The Blood Glucose Monitoring Device Market Size was valued at USD 13.53 billion in 2023, and is expected to reach USD 24.94 billion by 2031, and grow at a CAGR of 7.94% over the forecast period 2024-2031.
The rising number of diabetes diagnoses is fueling the demand for blood glucose monitoring devices. These self-monitoring tools empower patients to check their blood sugar levels independently. The market offers various components, with glucometers, lancets, and test strips being the essentials.
Several factors contribute to diabetes, including obesity and unhealthy lifestyles. Blood glucose monitoring devices can be crucial in identifying hypoglycemia (low blood sugar) and hyperglycemia (high blood sugar). This early detection allows for better management and potential prevention of complications.
The home healthcare segment is experiencing significant growth in blood glucose monitoring. Home testing empowers patients to take control of their glucose levels and seek medical attention promptly if needed. The core components of these devices include sensors, transmitters, and displays. These features and the overall benefits of blood glucose monitoring are expected to drive substantial market growth in the coming years.
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Drivers
Rising Diabetes Awareness will increase recognition and diagnosis of diabetes
The rise in diabetes diagnoses is a double-edged sword. While earlier detection allows for better disease management, it also creates a surge in demand for blood sugar monitoring tools. These tools empower patients to take an active role in their health by conveniently and accurately tracking their blood sugar levels at home. This real-time data allows for informed decisions about diet, exercise, and medication, ultimately contributing to more effective diabetes management.
Ease of use enable patients to conveniently and accurately measure their blood sugar levels themselves
Restraints
Limited accuracy of some blood glucose monitoring devices, particularly compared to lab tests.
Concerns exist about the complete accuracy of certain blood sugar monitors, especially when compared to more precise lab tests. This uncertainty might lead patients to delay seeking medical attention or question the validity of their readings.
Patients may delay seeking medical attention even with a device, potentially worsening their condition.
Limited knowledge about blood glucose monitoring devices and their benefits can hinder market growth, especially in certain regions.
Opportunities
Improved Accessibility and making these devices more readily available through wider distribution channels can increase patient adoption.
Easier access to blood sugar monitors is a key to boosting their use. By expanding distribution channels, like pharmacies and online retailers, more patients can get the tools they need to manage their diabetes. This wider availability can empower patients to take charge of their health.
Government Initiatives promoting preventative healthcare, including diabetes management, can drive demand for blood glucose monitoring.
The development of advanced clinical-grade devices suitable for home use has the potential to revolutionize diabetes management for patients.
Challenges
Limited insurance coverage for blood glucose monitoring devices can create a financial barrier for patients.
Limited insurance coverage for blood glucose monitoring devices presents a significant hurdle for patients seeking to manage their diabetes effectively. Without adequate financial support, some patients may be forced to choose between purchasing these essential devices and covering other necessities. This can lead to delayed diagnoses, uncontrolled blood sugar levels, and increased risk of complications.
Lack the proper knowledge or training to use these devices effectively,
The high price of some blood glucose monitoring devices can be a significant obstacle.
Impact of Russian Ukraine war
The ultimate impact of the war on the blood glucose monitoring market will depend on the severity and duration of the conflict. In the short term, challenges like supply chain disruptions and economic uncertainty are likely to be the most pressing concerns. However, in the long run, the war could also lead to positive developments in terms of domestic manufacturing and the use of telehealth for diabetes management.
Impact of Economic Slowdown
The impact of Economic slowdown on the blood glucose monitoring market might vary depending on the geographic region. Countries with robust social safety nets might experience less disruption in patient access to these devices compared to those with limited healthcare support systems. The long-term effects of a recession on the market are difficult to predict. In some cases, a recession might lead to a temporary dip in sales, followed by a rebound as the economy recovers. However, in severe economic downturns, there's a risk of long-term changes in consumer behavior and healthcare spending patterns that could affect the market for a more extended period.
By Product
Self-monitoring Devices:
Blood Glucose Meter
Testing Strips
Lancets
Continuous Blood Glucose Monitoring Devices
Sensors
Transmitter & Receiver
Insulin Pumps
Blood sugar meters, test strips, and lancets rule the market, holding a 66% share in 2023 due to their affordability and ease of use. Continuous monitoring devices, crucial for managing type 1 diabetes, are expected to see faster growth. These use sensors under the skin for real-time blood sugar readings every five minutes.
