Glucose Monitoring Devices Market Thumbnail Image

2024

Glucose Monitoring Devices Market

Glucose Monitoring Devices Market Size, Share, Competitive Landscape and Trend Analysis Report, by Device, by Patient Type, by End User : Global Opportunity Analysis and Industry Forecast, 2024-2033

LS : Other

Select an option
Author's: NA | Roshan Deshmukh
Publish Date:

Get Sample to Email

Glucose Monitoring Devices Market Research, 2033

The global glucose monitoring devices market size was valued at $14.7 billion in 2023, and is projected to reach $38.9 billion by 2033, growing at a CAGR of 10.2% from 2024 to 2033. The rise in technological advancements are driving theglucose monitoring devices market growth.

 

Glucose Monitoring Devices Market

Market Introduction and Definition 

Glucose monitoring refers to the process of measuring and tracking the levels of glucose (sugar) in the blood or interstitial fluid of individuals, typically those with diabetes. This monitoring is crucial for managing diabetes effectively, as it provides insights into how blood sugar levels fluctuate throughout the day in response to factors such as food intake, physical activity, stress, and medication. This monitoring is carried out through various glucose monitoring devices such as traditional blood glucose meters, continuous glucose monitoring (CGM) systems, flash glucose monitoring (FGM) systems, and other wearable sensors. They play a crucial role in helping individuals manage their diabetes by providing real-time or periodic glucose readings, allowing for informed decisions regarding medication dosages, dietary choices, and lifestyle adjustments. Glucose monitoring devices are essential for maintaining optimal blood sugar control and preventing both short-term and long-term complications associated with diabetes. 

Key Takeaways 

  • The glucose monitoring devices market share study covers 20 countries. The research includes a segment analysis of each country in terms of value for the projected period. 
  • More than 1, 500 product literatures, industry releases, annual reports, and other such documents of major glucose monitoring devices industry participants along with authentic industry journals, trade associations' releases, and government websites have been reviewed for generating high-value industry insights. 
  • The study integrated high-quality data, professional opinions and analysis, and critical independent perspectives. The research approach is intended to provide a balanced view of global markets and to assist stakeholders in making educated decisions in order to achieve their most ambitious growth objectives. 

    Key Market Dynamics 

    The global glucose monitoring devices market size is growing owing to several factors. Prevalence of Diabetes indicates a significant public health concern and thereby driving the demand for glucose monitoring devices. According to the World Health Organization (WHO) report, about 422 billion people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.5 billion deaths are directly attributed to diabetes each year. Both the number of cases and the prevalence of diabetes have been steadily increasing over the past few decades. This surge in diabetes cases propels the demand for advanced glucose monitoring devices, allowing individuals to manage their condition more effectively. 

    However, the growth of the glucose monitoring devices market share is expected to face constraints due to high costs, limited accessibility, and technical challenges. The substantial expenses associated with acquiring monitoring devices may limit adoption, particularly in low-income demographics. Limited accessibility in certain regions can impede market penetration, hindering widespread use. Moreover, technical challenges, including issues related to accuracy and reliability, may create skepticism among users. 

    Furthermore, the growth of the glucose monitoring devices market is significantly influenced by the evolving trends in telehealth and digital health. With the increasing adoption of telehealth services, individuals with diabetes can remotely monitor their blood glucose levels, facilitating timely interventions and personalized care. Integration of blood glucose monitoring devices with digital health platforms allows for real-time data transmission to healthcare providers, promoting continuous monitoring and proactive management. As telehealth and digital health continue to shape the healthcare landscape, the glucose monitoring devices market experiences growth driven by the demand for connected, accessible, and technologically integrated solutions for diabetes management. 

    Patent Analysis by Market Participants of Global Glucose Monitoring Devices Market

    In the global glucose monitoring market, Dexcom Inc dominates with 44.27% of patents for continuous glucose monitoring devices, showcasing their strong innovation focus. Medtronic Minimed Inc and Abbott Diabetes Care Inc follow with 10.15% and 14.35% respectively, indicating their significant presence in the market. Other key players like Tandem Diabetes Care Inc and Ascensia Diabetes Care Holdings AG also contribute to the innovation landscape. Dexcom's products include the Dexcom G6, a continuous glucose monitoring system known for its accuracy and user-friendly features. Medtronic offers the MiniMed 670G, an advanced hybrid closed-loop system. Abbott's FreeStyle Libre is a popular flash glucose monitoring system. These companies drive innovation in glucose monitoring, offering diverse products to meet the needs of individuals managing diabetes. 

    Patent Analysis by Market Participants

    Players

    Patent Analysis (%)

    DEXCOM INC

    44.27%

    ABBOTT DIABETES CARE INC

    14.35%

    MEDTRONIC MINIMED INC

    10.15%

    TANDEM DIABETES CARE INC

    3.96%

    ASCENSIA DIABETES INC

    3.26%

    Market Segmentation 

    The glucose monitoring devices industry is segmented into device, patient type, end user, and region. On the basis of device, the market is divided into blood glucose meters (BGMs) , continuous glucose monitoring (CGM) systems, flash glucose monitoring (FGM) systems, and smartphone apps and wearables. As per patient type, the market is segregated into type 1 diabetes, and type 2 diabetes. On the basis of end user, the market is segmented into hospitals & clinics, home care settings and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

    Regional/Country Market Outlook 

    According to various reports and clinical studies, type-2 diabetes occurs commonly in women with a history of gestational diabetes mellitus (GDM) . Furthermore, some ethnic groups, viz., Native Americans, African Americans, Latin Americans, Asian Americans, and Pacific Islanders are at a higher risk for type-2 diabetes. According to IDF Atlas 10th edition, the incidence of type-2 diabetes has increased in children as well as adolescents across the globe. All forms of diabetes incur high social, human, and economic burden on individuals of all income groups across the globe. Typically, the costs associated with diabetes treatment led to an increased financial burden on patients.  

