Blood Glucose Monitoring System Market - Industry Analysis, Size, Share, Growth, Trends and Forecast - 2028
In 2021, the market for blood glucose monitoring systems was estimated to be worth USD 14.78 billion. The market is anticipated to expand at a CAGR of 10.1% from 2022 to 2029, rising from USD 15.94 billion in 2022 to USD 31.34 billion. According to our analysis, the global market share increased by 13.7% in 2020 compared to 2019.
In 2021, the North American blood glucose monitoring system market was worth USD 6.33 billion. The rising prevalence of diabetes, rising use of technologically advanced medical devices, and rising per-capita medical costs are just a few of the major drivers behind the region's dominant market share. Due to the rising prevalence of insulin-dependent diabetes and the rising number of elderly people in this region, Asia Pacific is expected to experience a significant CAGR.
Additionally, diabetic patients in nations like Australia and Japan have a keen interest in having their blood glucose levels regularly and timely monitored. This is in addition to the increased focus on developing key players' direct presence in developing nations.
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Drivers & Restraints:
Increasing Prevalence of Diabetes to Bolster Market Growth
The blood glucose monitoring system market share is expected to witness significant growth during the forecast period due to the increasing prevalence of diabetes. Also, the rising diagnosis rate before conducting various surgeries is anticipated to fuel the market growth. Furthermore, developing urbanization and an increasing shift towards a sedentary lifestyle are expected to stimulate the demand for a monitoring system in the coming years.
According to the International Diabetes Federation 2021, it was projected that around 537 million adults were suffering from diabetes and countries like India, China, the U.S., Mexico, and Brazil accounted for an estimated 51.6% of the global diabetes population in 2021.
However, lower diagnosis and treatment rates in emerging countries may hinder the market growth.
Key Points on the Blood Glucose Monitoring System Market
The blood glucose monitoring system market is expected to grow significantly in the coming years due to the increasing prevalence of diabetes and other metabolic disorders.
The market is segmented into different types of monitoring systems, including continuous glucose monitoring systems, self-monitoring blood glucose systems, and professional monitoring systems.
The market is also segmented based on end-users, including hospitals, clinics, and home healthcare settings.
The market is highly competitive, with major players such as Medtronic, Roche, Abbott, and Johnson & Johnson dominating the market.
Technological advancements in monitoring systems, such as the development of non-invasive glucose monitoring devices, are expected to drive market growth in the future.
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Regional Insights:
North America Holds Highest Market Share Due to Emerging Technologies
North America dominates the global blood glucose monitoring system market share due to the increasing number of diabetes patients and rising adoption of technologically advanced medical devices. The regional market stood at USD 6.33 billion in 2021 and is projected to grow at a fast pace during the forecast period.
Europe is expected to hold the second-highest global market share during the projected period. The regional market growth is attributed to increasing awareness regarding diabetes management and self-monitoring systems.
Competitive Landscape:
Key Players Focus on Partnerships to Expand their Business Globally The key market players focus on partnering with supporting organizations to expand their business globally. Also, developing and designing a new product range allows key players to enhance their product portfolio.
List of Key Players Profiled in Blood Glucose Monitoring System Market Report:
Abbott (U.S.)
B. Braun Melsungen AG (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.)