By End-use
Hospitals
Home Care
Diagnostic Centers
Hospitals are the leading users of blood glucose monitoring devices, accounting for over 41% of the market share in 2023. This is driven by the growing number of diabetic patients requiring hospitalization and rising healthcare spending. These devices offer doctors real-time data to make informed treatment decisions and improve patient outcomes. Both inpatients and outpatients benefit from blood sugar monitoring, with hospitals gaining additional advantages like storing and transferring patient information. Even during the COVID-19 pandemic, the use of continuous glucose monitors (CGM) was approved in hospitals, suggesting this segment may see further growth in response to future healthcare emergencies.
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REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSES
North America dominates the blood glucose monitoring device market, holding nearly 38.5% of the global share in 2023. This dominance is fueled by several factors. The region has a large diabetic population, driving demand for advanced monitoring tools and well-established healthcare infrastructure, widespread diabetes awareness, and favorable insurance policies make it easier for patients to access these devices. The high prevalence of diabetes in the US (over 10% of the population) further strengthens North America's market lead.
Europe is another significant market, projected for substantial growth due to rising awareness and demand for blood glucose monitoring devices. The UK, Germany, and France are all expected to see market expansion. Factors like growing patient preference for self-monitoring, supportive government policies, and the presence of key manufacturers in these countries contribute to this trend.
Asia Pacific region is poised for the fastest growth, driven by its massive population base, particularly in countries like China and India.
The Key Players are Medtronic plc, Sanofi, Ascensia Diabetes Care, Dexcom, Inc., Abbott Laboratories, Insulet Corporation, Ypsomed Holdings, Novo Nordisk, Glysens Incorporated, F. Hoffmann-La Roche Ltd and Others.
RECENT DEVELOPMENTS
In March 2023: Abbott received FDA approval for integrating their FreeStyle Libre sensors with automated insulin delivery systems. This advancement allows for a more automated approach to diabetes management, potentially simplifying treatment for patients.
In February 2023: Ascensia Diabetes Care partnered with SNAQ, a mobile app offering personalized nutritional guidance. This collaboration aims to empower patients with diabetes to make informed dietary decisions to better manage their condition.
In November 2021: Intuity Medical launched the POGO automatic blood glucose monitoring system in the US. This innovative device simplifies the process of blood sugar testing, potentially improving patient adherence and overall quality of life.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 13.53 Billion |
| Market Size by 2031 | US$ 24.94 Billion |
| CAGR | CAGR of 7.94% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Self-monitoring Devices, Continuous Blood Glucose Monitoring Devices) • By End-Use (Hospitals, Home Care, Diagnostic Centers) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Medtronic plc, Sanofi, Ascensia Diabetes Care, Dexcom, Inc., Abbott Laboratories, Insulet Corporation, Ypsomed Holdings, Novo Nordisk, Glysens Incorporated, F. Hoffmann-La Roche Ltd. |
| DRIVING FACTORS |
|
| Restraints |
|
Ans: The Blood Glucose Monitoring Device Market Size was valued at USD 13.53 billion in 2023.
Rising Diabetes Awareness will increase recognition and diagnosis of diabetes
Ease of use enable patients to conveniently and accurately measure their blood sugar levels themselves
Ans: North America is dominate the Blood Glucose Monitoring Device Market.
Limited insurance coverage for blood glucose monitoring devices can create a financial barrier for patients
Lack the proper knowledge or training to use these devices effectively
Ans: The Forecast period of Blood Glucose Monitoring Device Market is 2024-2031.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact Of Russia Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Blood Glucose Monitoring Device Market Segmentation, By Product
9.1 Introduction
9.2 Trend Analysis
