The global market for Blood Glucose Monitoring Systems reached a valuation of USD 15.80 billion in 2022, and it is expected to expand significantly to reach USD 32.99 billion by 2030, demonstrating a steady Compound Annual Growth Rate (CAGR) of 9.9% throughout the forecast period. These systems play a vital role in measuring blood glucose levels and are indispensable for individuals dealing with type 1 and type 2 diabetes. The escalating worldwide prevalence of diabetes is a primary driver behind the surging demand for Blood Glucose Monitoring Systems.
Estimates from the International Diabetes Federation (IDF) suggest that in 2021, approximately 537 million adults were living with diabetes, and this number is projected to climb to roughly 783 million by 2045. Given the increasing prevalence of diabetes globally, it has become imperative for patients to regularly monitor their blood glucose levels to prevent episodes of hyperglycemia or hypoglycemia.
The adoption of these systems is experiencing rapid growth due to several key factors. Firstly, the expanding population of diabetes patients is driving demand. Secondly, there is a growing awareness among patients regarding the importance of blood sugar monitoring. Lastly, key industry players are introducing innovative monitoring devices, further fueling adoption.
Furthermore, the presence of supportive reimbursement policies for both self-monitoring blood glucose (SMBG) and Continuous Glucose Monitoring (CGM) systems in many countries constitutes another significant factor expected to stimulate the adoption of Blood Glucose Monitoring Systems. This, in turn, is poised to propel market growth during the forecast period.
COVID-19 IMPACT:
Accelerated Expansion of CGM Availability in Hospitals Amidst the COVID-19 Pandemic Spurs Market Growth
The Blood Glucose Monitoring System market experienced a positive impact from the COVID-19 pandemic, with several prominent players reporting increased revenue in their diabetes care divisions as a result of the outbreak. The heightened vulnerability of diabetic patients to COVID-19 infections has refocused attention on the use of home-based monitoring devices for managing blood glucose levels.
For instance, in December 2020, Abbott's diabetes segment witnessed a remarkable growth of 29.4% compared to the previous year. This surge was primarily driven by the adoption of their glucose monitoring device, FreeStyle Libre, which boasted a user base of 3.0 million individuals worldwide.
Furthermore, the pandemic prompted a sense of urgency in evaluating the feasibility of Continuous Glucose Monitoring (CGM) within hospital settings, enabling the continuous monitoring of diabetic patients while minimizing healthcare professionals' exposure. This heightened demand led to the issuance of guidance by the U.S. Food and Drug Administration (FDA) in April 2020, expanding the availability of remote monitoring devices, including CGMs, in various healthcare settings across the United States.
As a consequence of the pandemic, the demand for Blood Glucose Monitoring Systems, especially for home use, surged. Major market players subsequently reported a substantial increase in revenue from these devices in the post-pandemic period compared to the previous year.
For instance, F. Hoffmann-La Roche Ltd., a global leader in diagnostics, recorded a revenue of USD 1.69 billion in the diabetes care segment in 2021, reflecting a growth of 1.2% compared to the preceding year.
Current Trends in Blood Glucose Monitoring
Growing Adoption of CGM Devices Across Diverse Segments Boosts Market Growth
The healthcare landscape is witnessing a transformative shift driven by cutting-edge technologies, particularly Continuous Blood Glucose Monitoring (CGM) systems introduced by market leaders. These innovations empower insulin-dependent patients with real-time glucose level monitoring. CGM systems offer several advantages over traditional Self-Monitoring Blood Glucose (SMBG) systems, including minimal invasiveness, reduced pain, real-time tracking, and swift, precise results. These distinct benefits are compelling healthcare providers and patients alike to favor CGM devices.
For instance, Abbott reported a substantial rise in FreeStyle Libre users globally, surging from 3.0 million in 2020 to 4.0 million in 2021. Furthermore, a select few companies are spearheading research and development efforts in non-invasive CGM systems, introducing these devices in the European market. This growing penetration of CGM devices and the industry's increasing focus on non-invasive Blood Glucose Monitoring Systems represent prominent trends in the market.
