Blood Glucose Monitoring Devices Market Size to grow by USD 8707.1 million between 2024-2028
According to a research report “ Blood Glucose Monitoring Devices Market” by End-user (Hospitals, Home care, Diagnostic centers) Product (SMBG, CGM, Lancets) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 8707.1 million, at a CAGR of 9.45% during the forecast period. The global blood glucose monitoring devices market is experiencing significant growth due to the increasing prevalence of diabetes, a chronic condition affecting an estimated 537 million adults worldwide in 2023, according to the International Diabetes Federation. This number is projected to reach 643 million by 2045. Diabetes is characterized by high blood sugar levels, and blood glucose monitoring devices are essential tools for people with this condition to manage their treatment plans effectively. The rising burden of diabetes, driven by population growth and aging, is fueling the demand for these devices, making it a lucrative business opportunity for market participants..
Browse market data tables, figures, and in-depth TOC on “Blood Glucose Monitoring Devices Market” by End-user (Hospitals, Home care, Diagnostic centers) Product (SMBG, CGM, Lancets) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample
By End-user, the Hospitals segment is projected to dominate the market size in 2024
The hospitals segment of the global blood glucose monitoring devices market denotes the utilization of these devices in healthcare facilities for managing diabetes in patients, monitoring blood sugar levels during surgical procedures, and supervising critically ill patients at risk for high or low glucose levels. This market is propelled by the escalating diabetes prevalence and the mounting demand for advanced diabetes management solutions. Furthermore, the increasing preference for point-of-care testing and the necessity for precise and dependable glucose monitoring devices in hospital settings are also significant growth factors.
By Product, SMBG segment is expected to hold the largest market size for the year 2024
The Self-Monitoring Blood Glucose (SMBG) segment represents a significant portion of the global blood glucose monitoring devices market. SMBG devices enable individuals with diabetes to assess their blood glucose levels independently, eliminating the need for professional intervention. These devices encompass various forms, including glucose meters, Continuous Glucose Monitoring Systems (CGMs), and test strips. Glucose meters, the most popular SMBG devices, facilitate non-invasive, rapid, and accurate measurement of blood glucose levels using a small blood sample obtained via a lancet and applied to a test strip inserted into the device.
North America is forecasted to hold the largest market size by region in 2024
The Blood Glucose Monitoring Devices market represents a significant business opportunity due to the rising prevalence of diabetes and the increasing demand for non-invasive and continuous glucose monitoring solutions. Key players in this market include Abbott Laboratories, Roche Diagnostics, and Dexcom, who are investing in research and development to launch innovative products and expand their customer base. The market is expected to grow steadily, driven by technological advancements and increasing healthcare expenditures.
The Blood Glucose Monitoring Devices Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Title: Blood Glucose Monitoring Devices Market: Transcutaneous Devices, Sensor Technologies, and the Future of Diabetes Management The Blood Glucose Monitoring Devices (BGMD) market is witnessing significant growth due to the increasing prevalence of diabetes and the need for effective self-care practices. Transcutaneous devices, such as Continuous Glucose Monitoring (CGM) systems like the Eversense CGM, are gaining popularity with experts due to their ability to provide real-time glucose level information. Sensor technologies, including microminiaturization, are driving innovation in the BGMD industry. Experts predict that the CGM submarket will dominate the market due to its ability to monitor glucose levels continuously, providing valuable data for healthcare professionals and patients. Industry journals, databases, press releases, and regulatory changes are essential resources for staying informed about the latest trends and advancements in the BGMD market. According to the International Diabetes Federation, an estimated 463 million people worldwide have diabetes, with Type 2 diabetes accounting for 90% of cases. Self-care practices, such as regular blood glucose monitoring, are crucial for managing hyperglycemia and preventing acute hypoglycemia. The BGMD market includes various devices, such as insulin pumps, test strips, lancets, and glucose meters, all designed to help individuals effectively manage their diabetes. Regulatory changes, such as the FDA's recent approval of the Eversense CGM system, are driving growth in the BGMD market. Technology continues to play a significant role in improving the accuracy and convenience of these devices, making diabetes management more accessible and effective for patients.
Market Research Overview
The Blood Glucose Monitoring Devices market is experiencing significant growth due to the increasing demand side factors, including the rising diabetic population and the need for self-care practices to manage hyperglycemia and acute hypoglycemia. According to experts, the market is expected to expand at a CAGR of over 7% from 2021 to 2026. On the supply side, industry databases and journals report that key players such as Glysens and Insulet Corporation are leading the market with innovative solutions like CGM systems and insulin pumps. The home care segment is witnessing high demand due to the convenience and comfort it offers. Submarkets like transcutaneous devices and micromarkets like sensor technologies are gaining popularity due to microminiaturization and regulatory changes. The Diabetes Atlas published by the International Diabetes Federation states that over 537 million people worldwide have diabetes, driving the demand for blood glucose monitoring devices. Press releases from companies like Eversense and Senseonics showcase their latest offerings, such as the Eversense CGM, which provides real-time glucose data for up to 90 days. Healthcare professionals and patients alike rely on technology to manage diabetes effectively, making this a crucial market to watch. The market comprises various segments, including inpatient, outpatient, and hospital end-use segments. The market includes products like combo glucometers, Eversense, Senseonics CGM systems, test strips, lancets, and glucose meters. Regulatory changes and advancements in technology continue to shape the future of this dynamic market.
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