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. Purchasing 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.
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.
A blood glucose monitoring system involves the use of a blood glucose meter to measure the blood glucose level of a patient. A blood glucose meter is a small, handy, and portable machine. People with diabetes often use a blood glucose monitoring system to manage their condition, keep their diabetes in check, and help determine their next insulin dose. Blood glucose monitoring examines patterns in the variations in blood glucose levels that result from changes in diet, exercise, prescription drug use, or pathological conditions such as diabetes that are correlated to blood glucose variations.
Abnormal blood sugar levels have the potential to cause immediate or long-term, life-threatening complications. Diabetes mellitus is caused by either a shortage of insulin or by the body’s failure to respond effectively to insulin's effects. Insulin production or absorption dysfunction can trigger impaired blood glucose levels. Patients who have low blood glucose levels and fasting blood glucose levels have a higher possibility of developing diabetes. Blood glucose monitoring can help in the treatment and diagnosis of patients who have impaired glucose metabolism or diabetes.
People can check their blood sugar levels promptly, easily, and conveniently with the help of blood sugar monitors. Following that, people can leverage this insight to take the proper measures, such as taking insulin or eating carbohydrates, to bring their blood glucose levels within the recommended range. There are three types of blood glucose monitoring devices, comprising glucometers, continuous glucose monitors (CGM), and non-invasive glucose monitors, that help in monitoring glucose levels. A blood glucose monitor (BGM) or glucometer is a compact device that comes with lancets and detects a person's blood sugar levels from a small sample, generally from the tip of a finger. Whereas, a continuous glucose monitor (CGM) comprises a tiny sensor implanted underneath the skin. This device is useful for individuals who need to check their blood sugar levels on a regular basis. Non-invasive glucose monitors use a variety of techniques including electrochemical, optical, and microwave technologies to detect blood glucose levels.
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 |
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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 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.
Get more information on this report: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.
Increasing Perforation of Continuous Blood Glucose Monitoring (CGM) Devices – CGMs are being used by those patients who need to continuously detect their blood glucose levels. Moreover, CGM offers an immediate monitoring feature for insulin-dependent patients. Hence, these devices have been getting much popularity as these features are estimated to spur market growth over the forecast period. For instance, in the United States, the number of people using continuous glucose monitoring (CGM) devices reached approximately 3 million in 2020.
Rising Ubiquity of Diabetes – For instance, in 2021, China, Mexico, India, the 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 – For instance, according to a report 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 Activities – In the United States, more than USD 860 million were invested in over 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.
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 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.
The global blood glucose monitoring system 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 blood glucose monitoring system market includes the following segments:
By Product |
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By Modality |
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By Disease Type |
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By Distribution Channel |
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Ans: Increasing perforation of continuous blood glucose monitoring (CGM) devices, rising ubiquity of diabetes, and growing investment in diabetic research activities are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2023 – 2033.
Ans: Lower diagnosis & treatment rate of diabetes, and inadequate approach to advanced healthcare infrastructure are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Abbott Laboratories, F. Hoffmann-La Roche Ltd, Ascensia Diabetes Care Holdings AG, Dexcom, Inc., NIPRO CORPORATION, ACON Laboratories, Inc., Insulet Corporation, Ypsomed AG, and others.
Ans: 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.
Ans: The market is segmented by product, modality, disease type, distribution channel, and by region.
Ans: The self-monitoring devices segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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