New York, July 13, 2023 (GLOBE NEWSWIRE) -- The global blood glucose monitoring system market size is expected to expand at ~10% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 46 billion by the end of 2033, up from a revenue of ~USD 16 billion in the year 2022.
The major growth of the market is backed by the rising incidence of diabetes worldwide, which has urged the need for early detection of diabetes symptoms. According to the World Health Organization (WHO) report, diabetes is directly responsible for 1.5 million deaths each year.
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The increasing burden of chronic diseases globally, along with the rising prevalence of type 2 diabetes in countries of all income levels, demands the management of this disease with a constant check on the blood glucose levels with blood glucose monitoring (BCM) devices, helping patients with diabetes to manage and track blood glucose fluctuations. Moreover, type 2 diabetes is the result of a poor lifestyle that has brought about a rise in the number of lifestyle diseases, including obesity. For instance, WHO revealed that over 1 billion people were globally obese in 2022.
Blood Glucose Monitoring System Market: Key Takeaways
- Market in North America to propel highest growth
- Continuous glucose monitoring devices segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Prevalence of Diabetes to Boost Market Growth
The escalating diabetes statistics have raised an alarm for the world. The accelerating number of people suffering from diabetes needs to be monitored constantly, which is primarily responsible for market growth in the upcoming years. It was revealed by the International Diabetes Federation (IDF) that ~537 million people were diagnosed with diabetes in 2021, and this number is estimated to reach 640 million and about 783 million by 2030 and 2045, respectively. This has led companies across the globe to invest their resources in researching various ways to track blood sugar levels in people suffering from diabetes. The invention of a non-invasive blood sugar monitor without finger pricks, such as continuous glucose monitors (CGMs) or a flash monitor, is an add-on to this research. These devices monitor the level of sugar in the interstitial fluid with the help of a sensor. Companies such as GlucoRx Ltd., which in September 2022, introduced a multiple-sensor approach in the GlucoRx BioXensor and uses patented radio frequency technology to measure blood glucose levels accurately, reliably, and non-invasively every minute, are instigating further competition in the arena of wearable devices that provide people with a painless, sustainable, and cost-effective alternative to blood glucose monitoring systems market in the upcoming years.
Surging Sedentary Lifestyle to Drive the Growth in the North America Region
The blood glucose monitoring system market in the North American region is estimated to garner the largest revenue by the end of 2033. The growing sedentary lifestyle health risks in the region, along with the rising prevalence of various chronic disorders, including obesity and diabetes, are anticipated to be the major factors driving market growth in the projected period. The report from the International Diabetes Federation (IDF) stated that ~32.2 million people in the United States suffered from diabetes in 2021. The growing culture of online gaming, online shopping, and remote jobs, along with a lack of time and social support in the region, has resulted in the growing inactivity levels of the masses. More and more people of all ages in North America are becoming physically inactive, contributing to serious health conditions like obesity, heart disease, type 2 diabetes, and cancer. Even the 2021 data from the Centers for Disease Control and Prevention (CDC) stated the prevalence of physical inactivity among American adults and found that nearly 25% of adults in the region may be considered physically inactive.
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Increasing Prevalence of Type 1 Diabetes (T1D) to Drive the Growth in the Asia Pacific Region
The blood glucose monitoring system market in the Asia Pacific region is estimated to garner highest CAGR by the end of 2033. The presence of a vast population and the rising ubiquity of different diabetes types are some of the factors applicable to the market growth in the region. It is observed that currently, the Asia-Pacific region is home to almost 60% of the global population, with about 4.3 billion people living in the region. Moreover, China, with ~141 million people suffering from diabetes in 2021, had the highest number of diabetic patients. Furthermore, rising concern about the region's high prevalence of type 1 diabetes, as well as the rising government's role in reducing diabetes incidence through policy implementation and diabetes awareness, are expected to drive market growth. It was found that ~8.4 million people in the world were living with type 1 diabetes in 2021, with India ranking among the top 10 countries with the highest prevalence of T1D.
Blood Glucose Monitoring System Segmentation by Product
- Self-Monitoring Devices
- Continuous Glucose Monitoring Devices
The continuous glucose monitoring devices segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of this segment consist of the growing investment in research and development related to healthcare and the advancements in healthcare technologies. As per the World Bank statistics, around 2.33% of the global GDP was spent on research and development activities in 2019, and ~2.63% in 2020. Moreover, the rising focus of various companies to develop accurate and reliable types of glucometers that are non-invasive and can assist the digital health environment along with digital solutions is intensifying the competition in the market and is estimated to play a vital role in segment growth. For instance, a global diabetes care company, a maker of the Contour Blood Glucose Monitoring (BGM) System portfolio and the distributor of the Eversense Continuous Glucose Monitoring (CGM) System, Ascensia Diabetes Care Holding AG, announced in November 2022 that the Eversense CGM app has been updated worldwide to seamlessly integrate with Apple HealthTM, which means that people with diabetes using Eversense CGM Systems will have the option to view their glucose data within the Apple Health app.
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Blood Glucose Monitoring System Segmentation by Modality
- Wearable
- Non- Wearable
The wearable segment is anticipated to hold the largest revenue by the end of 2033. The growth in the number of people suffering from diabetes, the growing use of glucose-monitoring devices, and the development of glucose-monitoring products designed to transform lives in the global diabetes community with long-term implantable, differentiated glucose management technology are responsible for the segment's growth. For instance, it was found that the number of people using glucose monitoring machines reached 4 million in 2021, up from 3 million in 2020. The growing investment in diabetic research, such as that by the American Diabetes Association (ADA), where more than USD 860 million has been invested in more than 4,800 diabetes research projects over the last 70 years, and the increasing potential of an AI-enabled Internet of Things (IoT) in healthcare to improve the accessibility of health services are propelling the growth of the segment.
Blood Glucose Monitoring System Segmentation by Disease Type
- Type 1 Diabetes
- Type 2 Diabetes
- Gestational Diabetes
Blood Glucose Monitoring System Segmentation by Distribution Channel
- Hospital
- Retail Sales
- Homecare
A few of the well-known market leaders in the global blood glucose monitoring system market that are profiled by Research Nester are Abbott Laboratories, Nova Biomedical Corporation, F. Hoffman-La Roche Ltd., LifeScan, Inc., Nipro Corporation, Ascensia Diabetes Care Holding AG, Medtronic Diabetes, Dexcom, Inc., Prodigy Diabetes Care LLC, ACON Laboratories, Inc., and other key market players.
Recent Development in the Global Blood Glucose Monitoring System Market
- Abbott revealed data from the Real World Evidence of FreeStyle Libre (RELIEF) study that showed the use of the FreeStyle Libre continuous glucose monitoring system (CGM) significantly reduced the rate of hospitalizations owing to acute diabetes events (ADEs) for people living with type 2 diabetes on once-daily (basal) insulin therapy.
- Nova Biomedical Corporation’s StaStrip Glucose Hospital Meter System became the only glucose monitoring system to be used throughout all hospital settings. It received a clearing license from Health Canada for Intensive care use.
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