Blood Glucose Monitoring System Market Size, Share & Industry Analysis, By Device Type (Continuous Glucose Monitoring (CGM) Systems and Self-Monitoring Blood Glucose (SMBG) Systems), By Type (Non-invasive and Invasive), By Modality (Wearable and Non-wearable), By Patient Type (Type 1 Diabetes and Type 2 Diabetes), By Distribution Channel (Retail Sales and Institutional Sales), and Regional Forecast, 2024-2032

The global blood glucose monitoring system market size was valued at USD 16.46 billion in 2023. The market is projected to grow from USD 17.20 billion in 2024 to USD 27.73 billion by 2032, exhibiting a CAGR of 6.2% during the forecast period.

Individuals use blood glucose monitoring system devices to measure the glucose levels in their blood. These devices are crucial for patients suffering from type 1 and type 2 diabetes. The growing prevalence of diabetes among the general population globally is one of the major factors contributing to the rising patient pool that requires regular monitoring of blood glucose levels. The growing patient pool, increasing efforts of the market players to develop and introduce new blood glucose monitoring systems with novel technologies are anticipated to fuel the demand for these devices.

• According to the U.S. Census Bureau, approximately 37 million Americans, including adults and youth, are affected by diabetes. Also, around 10.0% of Americans have Type 1, Type 2, or gestational diabetes, and tens of millions more remain at risk of developing this chronic condition.


• Similarly, according to 2023 data published by the Institute for Health Metrics and Evaluation (IHME), the current global prevalence of diabetes is estimated to be 6.1%, making it one of the top ten leading causes of death and disability globally.

Additionally, supportive reimbursement policies for Self-Monitoring Blood Glucose (SMBG) and Continuous Glucose Monitoring (CGM) systems in many countries are other important factors anticipated to boost the adoption of these devices further and will subsequently propel the market during the forecast period.

• In April 2023, the Medicare program expanded access to continuous glucose monitoring systems, such as the FreeStyle Libre 2 system and the FreeStyle Libre 14-day system for insulin-using Medicare beneficiaries with diabetes, removing the prior requirement of multiple daily insulin injections.

The COVID-19 pandemic positively impacted the blood glucose monitoring system market growth. Several key players reported growth in their diabetes care revenue due to the outbreak of the pandemic. With the increased risk of COVID-19 infection among diabetic patients, a new focus was being placed on home use of monitoring devices to manage blood glucose levels at home.

Blood Glucose Monitoring System Market Trends

Increasing Penetration of Continuous Glucose Monitoring (CGM) Systems to Propel Market Expansions

The rising efforts of market players to implement novel and advanced technology in the CGM systems are enabling several features, including real-time monitoring for insulin-dependent patients, integration of artificial intelligence and machine learning in the devices, and others.

Also, CGM systems offer several advantages when compared to Self-Monitoring Blood Glucose (SMBG) systems, such as being minimally invasive in nature, less painful, real-time monitoring, and rapid & precise results. Thus, the distinct benefits these devices offer are one of the major factors shifting the preference of healthcare providers and patients toward the use of CGM.

• For instance, according to the data published by Abbott, the number of Freestyle Libre users globally increased from 4.5 million in 2022 to 5.0 million in 2023.

Moreover, patients who have type 1 diabetes and 2 diabetes are advised to monitor their blood glucose levels 3-4 times a day, which causes slight inconvenience to the patient on the SMBG system owing to the pain and cost of consumables. These are some of the factors that result in healthcare professionals and patients adopting CGM.

Additionally, there are few companies in the blood glucose monitoring system market, especially in Europe, that are focusing on developing and introducing non-invasive CGM devices. The robust efforts of these companies are expected to continue the trend of rising penetration of these devices among patients.

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Blood Glucose Monitoring System Market Growth Factors

Rising Prevalence of Diabetes to Surge the Demand for Blood Glucose Monitoring Devices

The growing prevalence of diabetes among populations in both developed and emerging countries is leading to a large patient pool globally requiring blood monitoring, which is further resulting in increasing demand for these devices among the patient population. 