Factors Driving Market Growth
Escalating Diabetes Prevalence Fuels Demand for Blood Glucose Monitoring Devices
Numerous factors, such as rapid urbanization and the shift towards sedentary lifestyles in both emerging and developed nations, are primarily responsible for the escalating prevalence of diabetes. For example, data from the International Diabetes Federation in 2021 revealed an estimated 537 million adults afflicted by diabetes globally, with China, India, the U.S., Brazil, and Mexico accounting for 51.6% of the global diabetic population.
The number of patients dealing with type-1 or insulin-dependent type 2 diabetes is significantly increasing, contributing to the global adoption of these systems. In 2021, the International Diabetes Federation estimated the incidence of type 1 diabetes at 149.5 per 1,000 children and adolescents aged 0-19 years, with a global prevalence of approximately 9.8% among the total population.
The presence of a large insulin-dependent diabetic population, the introduction of new products by market leaders, and favorable reimbursement policies are driving the demand for diabetes monitoring products like Blood Glucose Monitors (BGMs). Consequently, the market is projected to grow steadily from 2023 to 2030.
Factors Restraining Market Growth
Low Diagnosis and Treatment Rates in Emerging Nations Limit BGM Adoption
A substantial portion of the undiagnosed diabetes population is a key factor hindering the adoption of Blood Glucose Monitoring Systems, particularly in emerging countries. Delayed diagnosis is more prevalent in countries like China, India, South Africa, Brazil, and others compared to developed nations. This issue is compounded by a lack of awareness among the general population about chronic diseases such as diabetes mellitus. Additionally, limited access to advanced healthcare infrastructure and the absence of conventional procedures provided by government or private organizations pose obstacles to growth.
For instance, the International Diabetes Federation's 2021 data highlighted that nearly 50% of diabetes patients in Africa remain undiagnosed, while the proportion of undiagnosed diabetes in the Asia Pacific region stands at approximately 55%, driven mainly by countries such as India, China, and Indonesia.
These factors, coupled with the absence of refund plans for CGM and SMBG systems, are primarily responsible for the low diagnosis and treatment rates, thereby limiting the implementation of these systems in developing countries.
Segmentation Analysis
The Continuous Glucose Monitoring (CGM) systems segment is poised to register a higher Compound Annual Growth Rate (CAGR) during the forecast period. This surge is attributed to the increasing adoption of CGMs, which enable regular blood glucose level monitoring in both developed and emerging countries. Notably, CGM devices have been found to be more effective than SMBG in controlling type 1 diabetes due to their ease of use, faster results, and minimally invasive nature, as observed in a 2021 study published by John Wiley & Sons, Inc.
Conversely, the Self-Monitoring Blood Glucose (SMBG) systems segment dominated the market in 2022. However, it is expected to cede market share by the end of the forecast period due to the high costs associated with devices and consumables, as revealed by data from the Clinton Health Access Initiative Inc. in 2021.
Wearable Segment Exhibits Strong Growth
In the modality category, the market comprises wearables and non-wearables. The wearable segment is projected to experience a relatively higher CAGR during the forecast period, driven by an increasing number of product launches for wearable CGM devices by domestic and global manufacturers.
For instance, Know Labs introduced the UBand wristband in 2021, designed for continuous blood glucose level monitoring, making it a valuable tool for diabetic patients requiring regular monitoring.
Conversely, the non-wearable segment held a dominant position in the market in 2022, owing to the presence of numerous market players with robust portfolios of non-wearable systems. Additionally, the constant focus on introducing wearable SMBG devices by the end of the forecast period is expected to drive growth in this segment.
Non-Invasive Glucose Monitoring Systems Gain Momentum
In response to the discomfort associated with invasive monitoring devices, key players are increasingly focusing on introducing non-invasive alternatives to enhance patient adherence. Consequently, the non-invasive segment is expected to grow significantly during the forecast period.
For instance, in January 2022, Scanbo, a British-based company, developed a prototype for non-invasive glucose measurement using a 60-second finger test, eliminating the need for standard blood drops. The introduction of such convenient alternatives is expected to drive the shift from invasive to non-invasive devices.
In contrast, the invasive segment dominated the global market in 2022. Currently, the higher usage of SMBG devices among diabetic patients primarily accounts for the dominance of this segment.
