Blood Glucose Monitoring Devices Market Size, Trends, Growth, Report 2022-2030

The global Blood Glucose Monitoring Devices market size is expected to be worth around US$ 23.5 billion by 2030 from valued at US$ 12.70 billion in 2020 and is anticipated to grow at a CAGR of 7.10% from 2022 to 2030.

Report Highlights

• The hospital segment held the largest revenue share of over 40.0% in 2021 and is anticipated to lead the market over the forecast period.
• The home care segment is expected to register the fastest growth rate during the forecast period.
• Self-monitoring blood glucose devices accounted for the largest revenue share of over 65.11% in 2021.
• The continuous blood glucose monitoring (CBGM) devices segment is expected to register the highest growth rate during the forecast period.
• North America led the market with a revenue share of over 35.11% in 2021.
• Asia Pacific is projected to be a lucrative region over the forecast period.

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Growth Factors

The market growth is propelled by the rising diabetes prevalence worldwide and increasing geriatric population. Moreover, rising awareness about diabetes preventive care and new product launches are expected to boost market growth.

Blood glucose monitoring (BGM) devices are used to measure blood glucose levels in diabetes patients. These devices help in analyzing glucose level pattern as it provides continuous and real-time blood sugar reading. It also helps patients to decide the amount of food intake and dosage of insulin. Furthermore, factors such as sedentary lifestyle, consumption of junk food and alcohol, smoking, and surge in the need for safer and faster diagnosis are propelling the market growth.

Obesity is also one of the major factors in propelling the prevalence of diabetes. According to the WHO, over 650 million people were obese in 2016 and this number is expected to grow further during the forecast period. Additionally, the market is expected to witness a high growth rate during the forecast period due to the continuous efforts for diabetes control by government and healthcare organizations, such as the International Diabetes Federation (IDF). Such organizations provide the required expertise and support diabetes awareness campaigns through a network of stakeholders and partners. Moreover, increasing health care funding is anticipated to propel the market growth.

End-use Insights

The hospital segment held the largest revenue share of over 40.0% in 2021 and is anticipated to lead the market over the forecast period due to the improving infrastructure and increasing healthcare expenditure in hospitals. Moreover, the reliable data that BGM devices provide practitioners in a fraction of seconds and the improvement in patients’ quality of life have increased their adoption in the outpatient as well as inpatient hospital settings. Hospitals have additional provisions to store and transfer patient information. Furthermore, during the COVID-19 pandemic, the FDA allowed the use of CGM devices in hospitals, and the possibility of another pandemic in the future is expected to enhance the segment growth.

The home care segment is expected to register the fastest growth rate during the forecast period. The home-based glucose monitoring is revolutionized by the self-monitoring of blood glucose and is the most widely used method of short-term glucose monitoring throughout the world. The self-monitoring blood glucose (SMBG) is an approach through which people with or without diabetes can measure their blood sugar levels in their homes. Based on the reading, the patient can check the effects of their treatment such as diet, insulin, exercise, and stress management.

Product Insights

Self-monitoring blood glucose devices accounted for the largest revenue share of over 65.11% in 2021 owing to the ease of use and low cost. SMBG is considered an important element of diabetes management daily. Self-monitoring of blood sugar is an approach wherein people measure their blood sugar levels with the help of a glucose meter. It is sub-segmented into blood glucose meter, testing strips, and lancets. The testing strips segment accounted for the largest revenue share in 2021 owing to the high usage of these strips and affordability. The segment is expected to expand at a lucrative CAGR over the forecast period.

The continuous blood glucose monitoring (CBGM) devices segment is expected to register the highest growth rate during the forecast period. CBGM is an important diabetes care tool for patients with type 1 diabetes, who are particularly vulnerable to severe and potentially life-threatening hypoglycemia. These devices help in analyzing the glucose level pattern as it provides continuous and real-time blood sugar reading every five minutes. It is sub-segmented into sensors, insulin pumps, and transmitter and receiver. CGM works through a tiny sensor that is inserted under the skin. This sensor measures sugar level and the transmitter wirelessly sends the information to a monitor. The transmitter and receiver segment held the largest revenue share in 2021.

Regional Insights

North America led the market with a revenue share of over 35.11% in 2021 owing to its well-established healthcare sector. The increasing prevalence of obesity, high cost of treatment, technological advancements, and new product launches are also expected to drive the regional market. Europe is expected to capture a significant revenue share over the forecast period due to an increase in the geriatric population, which is prone to diabetes. Moreover, improvements in the healthcare sector and the implementation of advanced medical products are augmenting the demand for BGMs in the region.

Asia Pacific is projected to be a lucrative region over the forecast period. Improvements in healthcare facilities and reimbursement policies in developing economies are key factors aiding the growth in this region. China spearheaded the APAC region in 2021 owing to its large diabetes population and rapid economic growth. Furthermore, an increase in awareness regarding diabetes preventive care is augmenting the market growth.

Key Players

• Abbott Laboratories
• Medtronic plc
• F. Hoffmann-La Roche Ltd.
• Bayer AG
• Lifescan, Inc.
• Dexcom, Inc.
• Sanofi
• Elly Lilly and Company
• B Braun Melsungen AG

Market Segmentation

• Product Outlook
  • Self-monitoring Devices
    • Blood Glucose Meter
    • Testing Strips
    • Lancets
  • Continuous Blood Glucose Monitoring Devices
    • Sensors
    • Transmitter & Receiver
    • Insulin Pumps
• End-use Outlook
  • Hospitals
  • Home Care
  • Diagnostic Centers
• Regional Outlook
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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