9.3 Self-monitoring Devices:
9.3.1 Blood Glucose Meter
9.3.2 Testing Strips
9.3.3 Lancets
9.4 Continuous Blood Glucose Monitoring Devices
9.4.1 Sensors
9.4.2 Transmitter & Receiver
9.4.3 Insulin Pumps
10. Blood Glucose Monitoring Device Market Segmentation, By End-use
10.2 Trend Analysis
10.3 Hospitals
10.4 Home Care
10.5 Diagnostic Centers
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 Trend Analysis
11.2.2 North America Blood Glucose Monitoring Device Market by Country
11.2.3 North America Blood Glucose Monitoring Device Market By Product
11.2.4 North America Blood Glucose Monitoring Device Market By End-use
11.2.5 USA
11.2.5.1 USA Blood Glucose Monitoring Device Market By Product
11.2.5.2 USA Blood Glucose Monitoring Device Market By End-use
11.2.6 Canada
11.2.6.1 Canada Blood Glucose Monitoring Device Market By Product
11.2.6.2 Canada Blood Glucose Monitoring Device Market By End-use
11.2.7 Mexico
11.2.7.1 Mexico Blood Glucose Monitoring Device Market By Product
11.2.7.2 Mexico Blood Glucose Monitoring Device Market By End-use
11.3 Europe
11.3.1 Trend Analysis
11.3.2 Eastern Europe
11.3.2.1 Eastern Europe Blood Glucose Monitoring Device Market by Country
11.3.2.2 Eastern Europe Blood Glucose Monitoring Device Market By Product
11.3.2.3 Eastern Europe Blood Glucose Monitoring Device Market By End-use
11.3.2.4 Poland
11.3.2.4.1 Poland Blood Glucose Monitoring Device Market By Product
11.3.2.4.2 Poland Blood Glucose Monitoring Device Market By End-use
11.3.2.5 Romania
11.3.2.5.1 Romania Blood Glucose Monitoring Device Market By Product
11.3.2.5.2 Romania Blood Glucose Monitoring Device Market By End-use
11.3.2.6 Hungary
11.3.2.6.1 Hungary Blood Glucose Monitoring Device Market By Product
11.3.2.6.2 Hungary Blood Glucose Monitoring Device Market By End-use
11.3.2.7 Turkey
11.3.2.7.1 Turkey Blood Glucose Monitoring Device Market By Product
11.3.2.7.2 Turkey Blood Glucose Monitoring Device Market By End-use
11.3.2.8 Rest of Eastern Europe
11.3.2.8.1 Rest of Eastern Europe Blood Glucose Monitoring Device Market By Product
11.3.2.8.2 Rest of Eastern Europe Blood Glucose Monitoring Device Market By End-use
11.3.3 Western Europe
11.3.3.1 Western Europe Blood Glucose Monitoring Device Market by Country
11.3.3.2 Western Europe Blood Glucose Monitoring Device Market By Product
11.3.3.3 Western Europe Blood Glucose Monitoring Device Market By End-use
11.3.3.4 Germany
11.3.3.4.1 Germany Blood Glucose Monitoring Device Market By Product
11.3.3.4.2 Germany Blood Glucose Monitoring Device Market By End-use
11.3.3.5 France
11.3.3.5.1 France Blood Glucose Monitoring Device Market By Product
11.3.3.5.2 France Blood Glucose Monitoring Device Market By End-use
11.3.3.6 UK
11.3.3.6.1 UK Blood Glucose Monitoring Device Market By Product
11.3.3.6.2 UK Blood Glucose Monitoring Device Market By End-use
11.3.3.7 Italy
11.3.3.7.1 Italy Blood Glucose Monitoring Device Market By Product
11.3.3.7.2 Italy Blood Glucose Monitoring Device Market By End-use
11.3.3.8 Spain
11.3.3.8.1 Spain Blood Glucose Monitoring Device Market By Product
11.3.3.8.2 Spain Blood Glucose Monitoring Device Market By End-use
11.3.3.9 Netherlands
11.3.3.9.1 Netherlands Blood Glucose Monitoring Device Market By Product
11.3.3.9.2 Netherlands Blood Glucose Monitoring Device Market By End-use
11.3.3.10 Switzerland
11.3.3.10.1 Switzerland Blood Glucose Monitoring Device Market By Product
11.3.3.10.2 Switzerland Blood Glucose Monitoring Device Market By End-use
11.3.3.11 Austria
11.3.3.11.1 Austria Blood Glucose Monitoring Device Market By Product
11.3.3.11.2 Austria Blood Glucose Monitoring Device Market By End-use
11.3.3.12 Rest of Western Europe
11.3.3.12.1 Rest of Western Europe Blood Glucose Monitoring Device Market By Product
11.3.2.12.2 Rest of Western Europe Blood Glucose Monitoring Device Market By End-use
11.4 Asia-Pacific
11.4.1 Trend Analysis
11.4.2 Asia Pacific Blood Glucose Monitoring Device Market by Country
11.4.3 Asia Pacific Blood Glucose Monitoring Device Market By Product
11.4.4 Asia Pacific Blood Glucose Monitoring Device Market By End-use
11.4.5 China
11.4.5.1 China Blood Glucose Monitoring Device Market By Product
11.4.5.2 China Blood Glucose Monitoring Device Market By End-use
11.4.6 Indi
11.4.6.1 India Blood Glucose Monitoring Device Market By Product
11.4.6.2 India Blood Glucose Monitoring Device Market By End-use
