Self-monitoring Blood Glucose Market to Grow with a CAGR of 8.0% through 2028
Increasing healthcare expenditure and growing elderly
population is expected to drive the Global Self-monitoring Blood Glucose Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Global Self-monitoring Blood
Glucose Market -
Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Self-monitoring
Blood Glucose Market stood at USD 9.73 Billion in 2022 and is anticipated to
grow with a CAGR of 8.0% in the forecast period, 2024-2028. The market growth is
driven by the rising awareness of preventive care for diabetes and the
introduction of new products. Diabetes is a significant and escalating global
issue, characterized by insufficient insulin production by the pancreas leading
to increased blood glucose levels. According to the International Diabetes
Federation, there were approximately 537 million diagnosed cases of diabetes in
2021, and this number is projected to reach 643 million by 2030 and 783 million
by 2045.
Chronic diabetes
significantly impacts the body's ability to regulate blood sugar levels,
necessitating regular monitoring for effective management and prevention of
complications. Consequently, there is a notable demand in the market for blood
glucose monitoring devices. According to the World Health Organization (WHO),
there are 422 million diabetic patients worldwide, resulting in 1.5 million
annual deaths. This escalating prevalence of diabetes underscores the need for
continuous monitoring of blood glucose levels and adjustment of medication
dosages.’ Diabetes is a chronic disease affecting approximately 8.5% of the
global population, generating an annual expenditure of $1.3 trillion.
Browse over 26 market data
Figures spread through 91 Pages and an in-depth TOC on "Global Self-monitoring
Blood Glucose Market.”
The pre-diabetic condition
highlights the importance of early diagnosis and monitoring for effective blood
sugar management, thereby driving the demand for advanced blood glucose level
monitoring devices. Senseonics' Eversense, the first FDA-approved system with a
fully implantable sensor capable of measuring glucose levels for up to 90 days,
includes an intelligent transmitter that relays real-time data to a mobile app
for visualization through charts and graphs. The Combo Glucometer (CoG) offers
a non-invasive solution for glucose monitoring, utilizing a digital image
sensor to assess reflected light from tissue and employing proprietary
algorithms for accurate blood glucose level measurements. Abbott has introduced
the FreeStyle Libre flash glucose monitoring system, a user-friendly and
portable point-of-care system that allows patients to monitor readings using a
handheld scanner. Currently available in Europe and the United States, this
product boasts a 25% cost advantage over standalone continuous glucose
monitoring (CGM) systems in a favorable reimbursement environment. The
introduction and high adaptability of these innovative devices are expected to
propel the Blood Glucose monitoring market at a significantly high growth rate.
Blood glucose monitoring
(BGM) devices offer valuable assistance to diabetic patients in multiple ways.
These devices enable patients and healthcare professionals to detect abnormal
blood glucose levels, allowing for necessary adjustments in treatment and
timely confirmation of acute hypoglycemia or hyperglycemia. They also promote
patient education about diabetes management and encourage the adoption of
healthier habits. Blood glucose devices are available in various sizes, price
ranges, testing times, and levels of user-friendliness. Consumer awareness
regarding the benefits of these devices has increased, particularly due to the
emphasis placed on virtual clinics and telemedicine for diabetic management
during the pandemic. By aiding in glycemic control and empowering patients,
blood glucose monitoring devices have significantly transformed diabetes care.
To capitalize on this market
opportunity, Ascensia Diabetes Care, the manufacturer of the CONTOUR blood
glucose monitoring system portfolio, announced a global collaboration with SNAQ
in February 2023. SNAQ is a mobile application that provides food and nutrition
insights for individuals with diabetes.
In February 2023, Ascensia
Diabetes Care, the manufacturer of the CONTOUR blood glucose monitoring system
portfolio, announced a global collaboration with SNAQ. SNAQ is a mobile
application that offers valuable insights on food and nutrition for individuals
living with diabetes. This strategic partnership aims to capitalize on the
market opportunity and provide enhanced support for people managing their
diabetes.
In March 2023, Astellas
Pharma Inc. announced a collaboration with Roche Diabetes Care Japan Co., Ltd.
for the manufacturing and marketing of the Accu-Chek Guide Me blood glucose
monitoring system. This advanced medical product, in combination with BlueStar,
developed by Welldoc, Inc., offers increased accuracy and is FDA-cleared for
diabetes patients in the United States and Canada. Astellas and Welldoc are
also working on the development of BlueStar in Japan.
The growing prevalence of
diabetes worldwide can be attributed to factors such as evolving lifestyles,
including alcohol consumption and smoking. Obesity also plays a significant
role in the development of diabetes. Furthermore, the expanding geriatric population
is a key driver of market growth. According to the World Health Organization,
the global aging population is projected to reach 2 billion by 2050, up from 1
billion in 2020.
