Glucose Meter Market Revenue Driven by Growing Awareness Regarding Self-Management of Diabetes: Reports and Data

Increasing incidence of diabetic population, launch of advanced wearable blood glucose meters, and rising government initiatives for availability of advanced healthcare facilities are some key factors expected to drive market growth

New York, December 8, 2021 – Reports and Data has published its latest report titled “Glucose Meter Market Size, Share and Analysis By Product (Self-monitoring, Continuous), By Type (Wearable, Non-wearable), By Testing Site, By Distribution Channel, End Use (Hospitals, Home Care, Diagnostic Centers), and By Region, Forecast to 2028.”

According to the latest report by Reports and Data, the global glucose meter market size was USD 8.8 Billion in 2020 and is expected to reach USD 18.05 billion in 2028 and register a revenue CAGR of 9.4% during the forecast period, 2021-2028.

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Drivers, Restraints, and Opportunities

Glucose meters, often known as glucometers, are sophisticated instruments that require only a single drop of blood and are small and portable. In order to use the device, the patient pricks their finger and drops some blood on the strip. This strip contains chemicals that reflect glucose levels through electrical currents that turn results into figures. Growing awareness regarding regular health check-ups, increased accuracy of glucose monitoring devices, and increasing need for regular monitoring of the glucose levels in blood are some key factors expected to boost market revenue growth over the forecast period. 

Advancements in continuous glucose monitors are aimed at improving health outcomes in patients suffering from diabetes. These monitors keep patient updated about their blood sugar levels and evaluate how diet affect patients throughout the entire day and night. In addition, introduction of advanced or special features in blood glucose meters such as illuminated screens, easy-to-handle buttons and audio features for people with impaired vision surge demand for glucose meters in the global market. For instance, Fora Test N’GO Voice device has voice capability and Bluetooth feature that pairs with an app and provide information including pie charts of user’s activity.

However, high cost of continuous glucose monitoring devices, and growing concerns regarding confidentiality or privacy about patient data on connected diabetes devices are factors expected to restrain market revenue growth to a certain extent during the forecast period.

COVID-19 Impact Analysis

• Social distancing and restrictions severely disrupted businesses and operations
• Lockdowns caused disruptions in transportation and logistics
• impacted manufacturing activities and mining operations globally
• Took a toll on economy of various countries
• Caused sudden and drastic downturn in economic activity
• Disrupted agriculture, fisheries, dairy, and other sectors
• Caused loss of employment and financial crisis
• Supply impacts were further compounded owing to reduced disposable income
• Emergence of variants  continue to cause concerns and impact normal routines

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Continuous Glucose Monitoring Systems Segment to Lead in Terms of Revenue Share:

Continuous glucose monitoring (CGM) systems segment is expected to account for largest revenue share in the global market over the forecast period attributable to increasing incidence of type 1 diabetes worldwide, growing popularity of minimally invasive procedures, and rising awareness regarding benefits of using CGM devices. CGM systems gives continuous feedback on exercise, diet, and insulin requirements and helps in managing blood glucose levels. It also helps to minimize risks of hypoglycemia and glycemic variability (GV) among patients.

Wearable Segment to Register Significant Revenue Growth:

Wearable segment is expected to register significant revenue growth over the forecast period attributable to increasing penetration of smartphones, growing awareness regarding benefits of continuous glucose monitoring devices, technological advancements in wearable devices, and rising number of geriatric population suffering from diabetes.

North America to Register Robust Revenue Growth Rate:

North America is expected to register robust revenue growth rate over the forecast period attributable to increasing lifestyle-induced diseases such as obesity and diabetes, growing popularity of self-monitoring glucose meters, ongoing technological advancements in glucometers, favorable government policies, and presence of key market players in the region. 

Asia Pacific Accounted for Largest Revenue Share in 2020:

Asia Pacific is expected to account for largest revenue share in the global market in 2020 and is expected to register significant revenue growth over the forecast period attributable to growing demand of numerous fitness wearable devices due to high incidence of diabetes, increasing government and private investments to develop healthcare infrastructure (especially during COVID-19 pandemic), growing awareness regarding preventive care for diabetes, rising healthcare expenditure and availability of cost-effective glucose meter devices.

Major Companies in the Market Include:

• Roche Diagnostics
• Medtronic plc.
• Johnson and Johnson
• Bayer AG
• Abbott Laboratories
• Omron
• Arkray, Inc.
• Grace
• B. Braun
• i-SENS, Inc.
• DiaMonTech GmbH
• Infopia Co., Ltd
• Hainice Medical Inc.
• Mendor
• All Medicus Co, Ltd
• 77 Elektronika Kft, Delta Group
• Ok Biotech
• Medisana
• Nova Biomedical
• Oak Tree Health, Inc.
• Omnis Health
• Simple Diagnostics
• US Diagnostics
• SD Biosensor
• Nipro Diagnostics
• Sannuo Biological Sensing Co. Ltd.
• Yuwell Medical
• Yicheng

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Market Segmentation:

For the purpose of this report, Reports and Data has segmented glucose meter market is segmented based on product, type, testing site, technique, application, distribution channel, and region:

Product Outlook (Revenue, USD Billion; 2018-2028)

• Self-monitoring Blood Glucose Systems
• Continuous Glucose Monitoring Systems

Type Outlook (Revenue, USD Billion; 2018-2028)

• Wearable
• Non-wearable

Testing Site Outlook (Revenue, USD Billion; 2018-2028)

• Fingertip Testing 
• Alternate Site Testing 

Technique Outlook (Revenue, USD Billion; 2018-2028)

• Invasive
• Non-invasive

Application Outlook (Revenue, USD Billion; 2018-2028)

• Hospitals
• Diagnostic Centers
• Home Care

Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)

• Retail Pharmacies
• Hospital Pharmacies
• Online Pharmacies

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Regional Outlook (Revenue, USD Billion; 2018-2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Sweden
  • 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
  • U.A.E.
  • South Africa
  • Israel
  • Rest of MEA

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