Blood Glucose Monitoring Devices Market Growth Accelerating with Increasing Prevalence of Diabetes and Demand for Early Diagnosis | Future Market Insights, Inc.
Blood Glucose Monitoring Devices Market Forecasts a Valuation of US$ 22.2 Billion by 2034. Rising awareness regarding blood glucose management is anticipated to propel regional market growth. Increased understanding of the correlation between blood glucose levels and chronic diseases is poised to unlock substantial opportunities in the forecasted period.
NEWARK, Del, Nov. 30, 2023 (GLOBE NEWSWIRE) — According to estimates, the blood glucose monitoring devices market will be worth US$14.2 billion by 2024. By 2034, the market is predicted to reach a valuation of US$ 22.2 billion. According to market research, the global aging population and rising diabetes prevalence are responsible for the shift toward blood glucose monitoring equipment.
The behavioral shifts, particularly leading a sedentary lifestyle and reduction in physical activities, have had a harmful influence on people’s health, with diabetes and obesity cases rising, with even children exhibiting symptoms.
Obesity, age, family history, low socioeconomic position, metabolic syndrome, obesity, as well as bad lifestyle choices, have all been linked to a greater risk of type 2 diabetes mellitus. Obesity is currently understood to be the most significant factor for prediabetes and type 2 diabetes.
The buildup of visceral and ectopic fat, which is strongly correlated with hyperinsulinemia and insulin resistance, is now recognized as one of the major risk factors for type 2 diabetes mellitus requiring timely assessment of the condition as well as regular monitoring through blood glucose monitoring devices driving the market growth for these devices.
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The use of steroids by the COVID-19-infected patients resulted in elevated sugar levels and a surge in diabetes cases. Hence, the use of glucose monitoring devices had seen a surge during this period of time.
Countries have favorable reimbursement policies for diabetes care products under National Health Insurance. People can access self-monitoring devices at little or no cost in nations where NHI (National Healthcare Insurance) programmers partially or totally cover the cost of these products.
A number of technological developments have compelled manufacturers to release devices that can do reliable and quick testing with alternative-site testing and a smaller sample amount, and that are non-invasive or minimally invasive. These advancements will spur a surge in the blood glucose monitoring devices market growth.
“Global market expansion for blood glucose monitoring devices is expected to be driven by changes in lifestyle and a decline in physical activity, which will increase obesity and, in turn, insulin resistance giving rise to increased diabetes cases,” opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
Key Takeaways:
- Self-monitoring devices are the leading segment as a product, and hold around 71.4% market value share in 2022, owing to the ease of operation and easy availability of the device.
- The invasive blood glucose monitoring device segment is set to lead in terms of usage of blood glucose monitoring devices with a market value share of around 72.8% in 2022, due to the wide use of the devices at both hospitals and home.
- Retail pharmacy holds the highest market share of about 38.2% in the year 2022 in the distribution channel segment due to the easy availability of blood glucose monitoring devices in retail pharmacies.
- United States is considered the leading region with a value share of 38.8% in 2022, and is expected to show a growth of 7.4% during the forecasted period.
Blood Glucose Monitoring Devices Market Size:
| Data Points | Market Insights | |
| Market Value 2023 | US$ 13.6 Billion | |
| Market Value 2024 | US$ 14.2 Billion | |
| Market Value 2034 | US$ 22.2 Billion | |
| CAGR 2023 to 2033 | 4.6 | % |
Competitive landscape
Blood glucose monitoring device manufacturers are operating at full capacity to meet the increasing demand for these devices. Market players are manufacturing new and innovative products and are undertaking clinical trials to demonstrate the advantages of these devices in enhancing therapy and supporting behaviour improvements to further increase adoption rates.
Key players have initiated promotional activities to introduce the design and engineering of novel devices with enhanced efficacy.
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Recent Development
- In June 2022, Ascensia diabetes care announced that it has received European CE approval for its next-generation Eversense E3 continuous glucose monitoring system. Patients in European markets will have access to this technology from the third quarter of 2022.
- DexCom in April 2022, announced that it is going to launch a new DexCom ONE, an easy to use real time continuous glucose monitoring system (rt-CGM). DexCom ONE is a wearable device that sends real time glucose level values to a compatible smart device via the DexCom ONE mobile application.
Key Players:
- ARKRAY, Inc.
- Bayer AG; Medtronic plc
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson
- Ascensia Diabetes Care
- Nipro Diagnostics, Inc.
- Dexcom, Inc.
- Sanofi
- Terumo Medical Corporation
- Novo Nordisk
- Ypsomed Holdings
- Prodigy Diabetes Care, LLC
- GlySens Incorporated
- ACON Laboratories
- Nova Biomedical
- Medtronic
- Dexcom, Inc.
- LifeScan IP Holdings, LLC
- Senseonics
Key Segments:
By Product:
- Self-monitoring device
- Continuous blood glucose monitoring devices
By Usage:
- Non-invasive
- Invasive
By Modality:
- Standalone
- Portable
By Indication:
- Type 1
- Type 2
- Gestational Diabetes
By Distribution Channel:
- Retail Pharmacy
- Hospital Pharmacy
- Diagnostic Centres
- Online Sales
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- Middle East & Africa
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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