Pune, Jan. 06, 2025 (GLOBE NEWSWIRE) -- According to SNS Insider, The Blood Glucose Monitoring Device Market, valued at USD 13.49 billion in 2023, is expected to grow at a CAGR of 8.29%, reaching USD 27.61 billion by 2032, driven by the rising prevalence of diabetes, increased awareness of glucose management, and advancements in monitoring technology.
Rising Diabetes Cases and Technological Innovations Propel the Growth of the Blood Glucose Monitoring Device Market
The global Blood Glucose Monitoring Device Market is witnessing significant growth due to the rising prevalence of diabetes, a growing elderly population, and the increasing demand for accurate and user-friendly monitoring solutions. With over 422 million people diagnosed with diabetes globally, the need for effective blood glucose monitoring devices has surged.
Continuous Glucose Monitoring systems are gaining widespread adoption due to their ability to provide real-time glucose data, which is vital for diabetes management. Furthermore, integrating digital health tools, including mobile applications and wearable devices, has enhanced the efficiency of glucose tracking and data sharing with healthcare providers. The increasing focus on personalized healthcare and government initiatives to manage diabetes-related complications further fuel market demand.
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Major Players Analysis Listed in this Report are:
- Thermo Fisher Scientific (Patheon)
- Abbott
- Medtronic plc
- F. Hoffmann-La Roche Ltd
- Ascensia Diabetes Care Holdings AG
- Dexcom Inc.
- Sanofi
- Novo Nordisk
- Insulet Corporation
- Ypsomed Holdings
- Glysens Incorporated
- B. Braun Melsungen
- Nipro
- Arkray
- Prodigy Diabetes Care
- Acon Laboratories
- Nova Biomedical
- Lifescan
Blood Glucose Monitoring Device Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 13.49 billion |
| Market Size by 2032 | US$ 27.61 billion |
| CAGR | CAGR of 8.29% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Self-Monitoring Devices Segment Led The Market By Product, While CGM Devices Emerged as the Fastest-Growing Segment
- Dominating Segment: Self-monitoring devices held a 60% market share in 2023. These devices, including traditional blood glucose meters, are popular due to their affordability, portability, and ease of use. Self-monitoring devices empower individuals to manage their glucose levels effectively at home, contributing to their dominant position in the market.
- Fastest-Growing Segment: Continuous Glucose Monitoring devices is the fastest-growing segment, driven by their ability to provide real-time, continuous data. CGMs improve diabetes management by reducing the need for frequent finger-prick tests and offering detailed insights into glucose fluctuations.
Hospitals Segment Led The Market, While Home Care Emerged as the Fastest-Growing Segment, By End User
- Dominating Segment: The hospital segment accounted for 45% of the market share in 2023. Hospitals utilize blood glucose monitoring devices for accurate and real-time data, essential for managing diabetes and related conditions. Their role in patient education also strengthens their market position.
- Fastest-Growing Segment: The home care segment is anticipated to grow rapidly from 2024-2032 as more individuals prefer managing their diabetes at home. Innovations in user-friendly CGM devices and the convenience of home monitoring drive this trend.
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Blood Glucose Monitoring Device Market Key Segmentation:
By Product
- Self-monitoring Devices
- Blood glucose meter
- Testing Strips
- Lancets
- Continuous blood glucose monitoring devices
- Sensors
- Transmitter & Receiver
- Insulin Pumps
By End-use
- Hospitals
- Home care
- Diagnostic centers
North America Dominated, Asia-Pacific Poised for Rapid Growth in Blood Glucose Monitoring Device Market
In 2023, North America led the market with a significant share due to the high prevalence of diabetes, advanced healthcare infrastructure, and increasing adoption of CGM devices. The U.S., in particular, is a major contributor, with growing awareness about diabetes management and favorable reimbursement policies.
The Asia-Pacific region will be the fastest-growing market during the forecast period, driven by factors such as a rising diabetic population, increasing healthcare expenditure, and growing awareness about glucose monitoring devices. The emerging economies of China and India are major drivers in the region, with manufacturers expanding their footprint to meet the growing demand.
Recent Developments
- September 2024: Abbott launched its over-the-counter continuous glucose monitoring system in the U.S., becoming the second company to offer such a device without a prescription. This innovation aims to increase accessibility for individuals managing diabetes.
- June 2024: Prevounce Health introduced the Pylo GL1-LTE, a clinically validated, cellular-connected remote blood glucose monitoring device. This product is designed to enhance remote patient monitoring programs for diabetes management, ensuring reliable data transmission across the U.S.
- May 2024: Dexcom, Inc. launched the Dexcom ONE+, a CGM device offering real-time glucose monitoring for improved diabetes management. The company also released the "Dexcom State of Type 2 Report," highlighting mental health concerns among individuals with Type 2 diabetes.
- May 2024: Beurer India Pvt. Ltd. introduced a new blood glucose monitor priced at ₹1,200. This affordable device aims to cater to the growing demand for low-cost solutions in India and is expected to be available by September 2024.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Blood Glucose Monitoring Device Market Segmentation, by Product
8. Blood Glucose Monitoring Device Market Segmentation, by End-use
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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