Several factors, including rapid urbanization and the rising shift toward a sedentary lifestyle, in emerging and developed countries are primarily responsible for the growing prevalence of diabetes. For instance, according to the data published by the International Diabetes Federation in 2021, it was estimated that around 537 million adults had diabetes, and China, India, the U.S., Brazil, and Mexico accounted for an estimated 51.6% of the global diabetes population in 2021.

A significant increase has been observed in the number of patients suffering from type-1 or insulin-dependent type 2 diabetes, which has been instrumental in surging the uptake of blood glucose monitoring systems globally. For instance, a 2023 article published by Mary Ann Liebert, Inc. reported that more than 7.0 million people are using continuous glucose monitoring devices for their day-to-day diabetes management worldwide.

• Also, according to a 2022 study conducted by One Drop, a player in precision health solutions for people living with diabetes and other chronic conditions, presented in an 82^nd Scientific Sessions of the American Diabetes Association, the adoption of continuous glucose monitoring devices is constantly increasing among people with Type 2 diabetes.

Thus, the presence of a large diabetic population suffering from insulin-dependent diabetes, new product introduction by market players, and favorable reimbursement are fueling the demand and adoption of diabetes monitoring products, such as BGMs. As a result, the market is estimated to grow from 2024-2032.

RESTRAINING FACTORS

High Cost Associated with CGM Systems to Limit the Adoption in Emerging Countries

The growing technological advancements in the devices to monitor blood glucose, especially for CGM systems, are leading to rising costs associated with these devices.

The costs associated with the devices include the cost of readers, sensors, batteries, and other components of CGM systems, along with the consumables. For instance, the average monthly cost of Dexcom G6 is approximately USD 770, including the cost of sensors and transmitters. The high cost associated with monitoring devices with limited reimbursement, especially in emerging countries, is resulting in limited adoption of CGM systems in Brazil, Mexico, China, India, and other countries. 

• According to a 2023 article published by FIND, an international non-profit organization, it is estimated that around 55,000 people are living with type 1 diabetes in Kenya and South Africa, and only 10.0% of these people use CGM for management.

Also, the introduction of innovative and advanced CGM systems, such as advanced hybrid closed-loop systems, by leading market players has led to a considerable rise in the cost of these devices.

Blood Glucose Monitoring System Market Segmentation Analysis

By Device Type Analysis

Continuous Glucose Monitoring Systems Segment Dominate Owing to Rising Product Launches

Based on device type, the market is bifurcated into Continuous Glucose Monitoring (CGM) Systems and Self-Monitoring Blood Glucose (SMBG) systems.

The Continuous Glucose Monitoring (CGM) systems segment held the lion’s share of the market in 2023 and is projected to dominate the global blood glucose monitoring systems market size. The rising efforts of the market players to develop and introduce novel products to fuel the adoption of these devices is one of the major factors that have dominated the segment.

• According to a 2022 report published by Dexcom, Inc., the CGM users globally increased to 1.7 million in 2022 from 1.25 million in 2021.

On the other hand, the Self-Monitoring Blood Glucose (SMBG) systems segment is expected to lose its market share by the end of the forecast period due to the high cost of devices and consumables and the growing penetration of CGM devices globally.

• For instance, according to the data published by Clinton Health Access Initiative Inc., in 2021, it was estimated that if a person uses four test strips per day, the cost of testing strips is projected to be around USD 87.6 and USD 1,285.0 per year.

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By Type Analysis

Invasive Segment Leads Due to Higher Adoption of These Devices Among the Population

Based on type, the market is split into non-invasive and invasive.

The invasive segment accounted for the largest blood glucose monitoring system market share in 2023. The growing use of SMBG devices among the diabetic patient population is one of the major factors attributed to the dominance of the segment. Also, the costs associated with these devices are comparatively lower, which is another significant factor contributing to the growth of the segment.

• For instance, according to a 2022 article published by MDPI, invasive monitoring systems are less expensive and accurate than non-invasive or minimally invasive systems.

