Blood Glucose Monitoring System Market Size Worth USD 31.5 Billion, Globally, by 2028 at 10.12% CAGR - Exclusive Report, Industry Trends, Share & Forecast by Zion Market Research
NEW YORK, June 10, 2022 /PRNewswire/ -- As per the Zion Market Research study, The global blood glucose monitoring system market was at a net worth of $14.79B in 2021 and is projected to grow at a CAGR of 10.12% between 2022-2028 and reach a market value of $31.5B during the forecast period. The report analyzes the blood glucose monitoring system's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global blood glucose monitoring system market.
Key Industry Insights & Findings of the Blood Glucose Monitoring System Market Reports:
- As per the analysis shared by our research analyst, the Blood Glucose Monitoring System Market is expected to grow annually at a CAGR of around 10.12 % (2022-2028).
- Through the primary research, it was established that the Blood Glucose Monitoring System Market was valued at approximately USD 14.79 Billion in 2021 and is projected to reach roughly USD 31.5 Billion by 2028.
- North America was attributed with the highest global blood glucose monitoring system market in 2021 owing to a 35.5% share of the global revenue.
- Europe shares a significant amount of global market share because of the awareness and proactive approach of their population in diagnosing and managing diabetes.
- Asia Pacific is anticipated to register a higher CAGR during the forecast period owing to growing awareness & acceptance of BGM systems, particularly in India & China.
Zion Market Research published the latest report titled "Blood Glucose Monitoring System Market By Product (Self-Monitoring And Continuous Glucose Monitoring Devices), By Testing Site (Fingertip Testing And Alternate Site Testing), By Indication (Type-I Diabetes, Type-II Diabetes, And Others), By End-User (Hospitals, Clinics, And Homecare), And By Region: Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028" into their research database.
Blood Glucose Monitoring System Market: Overview
A blood glucose monitoring system also known as BGM is an effective tool used for monitoring blood sugar levels, especially for diabetic patients. Blood glucose monitoring systems have helped patients become self-reliant and take control of their medical health. BGM systems track high or low glucose levels and encourage the patients to take relevant medication or treatment.
BGM systems work by understanding the resistance to an electric current sent through a blood-stained test strip. Or by inserting a sensor under the patient's skin that reads the glucose level between cell fluids.
The type of blood glucose monitoring system to be used depends on the requirements of the patient. Multiple options for BGM devices are present in the market catering to the different medical needs.
The global blood glucose monitoring system is witnessing a surge in its global market value and is projected to touch milestones during the forecast period.
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Industry Dynamics:
Blood Glucose Monitoring System Market: Growth Drivers
- Increasing population of diabetic patients to drive global market growth
The number of patients worldwide suffering from type 1 and type 2 diabetes has grown exponentially over the last couple of years. The changing stationary lifestyle, poor eating habits, and genetic disorders are the leading cause of growth in diabetic patients. This rising insulin dependency is expected to propel the global blood glucose monitoring system market towards growth in the forecast period.
In 2021, International Diabetes Federation published a report, the findings of which stated that around 537M of the population in countries like India, Mexico, and China suffer from diabetes.
The presence of multiple manufacturers of blood glucose monitoring systems offering technically advanced devices at favorable prices is anticipated to contribute to the global market growth during the forecast period.
Developed economies having state-of-the-art medical facilities are expected to fuel the global market growth.
Blood Glucose Monitoring System Market: Restraints
- Lack of awareness along with the high cost of devices in emerging economies to restrain the global market.
A fair share of the population in growing economies is unaware of diabetes and its management. Furthermore, developing economies lack the necessary infrastructure for treatment facilities to manage chronic diseases like diabetes. The lack of awareness and absence of advanced medical facilities is expected to hamper the blood glucose monitoring system market during the forecast period.
Emerging economies are also lagging in the necessary funding required for R&D which restricts the global market growth.
SMBG and CGM are invasive techniques. Patients' hesitancy while using the invasive methods for tracking diabetes is projected to restrict the global market growth.
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Global Blood Glucose Monitoring System Market: Opportunities
- Explosive amount of untapped market to provide growth opportunities in the global market
As per IDF's 2021 report, half of the total diabetic patients have remained undiagnosed in Africa. Around 56% of the Asia-Pacific population comprises undiagnosed patients. This provides a massive opportunity for global market leaders to tap into.
The country's governments have been taking proactive actions, conducting programs to educate the masses about diabetes and ways to control it. The global blood glucose monitoring system market can bank upon these initiatives to provide growth opportunities in the forecast period.
