Blood Glucose Monitoring Devices Market size is set to grow by USD 8.70 billion from 2024-2028, Rising global burden of diabetes to boost the market growth, Technavio

NEW YORK, Aug. 13, 2024 /PRNewswire/ -- The global blood glucose monitoring devices market size is estimated to grow by USD 8.70 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 9.45% during the forecast period. Rising global burden of diabetes is driving market growth, with a trend towards smart watch-based apps. However, stringent regulatory framework poses a challenge. Key market players include Abbott Laboratories, Ascensia Diabetes Care Holdings AG, Bigfoot Biomedical Inc., Dexcom Inc., DiaMonTech AG, F. Hoffmann La Roche Ltd., GlySens Inc., Health Arx Technologies Pvt. Ltd., Insulet Corp., Level2 Medical Services P.A., Levels Health Inc., Medtronic Plc, Medtrum Technologies Inc., Novo Nordisk AS, PKvitality S.A.S., Sanofi SA, Senseonics Holdings Inc., SFC Fluidics Inc., Teladoc Health Inc., and Ypsomed Holding AG.

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Key Market Trends Fueling Growth

The blood glucose monitoring devices market has witnessed a significant shift towards smart watch-based applications for real-time glucose level monitoring. Smartwatches, popular for tracking health metrics like heart rate, sleep, and physical activity, now offer integrated CGM sensors for interstitial fluid glucose measurement. Users can view their glucose levels and track progress via the smartwatch app, eliminating the need for separate devices or finger pricking. Real-time alerts for glucose levels beyond target ranges enable proactive management through diet adjustments or medication. This trend is expected to persist, as wearable technology adoption increases and people seek convenient, effective health management solutions. 

The Blood Glucose Monitoring Devices market is experiencing significant growth due to the rising prevalence of Type 2 diabetes and regulatory changes favoring continuous glucose monitoring (CGM) systems. Companies like Insulet Corporation, Senseonics, and Glysens are leading the charge with innovative technologies such as Eversense CGM and microminiaturization of sensors. Transcutaneous devices and CGM systems are trending, with the hospital end-use segment and home care segment being major contributors. Diabetic population growth, self-care practices, and healthcare professionals' recommendations are driving demand. Industry reports from press releases, journals, databases, and experts forecast the market to expand in the insulin pumps, glucose meters, lancets, test strips, and CGM systems submarkets. Acute hypoglycemia and hyperglycemia management remain key focuses. Regulatory bodies and supply side challenges are factors to watch. The International Diabetes Federation estimates the diabetic population will reach 700 million by 2045. 

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Market Challenges

• The global blood glucose monitoring devices market is subject to a rigorous regulatory landscape. Regulatory bodies, such as the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA), impose stringent rules and regulations on medical devices, including blood glucose monitoring devices. Manufacturers must conduct extensive clinical trials and studies to prove the safety and efficacy of their products, which can be costly and time-consuming. Regulatory bodies demand high accuracy and reliability from these devices, necessitating substantial resources. Changes in regulations, like the EU Medical Device Regulation (MDR) in January 2023, add to the market challenges by increasing clinical data requirements and post-market surveillance, further delaying and increasing the cost of bringing new products to market. This regulatory framework can hinder market growth by impeding innovation, increasing costs, and delaying product launches.
• The Blood Glucose Monitoring Devices market is experiencing significant growth due to the rising prevalence of Type 2 diabetes and the need for effective self-care practices. However, regulatory changes and the emergence of new technologies pose challenges. Companies like Insulet Corporation and Senseonics are leading the way with innovative solutions, such as the Eversense Continuous Glucose Monitoring (CGM) system and the Microminiaturization of transcutaneous devices. The Hospital end-use segment and the Home care segment are major markets, with Outpatient and Inpatient submarkets. CGM systems, including Eversense and Combo Glucometers, are gaining popularity due to their ability to monitor glucose levels continuously. Industry experts predict continued growth in this market, driven by the diabetic population's demand for advanced technology and supply side innovations. Keep an eye on press releases, industry journals, databases, and experts for the latest news and trends. Acute hypoglycemia and hyperglycemia remain key concerns, and healthcare professionals are emphasizing the importance of regular monitoring to manage these conditions effectively. Glucose meters, lancets, test strips, and insulin pumps continue to be essential tools for diabetes management. According to the International Diabetes Federation, an estimated 463 million people worldwide have diabetes, making this a large and growing market.

