In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSAbbott Laboratories announced new data from the Real World Evidence of FreeStyle Libre study showing the use of free style libre, a continuous glucose monitoring system significantly reduced the rate of hospitalizations.
Nova Biomedical Corporation’s StaStrip Glucose Hospital Meter System receives license from Health Canada for Intensive care use. Only glucose monitoring system cleared for use throughout all hospital settings.
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~ USD 16 Billion |
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Forecast Year Market Size (2033) |
~ USD 46 Billion |
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Regional Scope |
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The global blood glucose monitoring system market is estimated to garner a revenue of ~USD 46 billion by the end of 2033 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 16 billion in the year 2022. The market growth is primarily driven by a growing number of people suffering from diabetes which needs to be monitored constantly. According to International Diabetes Federation (IDF), in 2021, 537 million people were diagnosed with diabetes, and it is expected to increase to 640 million by 2030 and around 783 million by 2045.
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Blood glucose monitoring device detects high and low blood glucose levels in patients, and confirms severe hyperglycemia and offers the patients self-care. Escalation in the older population developing diabetes is to propel the market growth.
Increasing Perforation of Continuous Blood Glucose Monitoring (CGM) Devices – The immediate monitoring feature for insulin-dependent patients has been offered by CGM. For instance, according to the data, the number of people using glucose monitoring machines in 2020 reached 3 million which rose to 4 million in 2021.
Rising Ubiquity of Diabetes– in 2021, China, Mexico, India, United States, and Brazil accounted for around 50% of the global diabetes population.
Increase in the Number of Patients with type-1 or Insulin-Dependent type-2 Diabetes – according to the report by International Diabetes Federation (IDF), in 2021, it was evaluated that the incidence of type-1 diabetes was 149.5 per 1000 children and the global prevalence was around 9.8% among the total population.
Growing Investment in Diabetic Research - American Diabetes Association (ADA) has invested over USD 860 million in more than 4,800 diabetes research projects over the last 70 years.
Increasing Access to Health Care and Health Expenditures - As per the data from the World Bank, 9.83% of the global GDP was spent on health expenditures in 2019.
Lower Diagnosis & Treatment Rate – in developing and underdeveloped countries, a large proportion of people remain undiagnosed owing to a lack of awareness and associated costs. Lack of access to medical facilities and poor healthcare infrastructure is also major concern for lower treatment rates in such regions.
Low Reimbursement Policies for the Blood Glucose Monitoring System
Lack of Awareness Among Many Sufferers
The global blood glucose monitoring system market is segmented and analyzed for demand and supply by product into self-monitoring devices and continuous glucose monitoring devices. Out of these, the continuous glucose monitoring (CGM) device is anticipated to hold the largest market size by the end of 2033. The growth of this segment is attributed to the growing investment in health-related research and development with advancement in technologies is estimated to play a vital role in segment growth. As per the data from the World Bank, ~2.33% of the global GDP was spent on research and development activities in 2019, which increased to 2.63% in 2020.
Global Blood Glucose Monitoring System Market Regional Synopsis
The North America blood glucose monitoring system market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by rising cases of diabetes with the prevalence of obesity owing to an inactive lifestyle. According to the International Diabetes Federation (IDF), it was estimated that around 32.2 million people in United States, were suffering from diabetes in 2021.
Our in-depth analysis of the global blood glucose monitoring system market includes the following segments:
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By Device Type |
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By Modality |
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By Disease Type |
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By Distribution Channel |
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FREQUENTLY ASKED QUESTIONS
Increasing prevalence of diabetic patients and evolving technologies are the major factors driving the growth of the blood glucose monitoring system market.
The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023 – 2033.
Low reimbursement policies and lower diagnosis and treatment rates are the challenges affecting the market growth.
The market in North America is projected to hold the largest m1arket share by the end of 2033 and provide more business opportunities in the future.
The major players in the market are Abbott Laboratories, F. Hoffman-La Roche Ltd., LifeScan, Inc., Ascensia Diabetes Care Holding AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by device type, modality type, disease type, distribution channel and by region.
The continuous glucose monitoring device segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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