The non-invasive segment is expected to witness significant growth during the forecast period. The growth of the segment can be attributed to a few factors, including the use of novel technology and techniques, such as Raman spectroscopy, near-infrared waves, and others. These techniques enable glucose monitoring through sweat, tears, and saliva. Thus, the rising technological advances among the market players are expected to contribute to the growing share of the segment.

• For instance, in January 2022, a British company, Scanbo developed a prototype that measures glucose with a 60-second non-invasive finger test rather than a standard blood drop. Thus, the introduction of such convenient alternatives is expected to increase the shift of patients from invasive to non-invasive devices.

By Modality Analysis

Wearable Segment Dominates Due to Increased Penetration of these Devices

On the basis of modality, the market is categorized into wearable and non-wearable.

The wearable segment held the maximum share of the global market in 2023. The dominance of the segment can be attributed to the growing number of product launches in the segment, which is further expected to increase the adoption of these devices among the patient population.

• For instance, in January 2024, Dexcom Inc. launched a new wearable Stelo Continuous Glucose Monitoring System with an aim to cater to the growing demand for patients who have diabetes.

The non-wearable segment witnessed considerable growth in 2023. The presence of a large number of market players with robust portfolios of non-wearable systems is one of the major factors responsible for the growth of the market. However, the segment is projected to lose market share during the forecast period.  

By Patient Type Analysis

Rising Prevalence of Type 2 Diabetes Responsible for the Segmental Dominance

On the basis of patient type, the market is segmented into type 1 diabetes and type 2 diabetes. The type 2 diabetes segment dominated the global market share in 2023, owing to the comparatively larger patient population with insulin-dependent type 2 diabetes. The growing patient pool, along with increasing awareness regarding monitoring devices, is supporting the growing adoption of monitoring systems among patients globally.

• For instance, according to the 2023 data published by the World Health Organization (WHO), it was reported that approximately 95.0% of patients who have diabetes are having type 2 diabetes.

Besides, the type 1 diabetes segment is anticipated to record a notable CAGR due to the increasing use of Continuous Glucose Monitoring (CGM) systems, owing to its clinically proven efficiency in reducing risks of hypoglycemia in type 1 diabetes patients.

By Distribution Channel Analysis

Preference of Retail Channels by Market Players Boosted the Retail Sales Segment

Based on the distribution channel, the market is divided into institutional sales and retail sales. The retail sales segment captured a substantial market share in 2023 and dominated the market due to increasing initiatives by market players to expand their presence through retail channels in emerging and developed countries to strengthen their positions.

• In March 2021, Omron Healthcare, Inc. announced its plan to expand its retail presence across India. The company aimed to increase the number of retailers in India from 30.0% to 40.0% in the financial year 2021-2022.

The institutional sales segment is anticipated to register a comparatively moderate CAGR owing to the lower adoption rate of blood glucose meters in hospitals & clinics. However, due to the outbreak of COVID-19, various medical organizations have recommended expanding access to CGM in hospitals, which is expected to drive the growth of the institutional sales segment during the forecast period.

REGIONAL INSIGHTS

Based on region, the market for blood glucose monitoring system is studied across North America, Europe, Asia Pacific, and the rest of the world.

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North America dominated the market for blood glucose monitoring system and was valued at USD 7.22 billion in 2023. The increasing number of diabetes patients, growing adoption of technologically advanced medical devices, and developed per capita medical expenses are some of the key factors that are responsible for the dominant share of the regional market.

• For instance, according to the 2022 data published by the American Diabetes Association (ADA), it was reported that more than 10 million Americans are treated with insulin and receive positive results from a continuous glucose monitoring (CGM) system. The penetration is likely to increase in the country in the coming years owing to the growing prevalence of diabetes along with an increasing shift of preference among the patient population toward CGMs for monitoring diabetes.

Europe is estimated to progress at a healthy CAGR, owing to the increasing awareness among people regarding diabetes management, along with the rapidly increasing demand for these monitoring systems for the regular monitoring of patients at home.

