Blood Glucose Monitoring Devices Market size is anticipated to reach USD 46 Billion by the end of 2033, growing at a CAGR of 10% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of blood glucose monitoring devices was USD 16 Billion. The growth of the market can be attributed to the escalating number of people suffering from diabetes, which needs to be monitored constantly. For instance, in 2021, around 537 million people were diagnosed with diabetes across the globe, and it is expected to increase to 640 million by 2030 and around 783 million by 2045. Further, the growing awareness among people regarding diabetes prevention, followed by the surge in the geriatric population developing diabetes, is also estimated to spur the market growth throughout the projected time frame.
In addition to these, factors that are believed to fuel the market growth of blood glucose monitoring systems include the rise in the stances of obesity among individuals. Since, obesity leads to several kinds of health disorders and diabetes is one of them that affects obese people in a high ratio. Based on a report released by the World Health Organization (WHO) on March 2022, obesity affects more than one billion people globally, comprising 650 million adults, 340 million teenagers, and 39 million children. This figure is still rising. Additionally, the growing ratio of physical inactivity, followed by the family history and genetic mutation, and hormonal disorders can also cause an increased level of blood glucose. Therefore, all of these major factors are predicted to present a prominent expansion to the market’s growth over the projected period.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~10% |
|
Base Year Market Size (2022) |
~ USD 16 Billion |
|
Forecast Year Market Size (2033) |
~ USD 46 Billion |
|
Regional Scope |
|
Product (Self-Monitoring Devices, Continuous Glucose Monitoring Devices)
The global blood glucose monitoring devices market is segmented and analyzed for demand and supply by product into self-monitoring devices, and continuous glucose monitoring devices. Out of these two types of segments, the self-monitoring devices segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the ease of use provided by these devices as people can monitor their blood sugar levels through these devices in the comfort of their homes. Further, the development of novel lancet devices with faster outcomes and less pain for the user is also anticipated to fuel market expansion. For instance, in November 2021, Intuity Medical, Inc., launched the POGO Automatic Monitor, an innovative automatic glucose monitoring device. It utilizes ten-test cartridges that include test strips and lancets instead of depending on separate test strips and lancets. At the touch of a button, the POGO Automatic instantly lances, gathers blood, and provides results in a few seconds.
Disease Type (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes)
The global blood glucose monitoring devices market is also segmented and analyzed for demand and supply by disease type into type 1 diabetes, type 2 diabetes, and gestational diabetes. Amongst these three segments, the type 2 diabetes segment is expected to garner a significant share, backed by the rapidly surging prevalence of type 2 diabetes patients throughout the world. As per the World Health Organization report, type 2 diabetes accounts for more than 95% of all diabetes cases worldwide. This, as an outcome, is projected to generate numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
|
By Product |
|
|
By Modality |
|
|
By Disease Type |
|
|
By Distribution Channel |
|
North American Market Forecast
The North America blood glucose monitoring devices market is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the rising cases of diabetes with the prevalence of obesity owing to an inactive lifestyle. For instance, it was estimated that around 32.2 million people in the United States, were suffering from diabetes in 2021. Further, the huge investment in research and development activities, along with the increasing adoption of technologically advanced devices, are some further factors that are anticipated to boost the market growth. In addition, the expanding per capita medical expenditure is also anticipated to drive the market growth further during the projected time frame.
APAC Market Statistics
Further, the Asia Pacific blood glucose monitoring devices market is also estimated to display lucrative revenue by the end of 2033. The growth of the market can be attributed to the large pool of diabetes patients who have been dealing with insulin-dependent diabetes, along with the escalating ratio of aged people in the region. In addition to this, rising awareness about diabetes preventive care, followed by improving healthcare facilities are some more factors that are anticipated to drive the growth of the market in the region throughout the forecast period.
Abbott Laboratories announced new data from the Real-World Evidence of FreeStyle Libre study showing the use of freestyle libre, a continuous glucose monitoring system significantly reduced the rate of hospitalizations.
F. Hoffmann-La Roche Ltd launched the cobas pulse system, a connected professional blood glucose management solution that builds on its inheritance with Accu-Chek Inform II. Healthcare professionals working in a variety of care settings can use this handheld blood glucose management device to monitor the blood glucose levels of patients.
Author Credits: Radhika Gupta, Shivam Bhutani
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?