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Segment Overview 

This blood glucose monitoring devices market report extensively covers market segmentation by

1. End-user 
• 1.1 Hospitals
• 1.2 Home care
• 1.3 Diagnostic centers
2. Product 
• 2.1 SMBG
• 2.2 CGM
• 2.3 Lancets
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Hospitals- The hospitals segment of the global blood glucose monitoring devices market is witnessing significant growth due to the increasing number of diabetes patients and the need for precise diabetes management tools in healthcare facilities. Hospitals utilize blood glucose monitoring devices to manage diabetes in patients, monitor blood sugar levels during surgeries, and oversee critically ill patients at risk of high or low blood sugar levels. Key players in this market, such as Abbott Laboratories, F. Hoffman La Roche Ltd, Medtronic, and Dexcom, provide a range of devices, including continuous glucose monitoring systems, blood glucose meters, and test strips, designed specifically for hospital use. The rising demand for point-of-care testing and the importance of accurate and dependable glucose monitoring devices in hospital settings are also fueling market expansion.

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Learn and explore more about Technavio's in-depth research reports

The global Digital Diabetes Management Market is experiencing robust growth, driven by increasing diabetes prevalence and advancements in technology. Valued at approximately $6 billion in 2023, the market is projected to expand at a CAGR of 15% through 2028. Key players include Medtronic, Abbott Laboratories, and Dexcom, offering innovative solutions such as continuous glucose monitoring systems and mobile health apps. The surge in demand for personalized and remote diabetes care solutions fuels this growth, enhancing patient outcomes and providing efficient management tools worldwide.

Research Analysis

The Blood Glucose Monitoring Devices market encompasses various tools and technologies used to measure and manage blood glucose levels in individuals with Diabetes. These devices include Glucose meters, Lancets, Test strips, Insulin pumps, Continuous Glucose Monitoring (CGM) systems, and Transcutaneous devices. Diabetes, a chronic condition affecting millions worldwide, necessitates regular monitoring to prevent acute hypoglycemia and hyperglycemia. Self-care practices have become essential in diabetes management, with healthcare professionals advocating for advanced technologies like CGM systems and insulin pumps. Technological advancements, such as microminiaturization, sensor technologies, and real-time data transmission, have revolutionized the market. The International Diabetes Federation estimates that over 537 million adults will have diabetes by 2030. Regulatory changes and industry collaborations, as seen in the FDA approval of Eversense CGM, are shaping the market landscape. Outpatient care and self-monitoring are key submarkets, with Press Releases, Industry journals, Databases, and Experts providing valuable insights into market trends and developments.

Market Research Overview

The Blood Glucose Monitoring Devices market encompasses various tools and technologies used to measure and manage blood glucose levels in individuals with Diabetes. These devices include Glucose meters, Lancets, Test strips, Insulin pumps, Continuous Glucose Monitoring (CGM) systems, and Transcutaneous devices. The IDF reports over 537 million people living with Diabetes worldwide. CGM systems like Senseonics' Eversense and Eversense CGM are gaining popularity due to their real-time monitoring capabilities. Self-care practices and technology advancements, including microminiaturization and sensor technologies, are driving market growth. Regulatory changes and the growing Diabetic population are also significant factors. The market is segmented into submarkets such as Hospital end-use, Outpatient, and Home care. Key trends include the use of Combo Glucometers and the integration of CGM systems with insulin pumps. Industry journals, press releases, databases, and experts provide valuable insights into market dynamics, regulatory updates, and supply-demand trends. Micromarkets and submarkets within the market include Lancets, Test strips, Insulin pumps, and CGM systems. The market is influenced by both supply-side factors such as raw material availability and demand-side factors like healthcare professionals' recommendations and patient preferences for self-management.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Hospitals
• Home Care
• Diagnostic Centers
• Product
• SMBG
• CGM
• Lancets
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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