11.4.7 Japan
11.4.7.1 Japan Blood Glucose Monitoring Device Market By Product
11.4.7.2 Japan Blood Glucose Monitoring Device Market By End-use
11.4.8 South Korea
11.4.8.1 South Korea Blood Glucose Monitoring Device Market By Product
11.4.8.2 South Korea Blood Glucose Monitoring Device Market By End-use
11.4.9 Vietnam
11.4.9.1 Vietnam Blood Glucose Monitoring Device Market By Product
11.4.9.2 Vietnam Blood Glucose Monitoring Device Market By End-use
11.4.10 Singapore
11.4.10.1 Singapore Blood Glucose Monitoring Device Market By Product
11.4.10.2 Singapore Blood Glucose Monitoring Device Market By End-use
11.4.11 Australia
11.4.11.1 Australia Blood Glucose Monitoring Device Market By Product
11.4.11.2 Australia Blood Glucose Monitoring Device Market By End-use
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Blood Glucose Monitoring Device Market By Product
11.4.12.2 Rest of Asia-Pacific Blood Glucose Monitoring Device Market By End-use
11.5 Middle East & Africa
11.5.1 Trend Analysis
11.5.2 Middle East
11.5.2.1 Middle East Blood Glucose Monitoring Device Market by Country
11.5.2.2 Middle East Blood Glucose Monitoring Device Market By Product
11.5.2.3 Middle East Blood Glucose Monitoring Device Market By End-use
11.5.2.4 UAE
11.5.2.4.1 UAE Blood Glucose Monitoring Device Market By Product
11.5.2.4.2 UAE Blood Glucose Monitoring Device Market By End-use
11.5.2.5 Egypt
11.5.2.5.1 Egypt Blood Glucose Monitoring Device Market By Product
11.5.2.5.2 Egypt Blood Glucose Monitoring Device Market By End-use
11.5.2.5 South Africa
11.5.2.5.1 South Africa Blood Glucose Monitoring Device Market By Product
11.5.2.5.2 South Africa Blood Glucose Monitoring Device Market By End-use
11.5.2.6 Rest of Africa
11.5.2.6.1 Rest of Africa Blood Glucose Monitoring Device Market By Product
11.5.2.6.2 Rest of Africa Blood Glucose Monitoring Device Market By End-use
11.5.2.6 Saudi Arabia
11.5.2.6.1 Saudi Arabia Blood Glucose Monitoring Device Market By Product
11.5.2.6.2 Saudi Arabia Blood Glucose Monitoring Device Market By End-use
11.5.2.7 Qatar
11.5.2.7.1 Qatar Blood Glucose Monitoring Device Market By Product
11.5.2.7.2 Qatar Blood Glucose Monitoring Device Market By End-use
11.5.2.8 Rest of Middle East
11.5.2.8.1 Rest of Middle East Blood Glucose Monitoring Device Market By Product
11.5.2.8.2 Rest of Middle East Blood Glucose Monitoring Device Market By End-use
11.5.3 Africa
11.5.3.1 Africa Blood Glucose Monitoring Device Market by Country
11.5.3.2 Africa Blood Glucose Monitoring Device Market By Product
11.5.3.3 Africa Blood Glucose Monitoring Device Market By End-use
11.6 Latin America
11.6.1 Trend Analysis
11.6.2 Latin America Blood Glucose Monitoring Device Market by Country
11.6.3 Latin America Blood Glucose Monitoring Device Market By Product
11.6.4 Latin America Blood Glucose Monitoring Device Market By End-use
11.6.5 Brazil
11.6.5.1 Brazil Blood Glucose Monitoring Device Market By Product
11.6.5.2 Brazil Blood Glucose Monitoring Device Market By End-use
11.6.6 Argentina
11.6.6.1 Argentina Blood Glucose Monitoring Device Market By Product
11.6.6.2 Argentina Blood Glucose Monitoring Device Market By End-use
11.6.7 Colombia
11.6.7.1 Colombia Blood Glucose Monitoring Device Market By Product
11.6.7.2 Colombia Blood Glucose Monitoring Device Market By End-use
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Blood Glucose Monitoring Device Market By Product
11.6.8.2 Rest of Latin America Blood Glucose Monitoring Device Market By End-use
12. Company Profiles
12.1 Medtronic plc
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Sanofi
12.2.1 Company Overview
12.2.2 Financial
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3Ascensia Diabetes Care
12.3.1 Company Overview
12.3.2 Financial
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Dexcom, Inc.
12.4.1 Company Overview
12.4.2 Financial
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Abbott Laboratories
12.5.1 Company Overview
12.5.2 Financial
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Insulet Corporation
12.6.1 Company Overview
12.6.2 Financial
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Ypsomed Holdings
12.7.1 Company Overview
12.7.2 Financial
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. USE Cases And Best Practices
15. Conclusion
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