Type 2 Diabetes Leads in Market Share
Regarding 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 2022, driven by the larger patient population with insulin-dependent type 2 diabetes. According to estimates from the International Diabetes Federation, around 537 million individuals globally were living with type 2 diabetes in 2021, with 1 in 10 at risk of developing the condition.
The type 1 diabetes segment is poised to record a notable CAGR due to the increasing use of Continuous Glucose Monitoring (CGM) systems, known for their efficiency in reducing hypoglycemia risks in type 1 diabetes patients.
Retail Channels Gaining Preference
Distribution channels encompass institutional sales and retail sales. The retail sales segment captured a significant market share in 2022, attributed to market players' initiatives to expand their presence through retail channels in both emerging and developed countries, thereby strengthening their positions.
For instance, Omron Healthcare, Inc. announced plans to enhance its retail presence across India in March 2021, aiming to increase retailers from 30.0% to 40.0% in the 2021-22 financial year.
The institutional sales segment is anticipated to register a moderate CAGR due to the lower adoption of blood glucose meters in hospitals and clinics. However, the outbreak of COVID-19 prompted various medical organizations to recommend expanding CGM access in hospitals, expected to drive institutional sales growth during the forecast period.
North America Leads the Market
North America dominates the Blood Glucose Monitoring System market share, with a value of USD 6.92 billion in 2022. This leadership is attributed to the increasing number of diabetes patients, growing adoption of technologically advanced medical devices, and higher per capita medical expenses in the region. Data from the International Diabetes Federation estimated around 32.2 million people in the U.S. suffered from diabetes in 2021.
The European market is expected to progress at a healthy CAGR, fueled by increasing awareness about diabetes management and a growing demand for monitoring systems for in-home patient care. For example, in December 2020, U.K.-based company Nemaura launched ProBEAT, a non-invasive glucose monitoring patch.
Asia Pacific is poised to register a substantial CAGR due to the rising prevalence of insulin-dependent diabetes and an increasing geriatric population. Diabetic patients in countries such as Japan and Australia actively seek regular and timely glucose level monitoring. Key players are also emphasizing their direct presence in developing countries.
The Middle East & Africa and Latin America are expected to register a moderate CAGR during the forecast period, primarily due to limited awareness among the general population regarding diabetes care and inadequate reimbursement policies for Blood Glucose Monitoring Systems.
Key Industry Players
Diverse Product Portfolios Contribute to Market Dominance
The global market is consolidated, with a few players accounting for the largest share in self-monitoring blood glucose systems and others dominating the CGM systems field. In 2022, F. Hoffmann-La Roche Ltd., Abbott, and Dexcom, Inc., led the global market. These companies' strong portfolios of self-monitoring blood glucose (SMBG) and continuous glucose monitoring (CGM) systems, coupled with extensive distribution networks in developed and emerging countries, are primarily responsible for their global dominance.
Conversely, new entrants are focusing on introducing novel non-invasive blood glucose monitors to establish a global foothold. For instance, in April 2021, DiaMonTech AG, a Germany-based company, received official QMS certification for the design and development of its patented non-invasive "no prick" photothermal detection technology.
Other notable industry players include Medtronic, B. Braun Melsungen AG, Ascensia Diabetes Care Holdings AG, Terumo Corporation, LifeScan IP Holdings, LLC, and Senseonics.
Key Company Developments
In March 2023, Abbott received U.S. FDA approval for its FreeStyle Libre 2 and FreeStyle Libre 3 integrated CGM sensors, enabling integration with automated insulin delivery systems.
In February 2023, Dexcom, Inc. obtained U.S. CMS approval for coverage of its G7 CGM system.
In September 2022, Nemaura Medical Inc. partnered with Eversana to introduce Nemaura's diabetes management system in the U.S.
In August 2022, Abbott collaborated with WW International Inc. to integrate WW International Inc.'s diabetes-tailored weight management program with Abbott's FreeStyle Libre product portfolio.
In December 2021, Nemaura Medical Inc. launched its non-invasive product, SugarBeat, in the U.K. with CE mark approval.
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