The Global Self-monitoring
Blood Glucose Market is segmented into product, application, end user, regional
distribution, and company.
Based
on application, the market is segmented into hospitals, home settings, and
diagnostics centers. The hospital segment currently holds the largest share in
the industry and is projected to maintain its dominance during the forecasted
period. Hospitals, especially those dealing with complex cases, have a higher
number of diabetic patients, leading to an increased demand for blood glucose
monitoring devices. Continuous Glucose Monitoring (CGM) systems and
point-of-care (POC) glucose meters are used for real-time blood glucose
monitoring of hospitalized patients, providing healthcare professionals with
accurate and timely data. This enables them to adjust medication dosages and
develop appropriate treatment plans. Technological advancements in CGM systems
have allowed for real-time glucose measurements, trend data, alarms, and
data-sharing capabilities. These blood glucose monitoring devices are now more
user-friendly, empowering healthcare professionals to make informed decisions
for better patient care. The Home Settings segment is experiencing rapid growth
in the market for blood glucose monitoring devices. It offers individuals the
convenience of regularly monitoring their blood glucose levels without the need
for frequent hospital visits. These devices are user-friendly, portable, and
provide quick results, making them suitable for self-monitoring of blood
glucose by patients.
Based
on region, North America segment is expected to grow during the forecast
period. The North American market is
projected to dominate the global market for self-monitoring blood glucose
devices. This can be attributed primarily to advancements in medical treatment
procedures and increased healthcare expenditure in the region. Furthermore, the
US and Canadian governments are continuously developing various reimbursement
policies to assist patients in managing treatment costs. In contrast, the Asia
Pacific market is expected to emerge as a significant market for
self-monitoring blood glucose devices, exhibiting the highest compound annual
growth rate during the forecast period. This growth can be ascribed to the
rising demand for minimally invasive treatment procedures and increasing
disposable income in the region. Additionally, the markets in Europe, Latin
America, and the Middle East & Africa are expected to experience
significant revenue growth in the global self-monitoring blood glucose devices
market throughout the forecast period.
Major companies operating in Global
Self-monitoring Blood Glucose Market are:
- Abbott Laboratories
- Medtronic plc
- F. Hoffmann-La Roche Ltd
- Ascensia Diabetes Care
- Dexcom, Inc.
- Sanofi
- Novo Nordisk
- Insulet Corporation
- Ypsomed Holdings
- Glysens Incorporated
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“The growth observed in the
global self-monitoring blood glucose market can be attributed to factors such
as the rising prevalence of obesity, the growth of emerging markets, rapid
urbanization, and increased healthcare expenditure. Moving forward, the
increasing incidence of diabetes, an aging population, government initiatives,
and the utilization of blood glucose monitoring devices in fitness, dieting,
and wellness are expected to drive the market. However, potential challenges that
could hinder the growth of the self-monitoring blood glucose (SMBG) devices
market in the future include rising interest rates. Continuous glucose
monitoring (CGM) devices automatically measure glucose levels and store the
readings in a monitor. Typically, these devices consist of a sensor worn on the
body that obtains frequent glucose readings automatically. The data can be
manually scanned or wirelessly transmitted to a nearby receiver for display.
This enables patients and healthcare providers to assess patterns in glucose fluctuations,
facilitating informed decisions regarding nutrition, physical activity, and
medication.
Self-monitoring of blood
glucose (SMBG) plays a crucial role in modern therapy for diabetes mellitus. It
is recommended for individuals with diabetes and their healthcare professionals
to achieve specific glycemic control levels and prevent hypoglycemia. The goal
of SMBG is to gather detailed information about blood glucose levels at
multiple time points, enabling the implementation of precise regimens for
maintaining a more consistent glucose level. It can assist in adjusting
therapeutic regimens based on blood glucose values and help individuals
optimize their dietary intake, physical activity, and insulin dosages for
day-to-day glycemic control. In recent years, the continuous glucose monitoring
segment has experienced significant growth due to the increasing adoption of
these devices. Furthermore, advancements in technology and design have
facilitated their wider acceptance among patients and healthcare providers. The
market is expected to further expand as these devices become more
user-friendly, less intrusive, and more cost-effective.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Self-monitoring Blood Glucose Market- Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Product
(Self-monitoring Blood Glucose Meters, Continuous Glucose Monitors, Testing
Strips, Lancets), By Application (Type 1 Diabetes, Type 2 Diabetes, Gestational
Diabetes), By End User (Hospitals, Home Settings, and Diagnostic Centers), By Region and Competition”, has evaluated the future
growth potential of Global Self-monitoring Blood Glucose Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Self-monitoring Blood Glucose Market..
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