Global Blood Glucose Monitoring System Market: Challenges
- Lack of funding presents a challenge for the global market growth
The lack of funding for technical advancement in the field of blood glucose monitoring systems poses a major challenge in the global market during the forecast period. Developed countries have shown more acceptance towards the BGM devices owing to better awareness and technically rich devices However, developing economies need more investment to penetrate every corner of the target global market.
For developing nations, the prices of BGM devices can be relatively higher than in developed nations. The maintenance and supporting accessories increase the overall cost of the device making it less cost-effective for patients in these territories. This is a major challenge for the global market to tackle.
Diabetes is one of the few medical conditions which are not reimbursed by healthcare agencies. The absence of reimbursement, particularly in SMBG, challenges the upward global market growth. Since the disease is not reimbursed, a potential number of patients fail to get themselves tested for diabetes and a huge chunk of the global market remains in isolation.
Global Blood Glucose Monitoring System Market: Segmentation
- The global blood glucose monitoring system is segmented based on product, testing site, indication, end-user, and region.
Based on product, the global market is segmented between self-monitoring and continuous glucose monitoring devices. SBGM is expected to maintain the highest share in the global market owing to its cost-effectiveness and hassle-free usage.
Based on testing sites, the global market is segmented between fingertip testing and alternate site testing. Fingertip testing is anticipated to cover the market share more than alternate site testing during the forecast period.
Based on indication, the global market is segmented between type-I diabetes, type-II diabetes, and others. As of 2021, the global market share was dominated by type-II diabetic patients because of more patients suffering from type-II diabetic conditions.
Based on end-user, the global market is segmented by hospitals, clinics, and homecare. In 2021, the hospital segment marked the highest revenue and is anticipated to lead the global market during the forecast part owing to heavy investments in the hospital segment.
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List of Key Players in Blood Glucose Monitoring System Market:
- Glysens Incorporated
- Lifescan IP Holdings
- Senseonics
- Prodigy Diabetes Care
- B. Braun Melsungen AG
- Terumo Corporation
- ACON Laboratories
- Medtronic
- F.Hoffmann-la Roche
- Sanofi
- Dexcom Inc
- Novo Nordisk
- Insulet Corporation
- Ascensia Diabetes Care
- Ypsomed Holdings
- Nova Biomedical
Key questions answered in this report:
- What are the growth rate forecast and market size for Blood Glucose Monitoring System Market?
- What are the key driving factors propelling the Blood Glucose Monitoring System Market forward?
- What are the most important companies in the Blood Glucose Monitoring System Market Industry?
- What segments does the Blood Glucose Monitoring System Market cover?
- How can I receive a free copy of the Blood Glucose Monitoring System Market sample report and company profiles?
Report Scope:
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Recent Developments:
- In January 2022, a non-invasive blood glucose testing prototype was invented by Scanbo that provides blood glucose results in 60 secs. This invention will help cater to diabetic patients who are less comfortable with invasive blood glucose testing methods.
- In March 2021, Omron Healthcare Inc. announced its expansion plans in India in the year 2021. Omron is a health device manufacturing company and their intention is to increase BGM device retails by 35 to 40%, in India.
Regional Dominance:
- The global market is likely to be led by North America during the forecast period
North America was attributed with the highest global blood glucose monitoring system market in 2021 owing to a 35.5% share of the global revenue. Prevalence of obesity in addition to the high standard of medical assistance provided to patients, technically advanced equipment is expected to assist North America in staying the highest revenue contributor during the forecast period.
Europe shares a significant amount of global market share because of the awareness and proactive approach of their population in diagnosing and managing diabetes. Europe is expected to continue its growth streak because of the intense investment in healthcare facilities.
Asia Pacific is anticipated to register a higher CAGR during the forecast period owing to growing awareness & acceptance of BGM systems, particularly in India & China. The increase in investments in medical facilities is also a major cause for the anticipated growth. The slow but steady growth in spending capability of the general population is another factor expected to contribute to the global market.
The Middle East, Latin America & Africa are expected to show slow growth majorly because of a lack of awareness amongst the population about proper diabetes management. The number of undiagnosed patients in these regions still remains high causing a lagging growth graph in the global market. Below par standard of living is also one of the causes of registering slower CAGR.
Global Blood Glucose Monitoring System Market is segmented as follows:
Blood Glucose Monitoring System Market: By Product Outlook (2022-2028)
- Self-monitoring system
- Continuous glucose monitoring system
Blood Glucose Monitoring System Market: By Testing Site Outlook (2022-2028)
- Fingertip testing
- Alternate site testing
Blood Glucose Monitoring System Market: By Indication Outlook (2022-2028)
- Type-I diabetes
- Type-II diabetes
- Others
Blood Glucose Monitoring System Market: By End-User Outlook (2022-2028)
- Hospitals
- Clinics
- Homecare
Blood Glucose Monitoring System Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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