe and potentially life-threatening hypoglycemia. These devices help in analyzing the glucose level pattern as it provides continuous and real-time blood sugar reading every five minutes. It is sub-segmented 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 revenue share in 2022.

Regional Insights

North America led the market with a revenue share of over 38.0% in 2022 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 revenue share over the forecast period due to an increase in the geriatric population, which is prone to diabetes. Moreover, improvements in the healthcare sector and the implementation of advanced medical products are augmenting the demand for BGMs in the region.

In March 2023, Astellas Pharma Inc. announced a collaboration with Roche Diabetes Care Japan Co., Ltd. to manufacture and market the Accu-Chek Guide Me blood glucose monitoring system with increased accuracy as a combined medical product with BlueStar. Welldoc, Inc. created BlueStar, an FDA-cleared digital health solution for diabetes patients that is being offered in the United States and Canada. BlueStar is being developed in Japan by Astellas and Welldoc.

Asia Pacific is projected to be a lucrative region over the forecast period. Improvements in healthcare facilities and reimbursement policies in developing economies are key factors aiding the growth in this region. China spearheaded the APAC region in 2022 owing to its large diabetes population and rapid economic growth. Furthermore, an increase in awareness regarding diabetes preventive care is augmenting the market growth.

Key Companies & Market Share Insights

Major players are focusing on new product launches, government approvals, acquisitions, advancements in existing products & technologies, and other strategies to expand their business portfolio & strengthen their presence. For instance, In March 2023, Abbott announced that its FreeStyle Libre 3 and FreeStyle Libre 2 integrated continuous glucose monitoring (iCGM) system sensors have been approved by the U.S. FDA for integration with automated insulin delivery (AID) systems. The company modified the sensors to allow for AID system integration. The FreeStyle Libre 3 and FreeStyle Libre 2 sensors are currently available in the U.S. These devices are approved for people four years and older. Some prominent players in the global blood glucose monitoring devices market include:

• Abbott Laboratories

• Medtronic plc

• F. Hoffmann-La Roche Ltd

• Ascensia Diabetes Care

• Dexcom, Inc.

• Sanofi

• Novo Nordisk

• Insulet Corporation

• Ypsomed Holdings

• Glysens Incorporated

Blood Glucose Monitoring Devices Market Report Scope

Global Blood Glucose Monitoring Devices Market Report Segmentation

This report forecasts revenue growth at global, regional, & country levels as well as provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the blood glucose monitoring devices market report on the basis of product, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • 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, 2018 - 2030)

  • Hospitals

  • Home Care

  • Diagnostic Centers

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait