Blood Glucose Monitoring Devices Market to Cross US$ 22.2 Billion by 2034

The blood glucose monitoring devices market is projected to be worth US$14.2 billion by 2024. By 2034, it is projected that the market would be worth US$ 22.2 billion. Market research indicates that the increasing prevalence of diabetes and the ageing of the global population are the main drivers of the trend towards blood glucose monitoring technologies.

The behavioral shifts, particularly leading a sedentary lifestyle and reduction in physical activities, have had a harmful influence on people's health, with diabetes and obesity cases rising, with even children exhibiting symptoms.

Obesity, age, family history, low socioeconomic position, metabolic syndrome, obesity, as well as bad lifestyle choices, have all been linked to a greater risk of type 2 diabetes mellitus. Obesity is currently understood to be the most significant factor for prediabetes and type 2 diabetes.

The buildup of visceral and ectopic fat, which is strongly correlated with hyperinsulinemia and insulin resistance, is now recognized as one of the major risk factors for type 2 diabetes mellitus requiring timely assessment of the condition as well as regular monitoring through blood glucose monitoring devices driving the market growth for these devices.

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The use of steroids by the COVID-19-infected patients resulted in elevated sugar levels and a surge in diabetes cases. Hence, the use of glucose monitoring devices had seen a surge during this period of time.

Countries have favorable reimbursement policies for diabetes care products under National Health Insurance. People can access self-monitoring devices at little or no cost in nations where NHI (National Healthcare Insurance) programmers partially or totally cover the cost of these products.

A number of technological developments have compelled manufacturers to release devices that can do reliable and quick testing with alternative-site testing and a smaller sample amount, and that are non-invasive or minimally invasive. These advancements will spur a surge in the blood glucose monitoring devices market growth.

Key Takeaways:

Self-monitoring devices are the leading segment as a product, and hold around 71.4% market value share in 2022, owing to the ease of operation and easy availability of the device.
The invasive blood glucose monitoring device segment is set to lead in terms of usage of blood glucose monitoring devices with a market value share of around 72.8% in 2022, due to the wide use of the devices at both hospitals and home.
Retail pharmacy holds the highest market share of about 38.2% in the year 2022 in the distribution channel segment due to the easy availability of blood glucose monitoring devices in retail pharmacies.
United States is considered the leading region with a value share of 38.8% in 2022, and is expected to show a growth of 7.4% during the forecasted period.

Competitive landscape

Blood glucose monitoring device manufacturers are operating at full capacity to meet the increasing demand for these devices. Market players are manufacturing new and innovative products and are undertaking clinical trials to demonstrate the advantages of these devices in enhancing therapy and supporting behaviour improvements to further increase adoption rates.

Key players have initiated promotional activities to introduce the design and engineering of novel devices with enhanced efficacy.

Recent Development

In June 2022, Ascensia diabetes care announced that it has received European CE approval for its next-generation Eversense E3 continuous glucose monitoring system. Patients in European markets will have access to this technology from the third quarter of 2022.
DexCom in April 2022, announced that it is going to launch a new DexCom ONE, an easy to use real time continuous glucose monitoring system (rt-CGM). DexCom ONE is a wearable device that sends real time glucose level values to a compatible smart device via the DexCom ONE mobile application.

Key Players: