Glucose Meter Market By Type (Traditional Glucose Meters, Smart Glucose Meters) , By End User (Hospitals, Clinics, Home Care Settings) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The glucose meter market was valued at $1.0 billion in 2023, and is projected to reach $1.7 billion by 2033, growing at a CAGR of 5.4% from 2024 to 2033.
A glucose meter, also known as a glucometer, is a portable medical device designed to measure the concentration of glucose in the blood. It is commonly used by individuals with diabetes to monitor their blood sugar levels, helping them manage their condition effectively. The device requires a small blood sample, obtained via a finger prick, which is then analyzed to provide real-time glucose readings.
The global glucose meter market is witnessing robust growth due to factors such as increase in public awareness about the importance of regular blood glucose monitoring and early diagnosis and alarming rise in prevalence of diabetes driven by sedentary lifestyle and unhealthy diets. As per a study published in 2021 by the International Diabetes Federation (IDF), approximately 537 million adults (20-79 years) were suffering from diabetes. This number is estimated to reach 643 million by 2030 and 783 million by 2045. This highlights the urgent need for glucose meters for continuous monitoring of glucose levels. In addition, rise in preference for home-based healthcare solutions has driven the demand for portable and easy-to-use glucose meters, thereby fostering the market growth. Furthermore, surge in geriatric population acts as a key driving force of the global market. This is attributed to the fact that the aging population is more susceptible to diabetes and related complications, creating a growing need for efficient glucose monitoring solutions. A 2024 study published by the World Health Organization revealed that the number of aged individuals will increase from 1 billion in 2020 to 1.4 billion by 2030. Moreover, the number of individuals aging 80 years and older is estimated to reach 426 million by 2050. Improved healthcare infrastructure and rise in disposable incomes in emerging markets have further enhanced access to glucose monitoring devices, driving the market growth. However, high cost associated with advanced glucose monitoring systems, such as continuous glucose monitors, restrains the market growth. In addition, lack awareness about diabetes management and the importance of regular glucose monitoring limits the demand for glucose meters. On the contrary, the development of innovative glucose monitoring technologies, such as continuous glucose monitors, smartphone-compatible meters, and non-invasive devices has enhanced accuracy, convenience, and user-friendliness. Such developments are expected to open new avenues for the expansion of the global market during the forecast period.
The global glucose meter industry is segmented into type, end user, and region. On the basis of type, the market is categorized into traditional glucose meters and smart glucose meters. Depending on end user, it is segregated into hospitals, clinics, and home care settings. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsBy type, the traditional glucose meters segment is expected to dominate the market from 2024 to 2033.On the basis of end user, the hospitals segment is anticipated to exhibit the highest growth during the forecast period.
Region wise, the blood glucose meter market is projected to show strong growth in North America in the coming years.
Competition AnalysisThe major players operating in the global glucose meter market include B. Braun SE, F. Hoffmann-La Roche Ltd, AgaMatrix, Inc, Ascensia Diabetes Care, LifeScan IP Holdings, LLC., Medtronic, Dexcom, Inc., Ypsomed., Abbott Laboratories, and Terumo Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to sustain the intense competition and gain a strong foothold in the global market.
Key Market SegmentsBy TypeTraditional Glucose Meters
Smart Glucose Meters
By End UserHospitals
Clinics
Home Care Settings
By RegionNorth 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
Key Market PlayersB. Braun SE
F. Hoffmann-La Roche Ltd
AgaMatrix, Inc
Ascensia Diabetes Care
LifeScan IP Holdings, LLC.
Medtronic
Dexcom, Inc.
Ypsomed.
Abbott Laboratories
Terumo Corporation