Global Blood Glucose Monitors Market is Likely to Grow at a CAGR Value of 7.70% by 2028

02-Aug-2022 | Facts and Factors

According to Facts and Factors, the global Blood Glucose Monitors market size was worth USD 11,274.10 million in 2021 and is estimated to grow to USD 17,594.47 million by 2028, with a compound annual growth rate (CAGR) of approximately 7.70% over the forecast period. The report analyzes the Blood Glucose Monitors market’s drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the Blood Glucose Monitors market.

Global Blood Glucose Monitors Market Size

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The inability of the pancreas to make insulin causes an increase in blood glucose levels, a major and global problem. Using a glucose meter to track and measure the overall glucose concentration in the blood is known as blood glucose monitoring. Its importance of it cannot be overstated for diabetic patients. A blood glucose test is performed by pricking the finger skin to obtain blood, which is then applied to a chemically active disposable test strip. These devices enable therapy changes and patient protection by allowing patients and physicians to diagnose acute hypoglycaemia or hyperglycaemia quickly and empowering patients with more self-care. In addition, technology makes it easier for patients to learn about diabetes and how to manage it, and it motivates people to develop healthier habits. The major market drivers are the rising prevalence of diabetes and the growing number of older people at risk for the disease. Owing to the rise in demand for Blood Glucose Monitors, the global Blood Glucose Monitors market is estimated to grow at a CAGR of 7.70% during the forecast period.

Browse the full “ Blood Glucose Monitors Market Size, Share, Growth Analysis Report By Device Type (Continuous Glucose Monitoring (CGM) and System Self-Monitoring Blood Glucose (SMBG) System), By Modality (Wearable and Non-wearable), By Type (Non-invasive and Invasive), By Patient Type (Type 1 Diabetes and Type 2 Diabetes), By Distribution Channel (Institutional Sales and Retail Sales), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/blood-glucose-monitors-market

The market's expansion is also driven by new product introductions and rising awareness of diabetes preventive care. The significant change in lifestyle, including drinking and smoking, is a factor in the increase of diabetes patients globally. One of the primary causes of diabetes is also obesity. These factors fuel the market expansion. It is anticipated that greater consumer awareness of diabetes monitoring devices would create important prospects for the market's expansion. However, due to a lack of awareness of diabetes, the market growth for blood glucose monitors is limited. The market expansion is also hampered by the fact that blood glucose monitoring systems do not precisely assess the blood glucose level and can produce erroneous findings.

Segmental Overview

The global Blood Glucose Monitors market is segregated based on Device Type, Modality, Type, Patient Type, Distribution Channel, and region.

Based on Device Type, the market is categorized into Continuous Glucose Monitoring (CGM) systems and Self-Monitoring Blood Glucose (SMBG) systems. Among these, the self-glucose monitoring (SMBG) segment dominates the market, accounting for more than 65% of global sales in 2021.

Based on Modality, the market is classified into Wearable and Non-wearable. Over the forecast period, the wearable segment is expected to develop fastest in 2021. Based on Type, the market is classified into Non-invasive and Invasive. The non-invasive segment will dominate the market in 2021.

Based on Patient Type, the market is divided into Type 1 Diabetes and Type 2 Diabetes. Among these, the type 2 diabetes segment dominates the market, accounting for more than 89.2% of global sales in 2021. Based on Distribution Channel, the market is divided into Institutional Sales and Retail Sales. Among these, the retail sales segment will dominate the market in 2021.

Regional Overview

North America dominates the global Blood Glucose Monitors market and accounts for more than 35% of the global revenue because of its well-established healthcare industry in 2021. The expanding number of diabetic patients, increased use of technologically advanced devices, and increasing per capita hospital bills are some of the primary factors primarily responsible for the region's dominant market position. This region's high proportion is mostly due to advantageous reimbursements, awareness initiatives, increased FDA approval in the U.S., and rising diabetes prevalence in the U.S. and Canada. Obesity and diabetes are the primary drivers of the blood glucose monitoring market. Due to the high expense of medication, blood glucose monitoring systems are becoming more popular in North America. In 2021, the Asia Pacific blood glucose monitors market was expected to be the fastest-growing regional market because of the increased frequency of insulin-dependent diabetes and the growing senior population in this region. Diabetic patients in countries such as Japan and Australia are dependent on regular and prompt glucose testing. Rising awareness regarding diabetes care is driving the market growth.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 11,274.10 Million

Projected Market Size in 2028

USD 17,594.47 Million

CAGR Growth Rate

7.70% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

B. Braun Melsungen AG (Germany), Dexcom Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Abbott (U.S.), Terumo Corporation (Japan), LifeScan IP Holdings, LLC (U.S.), Senseonics (U.S.), Ascensia Diabetes Care Holdings AG (Switzerland), Medtronic (Ireland), and Others

Key Segment

By Device Type, Modality, Type, Patient Type, Distribution Channel, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Key Players Insights

Key players functioning in the global Blood Glucose Monitors market include Abbott (U.S.), B. Braun Melsungen AG (Germany), Terumo Corporation (Japan), LifeScan I.P. Holdings, LLC (U.S.), Senseonics (U.S.), Dexcom, Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Ascensia Diabetes Care Holdings AG (Switzerland), and Medtronic (Ireland).

Recent developments:

  • In March 2021, F. Hoffmann-La Roche Ltd. introduced the Accu-Chek Instant system, which connects to the mySugr app and provides real-time blood glucose level monitoring.
  • In February 2021, Ascensia Diabetes Care Holdings AG took over the distribution of Senseonics, Inc.'s EVERSENSE XL in Italy, Spain, Germany, Switzerland, the Netherlands, and Poland, with the goal of meeting consumer demand in the European market.

The Global Blood Glucose Monitors market is segmented as follows:

By Device Type 

  • Continuous Glucose Monitoring (CGM)
  • System Self-Monitoring Blood Glucose (SMBG) System

By Modality 

  • Wearable
  • Non-wearable

By Type 

  • Non-invasive
  • Invasive

By Patient Type 

  • Type 1 Diabetes
  • Type 2 Diabetes

By Distribution Channel

  • Institutional Sales
  • Retail Sales

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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