• For instance, in January 2024, Medtronic received CE approval for the MiniMed 780G system with Simplera Sync, a disposable, all-in-one Continuous Glucose Monitor (CGM) requiring no fingersticks or overtape with an aim to strengthen its product portfolio.

Asia Pacific is anticipated to register a substantial CAGR due to the rising prevalence of insulin-dependent diabetes and an increasing geriatric population in this region. Also, diabetic patients in Japan and Australia are actively interested in the regular and timely monitoring of their glucose levels. This, along with the increasing emphasis of key players to develop their direct presence in developing countries.

• In May 2021, Dinova Medtech, a medical device company, partnered with Metronom Health, a U.S.-based company developing CGM systems, and established a joint venture in China, specializing in the development, manufacture, and sale of the CGM system in China.

The rest of the world is expected to register a moderate CAGR during the forecast period. This is due to the lack of awareness among the general population regarding diabetes care and inadequate reimbursement policies for blood glucose monitoring systems in Brazil, Mexico, and other countries.

Key Industry Players in Blood Glucose Monitoring System Market

Diverse Product Portfolio of Major Players to Lead to their Dominance in the Market

The global market is consolidated, with few blood glucose monitoring system players accounting for the largest share in terms of self-monitoring blood glucose systems and few players dominating the field of CGM systems. F. Hoffmann-La Roche Ltd., Abbott, and Dexcom, Inc., accounted for the major market share in 2023.

The strong portfolio of Self-Monitoring Blood Glucose (SMBG) and Continuous Glucose Monitoring (CGM) systems, coupled with the wide distribution network in developed and emerging countries, are primarily responsible for the dominance of these companies globally.

On the other hand, new entrants are currently focusing on introducing novel non-invasive blood glucose monitors to establish their foothold globally.

• According to a 2023 article published by the European Commission, Afon, a Welsh based company, is working on a non-invasive glucose sensor that has the potential to revolutionize the way blood glucose levels are monitored. The product is expected to be launched in the U.K. in 2024.

Some other notable names in the industry are Medtronic, B. Braun SE, Ascensia Diabetes Care Holdings AG, Terumo Corporation, LifeScan IP Holdings, LLC, and Senseonics.

LIST OF TOP BLOOD GLUCOSE MONITORING SYSTEM COMPANIES:

• Abbott (U.S.)


• B. Braun SE (Germany)


• Dexcom, Inc. (U.S.)


• Ascensia Diabetes Care Holdings AG (Switzerland)


• Medtronic (Ireland)


• F. Hoffmann-La Roche Ltd (Switzerland)


• Terumo Corporation (Japan)


• LifeScan IP Holdings, LLC (U.S.)


• Senseonics (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2024 – Dexcom, Inc. launched Dexcom ONE+, the latest Continuous Glucose Monitoring (CGM), with an aim to bring powerful, new diabetes management technology to patients in Belgium, Spain, and Poland.


• January 2024 – Abbott with Tandem Diabetes Care, Inc., one of the players focusing on insulin delivery and diabetes technology, launched the t:slim X2 insulin pump with Control-IQ technology, the first automated insulin delivery system to integrate with FreeStyle Libre 2 Plus sensor in the U.S. This helped the company to strengthen its product portfolio.


• January 2024 – Medtronic received CE approval for the MiniMed 780G system with Simplera Sync, a disposable, all-in-one Continuous Glucose Monitor (CGM) requiring no fingersticks or overtape with an aim to strengthen its product portfolio.


• October 2023 – Dexcom, Inc. launched the Dexcom G7 Continuous Glucose Monitoring (CGM) System in Canada. This helped the company strengthen its product portfolio.


• January 2022 – F. Hoffmann-La Roche Ltd. launched the Cobas pulse system, a blood glucose management solution with mobile digital health capabilities, with the aim of improving patient care globally.

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The blood glucose monitoring systems market report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, device type, modality, patient type, and distribution channels. Besides this, it offers insights into the market trends and highlights key industry developments and competitive landscape. In addition to the factors mentioned above, the report encompasses several factors focusing on the market forecast that have contributed to the growth of the market in recent years.

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