Vancouver, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The projected size of the global market for blood glucose monitoring systems is anticipated to achieve USD 27.26 billion by the year 2032. This projection aligns with a consistent compound annual growth rate (CAGR) of 8.0% during the outlined forecast period. This insight is derived from the latest analysis conducted by Emergen Research.
A primary driver behind the escalating market revenue is the increasing prevalence of diabetes. This growth is attributed to the implementation of various educational initiatives and campaigns. The core purpose of blood glucose monitoring systems is to serve as diagnostic tools aimed at monitoring and managing patients with diabetes. By effectively managing elevated blood sugar levels, the potential for adverse outcomes such as kidney damage, nerve complications, visual impairment, amputations, and issues with sexual function can be mitigated. Moreover, the risk of experiencing a heart attack or stroke is also diminished.
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Continuous Glucose Monitoring (CGM) devices play a crucial role in the management of both Type 1 and Type 2 diabetes. These devices necessitate fewer finger stick tests, enhancing patient convenience. By embedding a sensor just beneath the skin, these devices provide around-the-clock monitoring of glucose levels. The resulting data is then transmitted to a wearable device or a mobile phone through a transmitter. As a result of the continuous stream of information regarding blood sugar levels, individuals with diabetes are empowered to make more informed decisions concerning their dietary choices, physical activity, and insulin administration. This, in turn, leads to more effective blood sugar control and a reduction in the occurrence of diabetes-related complications. The interplay of these factors contributes to the expansion of market revenue.
Nevertheless, there exist apprehensions regarding potential signal loss between the sensor and the CGM device. This signal loss can lead to the inadvertent omission of crucial data pertaining to blood glucose levels. This situation has the potential to act as a limiting factor for the expansion of market revenue.
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Scope of Research
| Report Details | Outcome | |
| Market Size in 2022 | USD 12.64 Billion | |
| CAGR (2023–2032) | 8.0% | |
| Revenue Forecast To 2032 | USD 27.26 Billion | |
| Base Year For Estimation | 2022 | |
| Historical Data | 2019–2021 | |
| Forecast Period | 2023–2032 | |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 | |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends | |
| Segments Covered | Product, testing site, patient care, application, and region | |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Country Scope | U.S., Canada, Mexico, Germany, France, Uk, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa | |
| Key Companies Profiled | Abbott, F. Hoffmann-La Roche Ltd, Ascensia Diabetes Care Holdings AG, Dexcom, Inc., Sanofi, Novo Nordisk A/S, Insulet Corporation, DiaMonTech AG, Nemaura, and PHC Holdings Corporation | |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The blood glucose monitoring system market is fragmented with large and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- Abbott
- F. Hoffmann-La Roche Ltd.
- Ascensia Diabetes Care Holdings AG
- Dexcom, Inc.
- Sanofi
- Novo Nordisk A/S
- Insulet Corporation
- DiaMonTech AG
- Nemaura
- PHC Holdings Corporation
Strategic Development
- On 11 March 2021, Roche announced the release of Accu-Chek Instant system, a new connected blood glucose monitoring device that supports and enables Roche's integrated Personalized Diabetes Management (iPDM) strategy. iPDM is a patient-centered, holistic treatment strategy that aims to personalize diabetes management in order to streamline care and improve clinical results. iPDM intends to improve the care process by facilitating communication between patients and their healthcare team and integrating data visualization and analysis capabilities.
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Some Key Highlights From the Report
- The self-monitoring blood glucose systems segment accounted for largest revenue share in the global blood glucose monitoring system market in 2022. This because self-Monitoring of Blood Glucose (SMBG) is an important part of current diabetic treatment. SMBG has been recommended for diabetics and their healthcare providers to achieve a specified level of glycemic control and prevent hypoglycemia. SMBG reduces anxiety and improves knowledge of hypoglycemia, blood glucose level of 70 mg/dl, and aids in the identification of hypoglycemia patterns.
- The continuous glucose monitoring systems segment is expected to register steadily fast revenue growth rate in the global blood glucose monitoring system market during the forecast period. This is due to increasing use of continuous glucose monitoring, also known as blood sugar monitoring, tracks blood glucose levels continuously during the day and night. People may check their glucose levels at any time, which allows them to make better-informed decisions about how to balance their meals, physical activity, and prescriptions throughout the day. A CGM works by placing a tiny sensor beneath the skin, usually on abdomen or arm. Interstitial glucose, or glucose found in the fluid between cells, is detected by this sensor and measures glucose level every few minutes.
- The Alternate Site Testing (ATS) segment is expected to account for significantly large revenue share in the global blood glucose monitoring system market over the forecast period. This is because AST refers to collecting blood from a site other than the fingertips for blood sugar testing, such as palm, upper forearm, abdomen, calf, and thigh. The primary advantage of alternate site testing is that it is less painful because other sites have fewer nerve endings than the fingertips.
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For the purpose of this report, Emergen Research has segmented the global blood glucose monitoring system market on the basis of product, testing site, patient care, application, and region:
- Product Outlook (Revenue, USD Billion; 2019–2032)
- Self-Monitoring Blood Glucose Systems
- Blood Glucose Meters
- Testing Strips
- Lancets& Lancing Devices
- Continuous Glucose Monitoring Systems
- Sensors
- Transmitters
- Receivers
- Self-Monitoring Blood Glucose Systems
- Testing Site Outlook (Revenue, USD Billion; 2019–2032)
- Fingertip Testing
- Alternate Site Testing
- Patient Care Outlook (Revenue, USD Billion; 2019–2032)
- Self/Home Care
- Hospitals & Clinics
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Type 2 Diabetes
- Type 1 Diabetes
- Gestational Diabetes
- Regional Outlook (Revenue, USD Million, 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest of Middle East & Afric
- North America
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