    The number of undiagnosed diabetes cases has increased due to high healthcare costs. According to various global studies, the total spending on diabetes constitutes about 11.5% of the total healthcare expenditure. The global spending in the healthcare sector for diabetes management accounted for $966 billion in 2021, and it is expected to reach $1, 054 billion by 2045. About 9% of the global healthcare expenditure on diabetes was spent on low- and middle-income groups, which comprise a significant proportion of the diabetic patients.  

    On average, about $58, 208 per person was spent by individuals belonging to North America and Caribbean Region (NAC) , whereas about $465.5 was spent in Middle East and North Africa (MENA) region. It is observed that the U.S. spent about $379.5 billion of its annual health budget for diabetes management, whereas China, with the greatest number of diabetes population, spent about $165.3 billion on diabetes and Brazil spent about 42.9 billion. The combined healthcare cost of three leading countries, namely the U.S., Brazil, and China with respect to the prevalence of diabetes is almost 76.98% of the global healthcare expenditure on diabetes. 

    • In December 2020, the European Commission's Horizon 2020 program provided funding of $2.85 billion for the continued development of non-invasive touch glucose monitoring technology, GlucoBeam. 
    • In December 2021, the U.S. Centers for Medicare & Medicaid Services (CMS) expanded medicare coverage to Medtronic plc for continuous glucose monitoring (CGMs) . This expansion aims to transform the diabetes care business of Medtronic plc. 

    Industry Trends 

    • In July 2022, the Australian Government has announced to provide access for eligible people to subsidized continuous glucose monitoring (CGM) and flash glucose monitoring (Flash GM) products through the NDSS (National Diabetes Services Scheme) . All people with type 1 diabetes are eligible to apply for access to subsidized CGM and Flash GM products through the NDSS, as well as some people with other rare conditions that are similar to type 1 diabetes.  

    Competitive Landscape 

    The major players operating in the glucose monitoring devices market include B. Braun SE, Abbott laboratories, F. Hoffman-La Roche Ltd, Medtronic plc, DexCom, Inc., Johnson & Johnson, GlySens Incorporated, Novo Nordisk A/S, Senseonics, A. Menarini Diagnostics S.R.L. Other players in the glucose monitoring devices market include Ypsomed AG, LifeScan, Arkray Inc, PHC Holdings Corporation, Agamatrix Inc, Acon Laboratories Inc, Rossmax International Ltd. 

    Recent Key Strategies and Developments 

    • In December 2022, DexCom, Inc, the global leader in real-time continuous glucose monitoring announced that it received the U.S. Food and Drug Administration (FDA) has cleared the next-generation Dexcom G7 system. It is the most accurate integrated continuous glucose monitoring (iCGM) system and approval of Dexcom G7 will help the company to gain a strong foothold in the glucose monitoring devices market forecast. 
    • In August 2022, Abbott Laboratories and WW International, Inc, entered into a strategic partnership, to integrate WeightWatchers diabetes-tailored weight management program with Abbott's portfolio of FreeStyle Libre products.  

    Key Benefits for Stakeholders

    • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the glucose monitoring devices market analysis from 2024 to 2033 to identify the prevailing glucose monitoring devices market opportunity.
    • The market research is offered along with information related to key drivers, restraints, and opportunities.
    • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
    • In-depth analysis of the glucose monitoring devices market segmentation assists to determine the prevailing market opportunities.
    • Major countries in each region are mapped according to their revenue contribution to the global market.
    • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

    The report includes the analysis of the regional as well as global glucose monitoring devices market trends, key players, market segments, application areas, and market growth strategies.
     

    Key Sources Referred 

    • CORDIS European Commision Research 
    • World Health Organization (WHO)  
    • International Diabetes Federation 
    • DexCom, Inc. 
    • Abbott Laboratories 
    • National Diabetes Services Scheme- Australian Government  
    • National Library of Medicine

    Glucose Monitoring Devices Market Report Highlights

    Aspects Details
    icon_1
    Market Size By 2033

    USD 38.9 Billion

    icon_2
    Growth Rate

    CAGR of 10.2%

    icon_3
    Forecast period

    2024 - 2033

    icon_4
    Report Pages

    216

    icon_5
    By Device
    • Blood Glucose Meters
    • Continuous Glucose Monitoring Systems
    • Flash Glucose Monitoring Systems
    • Smartphone Apps and Wearables
    icon_6
    By Patient Type
    • Type 1 Diabetes
    • Type 2 Diabetes
    icon_7
    By End User
    • Hospitals and Clinics
    • Home Care Settings
    • Others
    icon_8
    By Region
    • North America  (U.S., Canada, Mexico)
    • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
    • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
    • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
    icon_9
    Key Market Players

    Novo Nordisk A/S, Senseonics, A., Menarini Diagnostics S.R.L., DexCom, Inc., F. Hoffman-La Roche Ltd, Johnson & Johnson, Medtronic plc, GlySens Incorporated, B. Braun SE, Abbott laboratories

    Author Name(s) : NA | Roshan Deshmukh

    Loading Table Of Content...

    Individual sections of the reports are available for purchase.
    Would you like to see a breakdown of prices by section?

    Glucose Monitoring Devices Market

    Global Opportunity Analysis and Industry Forecast, 2024-2033