The Global Demand for The Blood Glucose Monitoring System (BGMs) Market Was Valued at Over USD 13,618.3 Million in 2021 and is Expected to Expand at A Compound Annual Growth Rate (CAGR) Of 9.4% From 2022 to 2028.
Blood glucose monitoring is a process used to test the glucose concentration in the blood. Blood glucose monitoring (BGM) is a required part of diabetes management. Diabetes is an ailment in which the body’s capability to process blood sugar is impaired. Three major types of diabetes: gestational diabetes, type 1, and type 2. Gestational diabetes occurs in women during pregnancy. Type 1 diabetes is developed when the body is unsuccessful in producing insulin. Diabetes type 2 affects the manner in which the body utilises insulin. Blood glucose monitoring reveals distinct patterns of blood glucose deviations and aids in meal, action, and medication schedules. Blood glucose monitoring also enables quick response in cases of high or low blood sugar levels. To analyse blood glucose concentration, blood glucose monitoring systems use a relatively small drop of blood on a disposable test strip. A continuous blood glucose monitor is used to continuously measure glucose concentration.
Blood Glucose Monitoring System Market Dynamics
Drivers
Blood glucose monitoring systems are both highly efficient and clinically safe. Diabetes management necessitates regular blood glucose monitoring. This can be done by self-monitoring of blood glucose or continuous glucose monitoring. Blood glucose monitoring systems use a very small amount of blood to test the glucose concentration in the blood. The test strips used in the devices are disposable and, hence, clinically safe to use. The strong efficacy of glucose monitoring systems helps with better diabetes management. The constant research and development activities undertaken by major companies further improve the workings of blood glucose monitoring systems. The technological advancements in these systems make them more popular among people suffering from diabetes. Thus, the clinical safety and efficacy of blood glucose monitoring systems, along with some other factors such as growing awareness regarding the use of these devices and increasing per capita healthcare expenditure, are expected to boost the demand for blood glucose monitoring systems across the globe.
Opportunities
Technological innovations
Blood glucose monitoring systems are undergoing constant changes in their functions and benefits. The ongoing research has opened new avenues for the use of blood glucose monitoring systems. The development of continuous blood glucose monitoring systems has changed the way diabetes is managed. Continuous blood glucose monitoring has several advantages over traditional blood glucose monitoring. Continuous blood glucose monitoring records blood glucose every few minutes, and thus presents a much better picture of the blood glucose situation. The development of these innovative products is expected to act as an opportunity for the manufacturers of blood glucose monitoring systems.
Blood Glucose Monitoring System Market Segmentation
Based on the product, the blood glucose monitoring system market has been segmented into self-monitoring and continuous glucose monitoring devices. Self-monitoring is further segmented into blood glucose meters, testing strips, and lancets & lancing devices. In 2021, the self-monitoring segment held the largest market share of 62.69% of the overall global market for blood glucose monitoring systems. In the self-monitoring segment, the testing strips segment held the largest market share of XX% in 2021, and it is expected to reach USD XX million by the end of 2028. The continuous glucose monitoring system (CGM) segment is projected to register a higher CAGR during the forecast period. The noteworthy growth of this segment is attributed to the growing adoption of CGMs in developed and emerging countries due to their ability to monitor the patient’s blood glucose level regularly.
Based on the testing site, the market for blood glucose monitoring systems has been segmented into fingertip testing and alternate site testing. The fingertip testing segment held the largest market share of more than 80% of the overall market in 2021. The fingertip testing segment is likely to grow at the highest CAGR during the forecast period.
Based on application, the blood glucose monitoring system market has been segmented into type I diabetes, type II diabetes, and gestational diabetes. Type-I diabetes is further segmented into adult and paediatric forms. Type-II diabetes is further segmented into adult and paediatric forms. In 2022, the Type II Diabetes segment accounted for roughly 60% of the global blood glucose monitoring system market.
Based on end-user, the market is segmented into clinics, homecare, hospitals, and others. Hospitals held the largest revenue share of more than 42.68% of the overall global blood glucose monitoring system market in 2021 and are predicted to lead the market over the forecast period. The segment's growth is being fueled by improved infrastructure and rising healthcare expenditures in hospitals. Homecare is a key segment of this market and is expected to experience exponential growth in the years to come. Increasing consciousness towards fitness and remote monitoring services are the factors expected to drive market growth.
Regional Insights
North America led the global industry in 2021 and accounted for the highest share of more than 35.5% due to technological advancements, the growing prevalence of obesity, and the high cost of treatment.
Europe is the second most dominant market for the blood glucose monitoring system market. It accounted for the maximum share of above XX% of the overall revenue. The U.K. has the strongest technological ecosystem across Europe, followed by Germany, and France. Developments in the healthcare sector and the implementation of advanced medical products are increasing the demand for BGMs in the region.
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The Asia-Pacific is projected to grow at the highest CAGR over the forecast period. Growing awareness and acceptance of BGM systems, particularly in India and China, are some of the key factors driving demand for BGMs in the Asia Pacific. Progress in healthcare services and reimbursement policies in emerging economies are key factors supporting growth in this region. China led the Asia Pacific region in 2021 due to its large diabetes population and fast economic growth. Also, a rise in awareness about diabetes preventive care is swelling the market.
Competitive Landscape
The report covers a detailed competitive outlook including company profiles of the key participants operating in the global blood glucose monitoring system market. The key players in the blood glucose monitoring system market are Abbott Laboratories, Lifescan Inc., Hoffmann-La Roche Ltd., Sanofi, Nova Biomedical, B. Braun Melsungen, Terumo Corporation, Ascensia Diabetes Care, ARKRAY Inc., Becton Dickinson and Company, Ypsomed Holding AG, Medtronic, and Others
Key Industry Developments
January 2019: Abbott announced to acquisition of Cephea Valve Technologies, Inc. a privately held medical device company developing a less-invasive heart valve replacement technology for people with mitral valve disease. This acquisition will help further bolster Abbott's leading position in therapies for mitral valve disease, the most common type of heart valve ailment.
November 2018: Medtronic plc and Nutrino Health Ltd., a leading provider of nutrition-related data services, analytics, and technologies, announced that the companies have entered into a definitive agreement under which Medtronic will acquire Nutrino.
Blood Glucose Monitoring System Market Scope and segmentation
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Attribute
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Details
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Market Size in 2021
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13,618.3 USD Million
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Estimated Market Size in 2028
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23,420.6 USD Million
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CAGR Growth Rate
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9.4% CAGR
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Historical Year
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2016 to 2021
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Forecast Years
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2022-2028
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Segmentation
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Product, Testing Site, Application, End User, and Region
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By Product
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- Self-Monitoring Systems
- Blood Glucose Meters
- Testing Strips
- Lancets & Lancing Devices
- Continuous Glucose Monitoring Devices
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By Testing Site
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- Fingertip Testing
- Alternate Site Testing
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By End-User
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- Hospitals
- Clinics
- Homecare
- Others
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By Application
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- Type-I Diabetes
- Type-II Diabetes
- Gestational Diabetes
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Major Regions Covered
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- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Key Market Players
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- Abbott Laboratories
- Novo Nordisk
- Hoffmann-La Roche Ltd.
- Sanofi
- Nova Biomedical
- B. Braun
- Melsungen
- Terumo Corporation
- ARKRAY Inc.
- Becton Dickinson
- Ypsomed Holding AG
- Medtronic
- Ascensia Diabetes Care
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Report Coverage
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Revenue forecast, company share, growth factors, and recent trends
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Free customization scope (equivalent to 5 analysts working days)
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