Global Blood Glucose Monitoring System Market to Reach USD 23,420.6 Million By 2028

 Posted on: Nov-2022 | Healthcare

The Global Blood Glucose Monitoring System Market Was Worth Around USD 13,618.3 Million in 2021 and is Predicted to Reach Around USD 23,420.6 Million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 9.4% Over the Forecast Period.

According to the approximations of the International Diabetes Federation (IDF), in 2021, around 537 million adults were suffering from diabetes, and it is expected to reach around 783 million by 2045. with the growing prevalence of diabetic patients worldwide.

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The rising demand for blood glucose monitoring systems (BGMs) is mainly attributed to the growing pervasiveness of diabetes among the population across the globe. the increasing problem of the elderly population, who are vulnerable to developing hyperglycemia. Furthermore, factors that are projected to drive the global blood glucose monitoring systems market include the rise in technologically advanced blood glucose monitoring device product launches and government campaigns to increase public awareness of effective diabetes care.

Real-time monitoring for patients who are insulin-dependent is now possible because of the market participants' introduction of cutting-edge technology like continuous blood glucose monitoring (CGM) systems. Additionally, compared to self-monitoring blood glucose (SMBG) systems, CGM systems have a number of benefits, including being minimally invasive in nature, less painful, providing real-time monitoring, and providing rapid and precise results.

Blood Glucose Monitoring System Market Growth

According to WHO estimates, the number of people living with diabetes has grown from 108 million adults in 1980 to approximately 422 million adults in 2014. Furthermore, diabetic prevalence globally has doubled from 4.7% in 1980 to around 8.5% in the year 2014. Diabetes can cause many further complications for an individual over time if left uncontrolled or untreated. Some minor complications include kidney failure, blindness, and foot ulcers. Whereas, serious life-threatening complications include heart failure, brain hemorrhage. Blood glucose monitoring devices play an important role in diabetes management. Thus, increasing diabetes cases will have a positive impact on the demand for global blood glucose monitoring systems.

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An unattractive reimbursement scenario is expected to restrain the growth of this market.

The constantly changing reimbursement policies of major countries like the U.S. and the UK has had a negative impact on blood glucose monitoring systems. The changing reimbursement policies has led to price erosion. The uncertainties in healthcare policies of major countries has further deteriorated the condition. This is expected to impact the demand for costly next-generation blood glucose monitoring systems. Though the condition is changing, price erosion is expected to hinder the growth of the global market for blood glucose monitoring systems.

Blood Glucose Monitoring System Market Scope Segmentation

Attribute

Details

Market Size in 2021

13,618.3 USD Million

Estimated Market Size in 2028

23,420.6 USD Million

CAGR Growth Rate

9.4% CAGR

Historical Year

2016 to 2021

Forecast Years

2022-2028

Segmentation

Product, Testing Site, Application, End User and Region

By Product

  • Self-Monitoring Systems
  • Blood Glucose Meters
  • Testing Strips
  • Lancets & Lancing Devices
  • Continuous Glucose Monitoring Devices

By Testing Site

  • Fingertip Testing
  • Alternate Site Testing

By End-User

  • Hospitals
  • Clinics
  • Homecare
  • Others

By Application

  • Type-I Diabetes
  • Type-II Diabetes
  • Gestational Diabetes

Major Regions Covered

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • UK
    • Germany
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • The Middle East & Africa
    • GCC Countries
    • South Africa
  • Rest of Middle East & Africa

Blood Glucose Monitoring System Market Segmentation

By product, the self-monitoring segment held the largest market share of 62.69% of the overall global market in 2021. Self-monitoring is further segmented into blood glucose meters, testing strips, and lancets and lancing devices. Because of the growing adoption of CGMs in developed and emerging countries, continuous glucose monitoring systems are expected to hold a significant market share during the forecasted period.

By testing site, the fingertip testing segment held the largest market share of more than 80% of the overall market in 2021 and is expected to register the highest CAGR.

By application, the blood glucose monitoring system market has been segmented into type I diabetes, type II diabetes, and gestational diabetes. Type II diabetes accounted for the largest revenue share of over XX% in 2021, owing to the increasing number of innovative product launches with less invasive technologies.

By end-user, the global market includes hospitals, clinics, home care, and others. Because of the recovering infrastructure and rising healthcare expenditures in hospitals, the Hospitals segment captured a sizable market share in 2021.

Regional Insights

North America, is expected to account for the largest share in the blood glucose monitoring market in 2021, due to the growing prevalence of diabetes and acceptance of advanced technologies, followed by Europe, with moderate growth. The U.K. has the strongest technological ecosystem across Europe, followed by Germany, France, and Spain.

The Asia-Pacific is anticipated to grow at the highest CAGR over the forecast period due to growing awareness of BGM systems, particularly in India and China. Progress in healthcare services and reimbursement policies in emerging economies are key factors supporting growth in this region. Furthermore, the constant efforts by the top companies to introduce continuous glucose monitoring systems in the region will also drive the blood glucose monitoring systems market.

Blood Glucose Monitoring Market Companies 

  • 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

Recent Developments:

January 2019: Ascensia Diabetes Care announced that it has entered into a global alliance with Zhejiang POCTech, Co., Ltd. (POCTech), a developer and manufacturer of continuous glucose monitoring (CGM) systems. This global partnership with POCTech is to distribute and co-develop continuous glucose monitoring systems.

October 2018: LifeScan, Inc., released the latest version of its OneTouch Reveal® mobile app with three new features that provide even more insight to support diabetes management.

January 2019: Abbott announced that the FDA has approved its Amplatzer Piccolo™ Occluder device, which is the world's first device for the treatment of premature babies and newborns with an opening in their hearts (a common congenital defect).

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